Italy’s Enel, a producer of renewable energy, is looking to exit the Vientam market, Reuters has reported. This comes just weeks after it was reported that Norwegian energy firm, Equinor, would be closing its office in Hanoi.
Though both firms have suggested their exit is related to broader restructuring of their operations, it does look a lot like challenges facing Vietnam’s renewables industry are weighing on these foreign firms. Of note, solar power policy is still not clear and offshore wind power development looks unlikely to be realised anytime soon on the back of a number of challenges facing the industry.