Vietnam’s power crisis hits local firms, foreign investors

Last week, several northern areas — many of them home to key industrial parks — were told to cut their energy use in half, forcing the Japanese, Korean and European chambers of commerce to petition the government to find a quick solution to the crisis.

In the port city of Hai Phong, several associations representing Vietnam’s logistics and shipping industries — which rely on a digital network to coordinate deliveries and need power to operate loading equipment and keep trucks cool — filed complaints to state electricity company EVN. “The power cut issue will be very serious for not only firms who have already invested in Vietnam, but also for us trying to call for investors to come to Vietnam,” Hong Sun, chairman of the Korean Chamber of Business in Vietnam, told AFP.

A recent government target to reduce energy consumption by 2 percent per year until 2025 suggests the issue may persist.

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