Norway is a long-standing shipping country and leading the greening trend in the global maritime sector. What are the opportunities for cooperation between the two countries in this field?

Norwegian Ambassador to Vietnam Hilde Solbakken

The Norwegian maritime cluster is considered one of the most comprehensive in the world, encompassing relevant stakeholders such as shipping lines, brokerage companies, insurance and financial services, shipyards, marine equipment manufacturers, non-governmental organisations, and lots more.

The country is also internationally renowned for its expertise and sustainable maritime solutions, and the entire maritime cluster system is working hard to reduce the industry’s carbon footprint. Vietnam and Norway are both members of the International Maritime Organization, and green maritime will soon open up opportunities for both countries and companies to work together and thus create jobs for local communities along our coasts.

We’ve seen so far very strong cooperation between Norway in the renewable energy sector, in solar and wind, and hopefully offshore wind in the future. We also see a lot of cooperation in relating to the circular economy. For example, about one-fifth of greenhouse gas emissions come from the cement industry, but recycling tech and equipment are being put in place, with alternatives to coal as a fuel being utilised. We also see a lot of cooperation in sustainable agriculture and, in the past year, we’ve seen increasing interest from drug companies.

There is also strong cooperation in renewable energy, including solar and wind, and in sustainable agriculture. Norway is leading in marine spatial planning to balance environmental and industrial needs.

With all this, a collaborative approach involving government, industry, and research communities is emphasised for effective policymaking and action. Predictable regulatory frameworks are crucial for investment in renewable energy and grid integration, with a focus on domestic and international collaboration.

What can Vietnam learn from Norway about clean energy development models, especially offshore wind power and shipbuilding technology?

There’s a lot to gain from sharing experiences on specific technical solutions, for example, permanent models for how work can be carried out. Norway has been sharing experiences about supporting the development of marine spatial planning frameworks.

The bigger picture is pushing our green development, which takes a whole-of-government approach. So all ministries will be working together on strategies on how to take this forward.

Seeing different sectors work together, and adding to that very close collaboration between government, industry itself, and research communities, means you have a chance to continually upgrade knowledge for government to set the right policies for industries.

How should Vietnam reform its investment environment to engage and retain investors from Norway?

Vietnam’s remarkable success in development began with the economic reforms of the 1980s. Opening up to international trade and foreign investment, and encouraging the movement of capital and expertise from abroad, has brought many positive results.

The country has been very proactive in learning and researching global best practices to effectively apply domestically. Perhaps, the formula for upcoming reforms will be a new version of those iconic reforms, to continue to promote the factors that have created success so far. Investors want a favourable investment environment with a clear legal framework, which can help them make the necessary predictions.

In the energy sector, for example, we see that Vietnam’s legal framework has gradually improved. However, investors are still looking forward to more feasible regulations, such as mechanisms for connecting renewable energy to the national grid, or pricing mechanisms. We hope that these regulations will be issued soon. In addition, measures to ensure investment safety and legal protection for foreign investors are also significant.

Along with that is the need to simplify administrative procedures in establishing and operating businesses. Last but not least, the level and skills of the workforce are important. These are important contents that determine the attractiveness of the investment environment.

The event will provide Francophone businesses and investors looking to expand internationally with the opportunity to explore prospects in Benin and in the vast West African market.

The digital transformation sector, software outsourcing with the support of AI, and the implementation of electronic management solutions are promising fields in Benin. Photo: OIF

Three sectors with high potential for cooperation within the Francophone community include the processing industries for agricultural products such as cotton and textiles, cashew nuts, corn, and organic palm oil. The development of local value chains such as meat, poultry, aquaculture, and fishing is also drawing attention, while cultural and creative industries such as cinema, fashion, tourism, and events utilise Benin’s rich historical heritage.

Digital transformation, software outsourcing for enterprise performance management with the support of AI, and the implementation of electronic management solutions are also expected to attract investors.

At the event, Francophone businesses and investors will have the opportunity to connect with more than 200 local companies and around 100 partners from all Francophone regions in Africa, America, Asia, Europe, the Indian Ocean, and the Middle East. They will be given priority access to the local business and startup environment and receive valuable advice from experts specialising in international business development.

Photo: OIF

The mission will include tailored business-to-business meetings, high-level sectoral workshops, and company visits to maximise networking and investment opportunities.

Since 2022, the MEF has organised thousands of in-person and online meetings, resulting in dozens of business agreements with a cumulative estimated value of up to $16.3 million, creating significant leverage for the international expansion of Francophone enterprises.

The K-Home New City social housing project, jointly funded by Singaporean partner Surbana Jurong Group and Vietnam’s Kim Oanh Group, was started on March 9 in Thu Dau Mot city of the southern province of Binh Duong.

K-Home New City boasts over 3,300 apartments. Located adjacent to large industrial parks (IPs) such as Vietnam-Singapore IP 2 and Dong An 2, it is expected to bring housing opportunities to many workers.

Hoa Phat Yen My, a subsidiary of Hoa Phat Group, will build 9,000 social houses in the northern province of Hung Yen with an investment of nearly $200 million.

Expected to be put into use by the end of 2028, the complex will have a population of about 11,500 people serving workers in Yen My II IP located nearby, as well as other parks in the province.

Hoa Phat’s Yen My II is currently expanding its second phase. Phase I, covering over 97 hectares, is 100 per cent filled with the presence of 35 enterprises.

Industrial real estate giant Becamex has also built over 45,000 apartments that are both workers’ housing and social housing in Binh Duong. Each apartment has an area of 30 square metres including a mezzanine, and a selling price of VND100-300 million ($4,000-12,000).

In 2025, Becamex plans to set up around 10,000 social housing units in Binh Duong.

Meanwhile, Tran Duc Vinh, chairman of Tran Anh Group, is promoting the approval of designs and preparing legal procedures for the development plan of Phuc An City, a social housing project in Duc Hoa district of the Mekong Delta province of Long An.

With a starting selling price of VND200 million ($8,000) per unit, buyers only need to pay 30 per cent of the apartment value in advance, while the remainder can be paid in instalments without interest in five years.

According to Vinh, the government’s plan to build at least one million social housing apartments for low-income people and IP workers by 2030 has offered a direction to real estate businesses. Nevertheless, Long An is currently seriously lacking in housing for local workers.

“Businesses have a lot of land but have difficulty in proceeding with legal procedures to carry out commercial housing,” Vinh said. “Therefore, building social houses is an alternative solution for them. Developing social housing will offer more work for employers, utilise abandoned land, and contribute to the socioeconomic development of the province.”

Talking with VIR, Trang Le, country head of JLL Vietnam, said that the government is promoting social housing, so there will be incentives for investors and developers to build social housing in cities and provinces.

“However, we still have to consider the commercial feasibility because investors can only put money in when there is profit,” Trang said. “In particular, social housing is now built with advanced designs and modern materials. Even though they are typically just a small apartment, enough for a young couple, they must have full basic amenities and a better living environment.”

As of July 2024, Vietnam had established around 430 IPs with about eight million workers.