German-funded project on smart power network development approved hinh anh 1Illustrative Image (Source: VNA)

Hanoi (VNA)Deputy Prime Minister Pham Binh Minh has signed Decision 519/QD-TTg approving the proposal on a German-funded project to apply smart power network to develop renewable energy and energy efficiency in Vietnam.

The project, which will use non-refundable Official Development Assistance (ODA) capital of the German Government, aims to complete legal framework related to promoting and supporting the development of various sources of renewable energy in the power system as well as a smart energy network in Vietnam.

It is expected to help the country fulfill the Government’s targets set in the national power development programme, the green growth strategy, and the green growth action plan, towards ensuring reliable supply of energy and improving power quality along with sustainable development of the power and energy sector.

The project will enhance partnership and technology transfer among universities, research institutes and enterprises of Vietnam and Germany in renewable energy and energy efficiency, while establishing networks for cooperation and experience sharing among policy-makers, management officials as well as other project development units.

Research affiliation will focus on latest technologies and technology products and software for energy efficiency for application in building smart houses and smart cities.

To be implemented from 2018 to 2022 nationwide, the project will have total investment of nearly 5.3 million EUR, of which 5 million EUR is sourced by non-refundable ODA of the German Government, while 297,980 USD is Vietnam’s corresponding capital.

Prime Minister Nguyen Xuan Phuc has assigned the Ministry of Planning and Investment to send an official notice to the German side on this decision. Meanwhile, the Ministry of Industry and Trade was asked to gather ideas of relevant agencies to complete, verify and ratify the project’s document in order to issue a decision on the project.-VNA