Vietnam Energy Summit 2020 attracts investors

Hundreds of Vietnamese and foreign delegates attend the forum which is connected to 63 cities and provinces and 15 countries worldwide (Photo: NDO)

Addressing hundreds of Vietnamese and foreign delegates present at the event, Nguyen Van Binh, head of the Party Central Committee’s Economic Commission, explained that the summit was held to realise the Politburo’s resolution 55 regarding the country’s national energy development strategy for 2030, with a vision ahead to 2045.

Binh noted that Vietnam has switched from an energy exporter to a net energy importer since 2015, with import levels increasing annually. According to initial calculations, the country’s energy import dependency rate is projected to reach between 50% and 58% by 2035, therefore, the autonomy of energy sources for economic development will be a major challenge for Vietnam in the future.

He therefore expressed hope that the forum will present an opportunity for delegates to exchange their various experiences while replicating good models and practices in terms of energy development in localities.

At the forum, participating businesses introduced a range of cutting-edge technologies that are capable of producing offshore wind power, solar power, and liquefied natural gas, among others. Experts believe that the country requires approximately 50,000 MW of electricity in order to run its economy over the course of the next five years, and new technologies will help create a breakthrough in terms of energy development in the future.

The forum also saw Deputy Prime Minister Trinh Dinh Dung outline how the country needs between US$7 billion and US$10 billion annually to develop power sources, not to mention capital necessary for transmission system networks. He therefore called for additional policies to be introduced to mobilise resources that can be considered necessary to boost overall power development.

Taking the floor, Minister of Industry and Trade Tran Tuan Anh emphasised the Government will soon revise policies and mechanisms in a bid to promote the development of energy sources in a sustainable and effective manner. Moreover, the private sector will be encouraged to get involved in this process due to the energy industry developing in a dynamic manner, he said.

At present, Minister Anh stated that the Ministry of Industry and Trade is considering revisions to the Electricity Law in order to clarify the scope of investment between the State and the private sector within the energy industry.