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Akihiro Ondo, Managing Director and CEO of Mitsubishi Power Asia Pacific, sees great potential in Vietnam's energy transition. (Photo: Akihiro Ondo)
Vietnam's renewable energy sector is booming, and Japanese companies operating locally are noticing the shift. Akihiro Ondo, Managing Director and CEO of Mitsubishi Power Asia Pacific, praised Vietnam's decision to use liquefied natural gas (LNG) as a transitional fuel for energy transformation.
He also suggests strengthening the country’s power grid interconnections and deepening cooperation within regional multinational alliances like the Asia Zero Emissions Community (AZEC) to better unlock the potential of its vast market.
Mitsubishi expects more opportunities for green energy in Vietnam
Ondo believes that Vietnam’s stable economic development provides favorable conditions for the growth of renewable energies like solar power, while the country’s long coastline is ideal for offshore wind power.
However, he acknowledged that the intermittent nature of renewable energy poses challenges to grid stability. He therefore urged for an emphasis on low-carbon gas development, especially since Vietnam's National Power Development Plan (PDP8) prioritizes gas-fired power generation while gradually transitioning to renewable energy.
In an interview with the Vietnamese media outlet VnEconomy, Ondo highlighted that Mitsubishi’s gas turbine combined cycle (GTCC) technology can improve efficiency by up to 64% and reduce carbon emissions by 65% compared to traditional coal-fired power plants. Additionally, this technology’s quick start-up capabilities make it suitable as a baseload power source, working in tandem with renewable energy.
Mitsubishi’s gas turbine combined cycle (GTCC) technology can improve efficiency by up to 64% and reduce carbon emissions by 65% compared to traditional coal-fired power plants. (Photo: Mitsubishi Power)
Furthermore, he mentioned Mitsubishi’s gas-hydrogen co-firing technology, which currently achieves a co-firing ratio of 30%. The goal is to reach a 100% hydrogen ratio, completely replacing natural gas, with the technological verification slated for completion by 2030.
Considering that most Southeast Asian countries still rely heavily on coal power, Mitsubishi is also offering technology to co-fire coal with ammonia or biomass, aiming to reduce carbon intensity as much as possible.
Calls for strengthened grid Infrastructure, international cooperation
Vietnam has committed to achieving net-zero emissions by 2050 and is actively expanding its renewable energy market. However, power shortages remain a significant barrier to attracting foreign investment, partly due to insufficient grid infrastructure.
Ondo believes that, with the country's growing electricity demand, improving the national power grid interconnections is a necessary and gradual process, and that energy sources must develop in parallel with the grid.
Ondo also emphasized that energy development requires substantial investment, making early-stage government support crucial, including guarantees for financing and loans.
He expressed his approval of Vietnam’s collaboration with Japan through AZEC, highlighting that no country can achieve net-zero emissions on its own, underscoring the importance of international cooperation in the energy transition.
Source: VnEconomy, Mitsubishi Power
