On the afternoon of February 10, at the headquarters of the Ministry of Industry and Trade, Acting Minister of Industry and Trade Le Manh Hung, member of the Party Central Committee held talks with Asmund Aukrust, Norwegian Minister for International Development.

During the meeting, the two sides held in-depth discussions on strengthening economic and trade relations, with particular emphasis on the goal of early conclusion of negotiations on the Free Trade Agreement (FTA) between Vietnam and the European Free Trade Association (EFTA), as well as investment cooperation opportunities in renewable energy and green transition.

The Vietnamese delegation included leaders from the Department of Foreign Market Development, Multilateral Trade Policy Department, the Department of Oil, Gas and Coal, the Electricity Authority, and the Agency for Innovation, Green Transition and Industry Promotion. On the Norwegian side, participants included Norwegian Ambassador to Vietnam Hilde Solbakken and representatives from units in charge of international development under the Norwegian Ministry of Foreign Affairs.

At the meeting, Acting Minister Le Manh Hung stressed that trade potential between Vietnam and Norway in particular, and between Vietnam and the EFTA bloc in general, remains substantial, while the current scale of trade is not yet commensurate with the needs and capacities of both sides.

Regarding the Vietnam - EFTA Free Trade Agreement, which involves Switzerland, Norway, Iceland and Liechtenstein, the Acting Minister noted that negotiations have lasted more than 14 years, with 18 negotiating rounds held to date. He called on both sides to step up coordination in order to bring the negotiations to an early conclusion.

Sharing this view, Minister Asmund Aukrust said that significant progress had been achieved following the 18th negotiating round, and that the parties shared a common objective of completing the negotiations in the near future.

Beyond bilateral cooperation, the two ministers also exchanged views extensively on multilateral trade issues. Both sides underscored the critical importance of maintaining a rules-based multilateral trading system under the framework of the World Trade Organization (WTO), particularly amid rising protectionism.

They agreed to enhance coordination in promoting WTO reform, with a focus on restoring the dispute settlement mechanism and negotiating new rules in line with contemporary realities, while continuing to support each other at multilateral forums.

On energy cooperation, Acting  Minister Le Manh Hung noted that Vietnam has substantial demand for capital and technology to implement the National Power Development Plan for the 2021 - 2030 period, with a vision to 2050. Electricity demand is projected to grow by 10 - 12% annually, requiring expansion of total installed capacity to more than 150 GW by 2030, with estimated investment needs of around USD 136 billion.

Highly valuing Norway’s experience and capabilities as a country where more than 98% of electricity is generated from clean energy, the Acting Minister called on Norwegian enterprises and investment funds, including Norfund, to invest in Vietnam in the following areas

First, renewable energy, particularly offshore wind power and solar energy. Under Power Development Plan VIII, Vietnam aims to develop 6,000 MW of offshore wind capacity by 2030 and 17,000 MW by 2035.

Secondly, energy infrastructure and solutions, including battery energy storage systems (BESS), smart grids and energy efficiency solutions.

Thirdly, green hydrogen, with cooperation in green hydrogen production for heavy industries and export, as well as the development of carbon capture, utilization and storage (CCUS) technologies.

In addition, Acting Minister Le Manh Hung proposed that Norway play a more active role within the framework of the Just Energy Transition Partnership (JETP) in mobilising financial resources and encouraging EU partners to fulfil their commitments to support Vietnam in achieving carbon neutrality by 2050.

Responding to Vietnam’s proposals, Minister Asmund Aukrust affirmed that investment opportunities in Vietnam are considerable. He said that Norway, through Norfund and major corporations such as Equinor, is interested in participating in project development or providing capital for joint ventures in offshore wind power, rooftop solar power for industrial parks, and green hydrogen production projects.

The meeting concluded in a cordial and open atmosphere, opening up promising new opportunities for the business communities of both Norway and Vietnam to further develop bilateral trade, particularly cooperation in the field of clean energy.