Finnish enterprises are considering expanding their presence in the Vietnamese energy sector, according to Minister Nguyen Hong Dien

Finnish enterprises aim to expand collaborative investment endeavors in various sectors in the Vietnamese market, particularly focusing on energy. Minister of Industry and Trade Nguyen Hong Dien recently convened a working session with the Finnish Ambassador to Vietnam and Finnish companies to discuss strategies for enhancing cooperation in trade, industry, and energy between the two nations.

During the meeting, Minister Nguyen Hong Dien praised the fruitful bilateral cooperation and highlighted the potential for significant economic and trade advancements. He welcomed Finnish companies to actively participate in this process, fostering mutual trade growth and economic prosperity.

The Finnish Ambassador expressed a desire to facilitate Finnish companies in broadening their investment activities in Vietnam, particularly in the energy sector. He introduced Wärtsilä as a leading Finnish enterprise specializing in energy transition, showcasing flexible Internal Combustion Engine (ICE) power plant solutions deployed worldwide.

Håkan Agnevall, President and CEO of Wärtsilä Corporation, elaborated on the ICE flexible power technology owned by the group and discussed cooperation with Power Generation Corporation 3 (EVN GENCO3). He expressed interest in researching, investing in, and implementing the ICE flexible power project in Ninh Binh province in collaboration with Vietnamese partners.

Minister Nguyen Hong Dien commended recent cooperation efforts between Wärtsilä Group and EVN GENCO3 regarding project implementation. Vietnam’s favorable investment environment was highlighted, and the Minister emphasized the country’s commitment to achieving carbon neutrality by 2050 and industrialization and modernization goals by 2030.

Minister Dien outlined procedures for foreign investors’ involvement in domestic energy projects and urged Wärtsilä Group and EVN GENCO3 to conduct thorough research to ensure socio-economic efficiency. The President of Wärtsilä Corporation affirmed the company’s commitment to long-term investment in Vietnam and supporting the country’s energy transition.

In terms of broader cooperation between Finland and Vietnam, Minister Dien proposed that the Finnish Ambassador initiate various activities to encourage more Finnish businesses to collaborate with Vietnamese counterparts on important projects. The Ambassador pledged to continue facilitating major Finnish companies’ exploration of investment opportunities in Vietnam, fostering deeper diplomatic ties between the two nations that span over 50 years.