HomeBlogDriving Sustainable Business: Vietnam-Australia Partnership in Energy and Resources
Driving Sustainable Business: Vietnam-Australia Partnership in Energy and Resources
ABROADER Team May 21, 2023 7 minute read
Join the journey towards sustainable development and economic advancement in the Vietnam-Australia business landscape
Increase engagement on energy, resources and mining
In the wake of the global environmental challenges, sustainable business practices have become more important than ever. Vietnam and Australia are two countries that have recognized this need. And the energy and resources sectors of both states are aiming for sustained commercial growth. Recently, the two countries have joined hands to establish a Ministerial Dialogue to increase engagement on energy, resources and mining.
Encouraging Australian businesses to invest in the sustainable extraction and processing of resources
Formalise government relationships substantially
Vietnam and Australia are taking an important step towards strengthening their cooperation in the energy and resources sector by establishing a Ministerial Dialogue. Government and industry leaders will take part in the dialogue to promote commercial relationships, information exchange, and increase curiosity regarding mining, minerals, and energy.
The Dialogue aims to promote cooperation and sustainable investments in the energy and resources sector between both countries. This includes sharing technology and practices to protect the environment, facilitating coal and mineral exports from Australia to Vietnam. Furthermore, the initiative also encourages businesses to invest in sustainable extraction and processing of natural resources in each other’s countries.
The Dialogue promotes information exchange on energy sector advancements, such as low emissions technology, benefiting both countries’ energy industries. Stay updated with the latest developments and incorporate them into respective energy sectors through this collaborative exchange.
Promote business networks and information sharing on energy, minerals and mining
Vietnam and Australia will also discuss the framework for promoting trade and investment in the energy and minerals sectors. This will help both countries to streamline their policies and regulations to facilitate trade and investment.
In addition, both countries will promote cooperation in the LNG sector, including facilitating investment from Australia in terminal and warehousing facilities in Vietnam and export of LNG to Vietnam. This will help Vietnam to meet its growing demand for natural gas and help Australia to expand its LNG exports to the region.
To further support these initiatives, Australia will commission an independent feasibility study on emerging resources needs and opportunities in Vietnam and the neighboring Mekong region, with a focus on coal, LNG, and critical minerals. This study will provide valuable insights into potential areas for cooperation and investment in the energy and resources sector.
The establishment of the Ministerial Dialogue is a significant step towards strengthening their cooperation in the energy and resources sector. The Dialogue will facilitate information sharing, promote sustainable business practices, and streamline policies and regulations to facilitate trade and investment.
Increase renewable energy trade and investment
Vietnam and Australia work together to promote sustainable business practices in the energy sector.
Collaborate to build and strengthen renewable energy sector development, trade and investment
The first initiative aligns power purchase agreements in Vietnam with global standards, enhancing the financial viability and attractiveness of renewable energy projects. This promotes sustainable business practices by ensuring projects are economically, socially, and environmentally responsible.
Australia will fund a study in Vietnam to identify energy and climate change gaps and propose funding mechanisms. This study will utilize the Energy Window of the Partnerships for Infrastructure (P4I) and the Mekong-Australia Partnership (MAP) programs, with a focus on promoting gender equality. This will ensure that projects are socially and environmentally responsible, promoting sustainable business practices. Vietnam and Australia will share policy and technical expertise among their energy sector government agencies such as the Electricity Regulatory Authority of Vietnam (ERAV) and relevant Australian energy agencies. P4I tools, including private sector expertise, will also support this engagement, promoting sustainable business practices and technically sound projects.
Australia will also provide support to Vietnam’s Electricity and Renewable Energy Authority (EREA) to encourage the development of the country’s offshore wind sector. This will promote sustainable business practices and ensure that projects are environmentally responsible.
Through these initiatives, Vietnam and Australia are committed to advancing sustainable business practices in the energy sector. The two countries strive for financially, socially, and environmentally sustainable projects, driving economic growth and securing a sustainable future. Prioritising sustainable business practices in the energy sector is vital for the well-being of our planet and the generations to come.
Expand mining equipment, technology and services (METS) trade to develop Vietnam’s resource sector
Vietnam and Australia collaborate to boost Vietnam’s resource sector with Australia’s advanced METS expertise.
Collaborate to expand mets trade in support of vietnam’s resources sector development
Vietnam and Australia collaborate to promote sustainable mining practices, driving regional economic growth. Leveraging Australia’s expertise in METS, Vietnam develops its resource sector responsibly, ensuring long-term benefits for both countries. Sustainable business practices benefit the environment, society, and the economy. They enable mining companies to reduce their environmental impact, improve worker safety, and contribute to local economic growth through job creation and community development.
Vietnam and Australia’s partnership exemplifies sustainable development in the resource sector. By sharing knowledge, expertise, and resources, both nations contribute to a brighter, sustainable future for their citizens and the global community. Vietnam and Australia collaborate to promote sustainable mining practices, driving regional growth. Leveraging Australia’s METS expertise, Vietnam develops its resource sector sustainably, ensuring financial viability, social responsibility, and environmental conservation for a sustainable future.
Sustainable Development Program in Vietnam: Immersion, Exploration, and Social Responsibility
ABROADER’s Sustainable Vietnam programme offers an immersive experience, educating participants on sustainable development and climate change in Vietnam. And it showcases sustainability initiatives by international and local companies and highlights the impacts of climate change in the Mekong Delta region.
The program offers participants a chance to explore Vietnam’s natural beauty in Bidoup National Park through trekking and camping. In addition, they will gain insights into nature conservation and engage with hill tribe communities. Emphasizing the three pillars of sustainability, the program provides a comprehensive understanding of sustainability’s integration across society, economy, and politics in Vietnam.
In our program, students have the unique opportunity to explore a real-world renewable energy company model, focusing on sustainable development. This visit provides valuable insights into the practical application of sustainable business practices in the renewable energy sector. By witnessing the positive impact of sustainable development on the environment and economy firsthand, students gain a deeper understanding of its challenges, opportunities, and strategies. This immersive learning experience is essential, broadening perspectives and equipping students to be effective agents of change in sustainable development.
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Inspiring Future Advocates for Sustainable Development
ABROADER leverages its industry network to organize industry tours that align with students’ academic curriculum. Collaborating with Vietnamese universities, it facilitates joint activities and educational experiences for both Vietnamese and Newcastle students, promoting cross-cultural exchange. These initiatives provide a refreshing break from classroom studies while offering cultural immersion and volunteer opportunities. As a result, Newcastle students can undergo personal development while contributing to Vietnam’s sustainable business growth. Experience a transformative journey that fosters intercultural understanding and contributes to sustainable business development in Vietnam through ABROADER’s unique programmes.
The collaboration between Vietnam and Australia is set to strengthen government-to-government and business-to-business connections. The feasibility study on expanding METS trade and sustainable mining transportation expertise of Australian companies will promote sustainable business practices. This will enhance trade, investment, and market diversification, ensuring energy and resources security for both nations. Furthermore, prioritizing sustainability will strengthen the alliance between Vietnam and Australia, benefiting their economies and the environment.
Join our sustainable development program now to gain valuable insights into sustainability practices. Explore the Vietnamese culture and environment, and make a meaningful impact towards a sustainable future. Apply now to start your journey with ABROADER!
According to an article titled ‘Australia - Vietnam Enhanced Economic Engagement Strategy’ (Resources and energy (2023). Available at: https://www.dfat.gov.au/australia-vietnam/eees/en/implementation-plan/resources-and-energy.html)
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