Positive outlook for co-operation potential between Vietnam and Taiwan

Tuesday, January 4, 2022  10:15

There is plenty of room for Vietnam and Taiwan to develop renewable energy resources.

VOV.VN - There remains a positive outlook ahead for co-operation between the nation and Taiwan (China) across multiple spheres such as industry, marine economy, renewable energy, and hi-tech agriculture, according to insiders.

A representative of the Taipei Economic and Cultural Office (TECO) said that the impact of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is also expected to facilitate the greater export of Vietnamese goods, especially agro-fisheries products to the Taiwanese market.

In recent years, the country has welcomed Taiwanese financiers to invest in the fields of their strengths, such as electronics, high technology, processing industry, manufacturing, supporting industries, renewable energy, and hi-tech agriculture. These also represent spheres that Vietnamese businesses are keen to develop and promote further investment in.

The TECO representative emphasised that there is great potential for more linkages and stronger co-operation between both sides in the industrial field, including textile production, automation in the auto-motorcycle industry, smart cities, electronic technology, cold chain logistics, and agricultural technology.

Vietnam is well-known to be an attractive investment destination due to its political stability, transparency in investment policies, and open business climate, along with a young and abundant workforce and low labour costs.

According to data compiled by the Asian Development Bank, the Vietnamese economy is expected to witness the highest growth rate of 6.5% in Southeast Asia next year, which will open up a wealth of opportunities to help the nation become a leading economic and trade partner in the region.

Most notably, boasting a long coastal line, the country also has great potential for the development of the marine economy and renewable energy sources, such as wind energy, solar energy, small hydroelectric energy, ocean energy, biomass, and geothermal energy.

According to research firm Wood Mackenzie, Vietnam is forecast to shortly become the 17th market among the top 20 largest wind power markets in the world.

Recently, newswire Tech Wire Asia has also published an article highlighting the country as a "Green Energy Power" in Asia in the future.

If Vietnam continues to maintain its trajectory in expanding renewable energy as seen in the past two years, the country is likely to surpass Australia and Italy in the development of renewable energy and innovative energy solutions in the near future, according to experts.

Meanwhile, Taiwan is one of the four "Asian Dragons", with a fast-growing and creative economy.

According to figures produced by the World Economic Forum, the Taiwanese economy ranks 15th globally and fourth in Asia. Since 2017, the Taiwanese green industry sector has raked in US$9,829 billion from exports, accounting for 3.1% of total global exports.

With expertise in developing a green energy industry, Taiwan can utilise its strengths to help Vietnam develop the potential industry.

In the Vietnamese market, Taiwanese enterprises have sold both energy products and solutions as a means of saving energy costs in production activities for Vietnamese enterprises.

Furthermore, through exhibitions such as the Taiwan Green Industry Exhibition and the Taiwan International Thermal Power Exhibition, Vietnamese businesses have been able to competently grasp opportunities to update the development trend of green and renewable energy in the Taiwanese market, and others around the world.

In fact, Vietnam can learn a lot from sustainable economic development in association with environmental protection for the future as Taiwan is currently developing a high-value green industry and building a knowledge-based economy.