Vietnam holds prospect for new energy development: forum

Economic and energy experts, enterprises, investors and Government officials gathered at a forum held in Hanoi on July 11 to discuss prospect of new energy development for Vietnam.

The Green and Clean Energy towards Net Zero forum on “Prospect of new energy development, international experiences and effective strategies for Vietnam” was  co-organized by the Vneconomy / Vietnam Economic Times and the Department of Climate Change under the Ministry of Natural Resources and Environment. 

It attracted the participation of economic and energy experts and nearly 200 delegates from FDI firms and local businesses.

 Dr. Chu Van Lam, Editor-in-Chief of Vneconomy / Vietnam Economic Times, stressed that coping with climate change and protecting the environment are important for Vietnam as the country has to face strong impacts from climate change.

Vietnam is urgently implementing environmental protection tasks from the use of green energy, clean energy and renewable energy.

The Politburo Resolution No. 55 on strategic direction for national energy development by 2030, with a vision to 2045 clearly states the viewpoint of developing and diversifying different types of energy comprehensively and reasonably; and giving priority to exploiting and using renewable energy, new energy and clean energy effectively, according to Dr. Lam.

Under the National Power Development Plan for 2021-2030 with a vision towards 2050 or the Power Development Plan VIII, Vietnam targets to ensure renewable energy accounting for 15-20% of electricity demand by 2030. Renewable energy is expected to account for 80-85% of the total power supply, meeting economic development demand of Vietnam.

Addressing the forum, Mr. Nguyen Duc Hien, Deputy Head of the Party Central Committee's Economic Commission, stressed the importance of the Resolution No. 55 on energy development direction for Vietnam.

However, he said, the lack of related policies and mechanisms has hindered the implementation of the resolution.

Mr. Hien proposed businesses and investors to suggest measures to help Vietnam attract more investment and credit sources for the development of renewable energy and new energy.

Meanwhile, Mr. Ta Dinh Thi, Vice Chairman of the National Assembly Committee on Science, Technology and Environment, agreed that the implementation of policies in energy transition has gained positive results but difficulties and challenges remain.

Energy transition is a long term process, requiring the participation of the whole political system and enterprises, he said.

Deputy Head of the Department of Climate Change Pham Van Tan said Vietnam has strived to fulfill the Government commitment of net zero emissions by 2050.

Vietnam officially announced the Resource Mobilization Plan to implement the Political Declaration on establishing the Just Energy Transition Partnership (JETP) at the 28th session of the Conference of the Parties (COP28). Partners committed to mobilize an initial $15.5 billion over the next three to five years to address urgent needs which helps catalyze the just energy transition in Vietnam, he said.

At the forum, representative from domestic and foreign enterprises and international organizations gave recommendations for Vietnam in develop energy sustainably as well as develop new sources of energy.