At a Glance
|Strategic Outcomes||SO1 Reduced GHG emission, SO2 Creation of green jobs|
|Start Date||Q4 2022|
|End Date||q3 2025|
|Funding Source||Earmarked, Core|
|Actual Budget (USD)||2,555,000|
|Actual Expenditure (USD)|
|GGGI Share (USD)||55000|
|Poverty and Gender Policy Markers||poverty, gender|
|Name of Client (Lead/Prime implementer if GGGI is part of a consortium)|
|Participating Organization (Funding/donor)||European Union (EU): Delegation to Viet Nam|
|Name of consortium members, if any|
GGGI Project Code : VN07
Project Manager and Staff +
Deputy Director and Head of Emerging Economies Asia & Viet Nam Country Representative
Accelerating Innovative Start-ups for Energy Efficiency
The proposed Initiative will support start-ups to create marketable innovative Energy Efficiency (EE) solutions through acceleration programs which include engaging with the start-up community, providing technical guidance, financial support; combined with enhancing policies and creating a national network of innovative EE start-ups.
Viet Nam is one of the most energy intensive countries in East Asia Its energy elasticity of GDP is estimated at 2 compared to less than 1 for most countries. As a result, the final energy consumption tripled over the past decade Viet Nam’s emissions are expected to increase dramatically by 2030 particularly according to the proposed NDC update to increase total emissions by 12%. Meeting future energy demand and its NDC target by improving energy efficiency ( is the best and cheapest option Viet Nam could save up to 11 GW of new generation capacity by 2030 if comprehensive EE investments are carried out.
As presented to the VEPG Working Group, MOIT is currently proposing the Viet Nam National Energy Efficiency Program (VNEEP) – Phase III (2019-2030) which sets out 12 priorities for actions focusing on strengthening public interventions and private sector development. Recognizing the important role of private sector, one of the actions proposed in VNEEP 3 focuses on promoting innovative start ups to create EE products and solutions for the market (Task 6). This task is also aligned with the government’s broader Industrialization V4.0 agenda, supporting innovations and start up ecosystems (Decree 38/2018).
However, the start up scene in Viet Nam is still nascent, facing multiple challenge:
- Finance: Most of the innovative start up funds are foreign-owned. Domestic finance, including concessional loans from the government,
is still limited.
- Policy framework: Policies for innovative start ups need to be further developed although Decree 38/2018 provides high level regulatory guidance
- Technical capacity Vietnamese start ups require significant technical mentorship, especially gearing towards a particular sector such as
Component 1: Increasing investments in innovative business solutions in EE for industry, transportation, and green building through the implementation of acceleration programs.
- The implementation of the acceleration program includes a hackathon, a coaching program, and a pitching event to potential investors.
- The energy efficiency hackathon will be organized to select the best startups to be awarded with a prize and go through a training program.
- After successfully completing the coaching program, startups will go through pitching events where they have the chance to pitch with local and international investors.
Component 2: Enhancing policy framework for innovative start-ups in energy efficiency by conducting policy review and developing policy incentives as well as a draft of legal document to accelerate the commercialization of EE innovative solutions.
Component 3: Improving innovative ecosystem for energy efficiency start-ups in the long term through i) training of trainers and building a network of startup ecosystem in energy efficiency; ii) capacity building for potential EE start-up founders on a large scale as well as potential clients of innovative EE solutions, potential investors and iii) raising awareness for the public at large.
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