Investing in Vietnam’s Energy Transition

Earlier this year, Vietnam announced an ambitious agenda to meet the significant Climate Change Acton Plan Commitments the country made at COP26. In addition to Vietnam’s pledge to achieve net zero, the country intends to reduce greenhouse gas emissions, particularly in agriculture and waste management; concentrate on the transition to renewable energy sources; and invest in research and development for construction material usage and sustainable urban development.

Glenfarne Group, LLC (“Glenfarne”) is a privately held energy and infrastructure development and management firm based in New York City and Houston, Texas, with offices on four continents. The firm acquires, develops, manages and operates energy and infrastructure assets throughout North and South America, Asia and Europe. In recent years, the company has been exploring investments in Vietnam. To better plan the future of its investments, the firm was particularly interested in the progress of Vietnam’s climate change commitment.

In May 2022, Prime Minister Pham Minh Chinh of Vietnam visited Washington, D.C., and New York, creating an opportunity for direct engagement between the Vietnamese government and the private sector. BCIU was well positioned to draw on six years of continuous contact with the offices of the Vietnamese President, prime minister and senior Vietnamese diplomats to arrange for strategic member discussions.

BCIU was able to secure a private meeting with Glenfarne and Prime Minister Chinh to discuss Vietnam’s climate action plans and how industry can help. In preparation for that session, BCIU guided Glenfarne on outlining its goals for the session, including helping brief the Vietnamese Embassy in D.C. and its Mission to the UN in New York on the strategic importance of the company. In addition, BCIU worked to alert diplomats on CEO and Founder Brendan Duval’s position as a global energy leader and expert.