The world's leading wind energy company Vestas Wind Systems from Denmark yesterday said that it saw huge potential for windpower development in Vietnam and promised to help the country make wind a sustainable energy solution.

Representatives from the Government, financial institutions, investors and project developers in wind energy discuss financing options for wind energy projects in Vietnam.

We could finance projects with local partners and assist them in the opening phases, said Chris Beaufait, president of Vestas Asia Pacific and China, at a seminar in Hanoi yesterday organised by the Embassy of Denmark and Vestas.

He said that Vietnam had the greatest wind energy potential in the Southeast Asia region.

At the seminar, Vestas, together with its partners EKF – the Danish Export Credit Agency which provides export credit insurances - and IFU – the Investment Fund for Developing Countries, shared their experience on existing solutions within the wind energy sector and how Vietnam's local developers can embark on this journey, especially while they are facing financing issues.

With its 35 years of experience, Beaufait said that Vestas knew the challenges for frontier wind markets like Vietnam at the start of the wind journey, and was ready to share knowledge with partners in Vietnam.

In Vietnam, Vestas has one active project at the moment, generating about 27.3 million kWh per year. Globally, it has had more than 52,000 wind turbines which generate 64GW of windpower, reducing carbon emissions by millions of tonnes every year.

Beaufait said his company's products would help mitigate risks and make financing easier for local investors.

In 2011, the Vietnamese Government issued Decision 37/2011/QD-TTg to support windpower projects in Vietnam, setting an annual target of 1,000MW by 2020, accounting for 0.7 per cent of total electricity production. The figure is expected to increase to 6,200MW, or 2.4 per cent, by 2030.

However, Le Tuan Phong, deputy head of the Ministry of Industry and Trade's General Department of Energy, said the number of windpower projects was still low due to limited technology and high costs that made windpower less attractive compared to hydropower and thermopower projects.

"With these Vietnamese targets in mind, we are pleased to introduce to you the Danish company Vestas – a global leader in its field, providing state-of-the-art solutions in windpower," said John Nielsen, Danish Ambassador to Vietnam.

The ambassador highlighted the story of his country transitioning from a society dependent on imported fossil-fuel to a completely energy independent economy with an increasing amount of renewables in the energy mix.

"Wind energy provides more than 33 per cent of Denmark's electricity consumption today, which is the highest level of windpower integration in the world," said Nielsen.

He added it was important the Vietnamese Government had addressed the need to develop renewable energy.

"Denmark has proven we know how to go with the wind, and we are keen to share with you our unique experiences. We believe that Vietnam will embrace wind energy like we have done and sail with us to success," he said.