Vietnam energy prospects 2019 announced

A report on Vietnam energy prospects was announced by the Ministry of Industry and Trade (MOIT) in collaboration with the Danish Ministry of Energy, Utilities and Climate.

Vietnam energy prospects 2019 announced

At the event 

The announcement of Vietnam Energy Outlook Report 2019 was hosted in Hanoi on November 4 by the two ministries and the Embassy of Denmark in Vietnam.

At the event, Jakob Stenby Lundsager, Long Term Advisor to MOIT for the Danish Energy Partnership Programme in Vietnam, said that Vietnam has imported pure coal since 2015 and the trend is increasing.

From 2020 to 2030, fuel imports will increase by 3 and by 2050 will be 8 times higher than at present. This shows that, three-fourths of Vietnam's energy consumption is from imported energy.

Therefore, Jakob Stenby Lundsager proposed, Vietnam will soon study the reduction of future coal demand and take early action in coal power consumption.

Promoting the development of renewable energy, energy saving, and developing gas thermal power may contribute to reversing the current coal consumption trend.

According to Morten Baek, Permanent Secretary, Danish Ministry of Energy, Utilities and Climate, the report showed that Vietnam is still using electricity entirely dependent on natural resources that are not renewable, easily polluting the environment, and is dependent on the supply of coal and hydropower.

 

Therefore, the development of renewable energy is a great opportunity, in line with the trend of reducing greenhouse gas emissions and reducing environmental pollution.

This is the "big door" that opens the prospect of developing renewable energy in Vietnam when the source of solar energy, wind power, biomass in Vietnam is extremely abundant and full of potential.

According to the EOR 2019 report, there are 3 scenarios with 3 complementary directions to achieve the goal of reducing coal consumption, reducing hydropower dependence, saving energy and promoting the use of renewable energy.

In order to achieve the goal of promoting renewable energy development, the Danish side also has policy recommendations for Vietnam such as reverse the trend of high coal consumption, increase energy efficient facilities, and support large-scale energy-saving investment projects.

Danish experts also recommend that energy saving should be a top priority in the eighth Power Plan. A stable, simple, transparent legal framework and increased competitiveness for renewable energy projects could reach 40% of renewable energy in the electricity structure by 2030.

The report is part of the outstanding collaborative results between the MOIT and the Danish ministry, within the framework of the lower carbon transition in energy efficiency sector in Vietnam, which is sponsored by the Danish Government. It is expected that the report will be implemented every two years. Nhan Dan

 
 

Other News

.
Vietnam budget deficit forecast at 3.6% of GDP in 2021
Vietnam budget deficit forecast at 3.6% of GDP in 2021
FEATUREicon  12/01/2021 

Fitch Solutions holds a more optimistic view on Vietnam’s economic rebound in 2021, with its real GDP growth forecast at 8.6%, against the government’s 6.5% target.

Vietnamese ports on pace to post banner year
Vietnamese ports on pace to post banner year
BUSINESSicon  12/01/2021 

Vietnam’s port sector will flourish this year as trade in goods is expected to thrive on the back of recovery in production, domestic consumption, and export markets, according to industry analysts.

Bright future tipped for Vietnam’s e-commerce market
Bright future tipped for Vietnam’s e-commerce market
BUSINESSicon  12/01/2021 

Vietnam’s e-commerce market is forecast to continue growing strongly in the time to come thanks to a big population with high rates of young people and internet users.

Resolution on switching investment format of North-South Expressway’s component projects adopted
Resolution on switching investment format of North-South Expressway’s component projects adopted
BUSINESSicon  12/01/2021 

The National Assembly Standing Committee yesterday adopted a resolution on the switching of investment format of some component projects on Eastern North-South Expressway project in 2017-20 period, which failed to find investors through biddings.

UK trade deal gives Vietnamese consumers greater access to luxury goods
UK trade deal gives Vietnamese consumers greater access to luxury goods
BUSINESSicon  12/01/2021 

Tran Hung Khuong, owner of an automobile shop in HCM City’s Tan Binh District, said people could now save up to VND15 billion by buying a Rolls-Royce Wraith directly imported from the UK, thanks to the Vietnam-UK Free Trade Agreement (UKVFTA).

Da Lat’s largest flower village unusually quiet before Tet
Da Lat’s largest flower village unusually quiet before Tet
BUSINESSicon  12/01/2021 

Van Thanh, the largest flower village of Da Lat, is quiet these days, with no flower collectors, though Tet will start in one month.

2020: black credit pushes people to the wall
2020: black credit pushes people to the wall
BUSINESSicon  12/01/2021 

Black credit grew strongly in 2020 when many people lost jobs because of Covid-19 and faced financial problems.

Railways revenues take $57.4 million hit from COVID
Railways revenues take $57.4 million hit from COVID
BUSINESSicon  11/01/2021 

The Vietnam Railways Corporation has lost VND1.32 trillion (US$57.4 million) in revenues due to the COVID-19 pandemic and flooding in the central region.

Fitness chains, gyms face ups and downs during 2020
Fitness chains, gyms face ups and downs during 2020
BUSINESSicon  12/01/2021 

Prior to the pandemic, Lamita, a fitness studio chain, suspended its operation temporarily on January 4 because of unsettled internal conflicts.

Vietnam continues to move forward in 2021
Vietnam continues to move forward in 2021
BUSINESSicon  11/01/2021 

Dr Tran Thi Hong Minh, Director of the Central Institute for Economic Management, talks about Vietnam’s potential for economic development in 2021.

Where to invest your money in 2021?
Where to invest your money in 2021?
BUSINESSicon  11/01/2021 

Traditional investment channels such as stock or real estate markets are set to continue to be the focus for investors in 2021.

What scenario ahead for Vietnamese price market in 2021?
What scenario ahead for Vietnamese price market in 2021?
BUSINESSicon  11/01/2021 

Despite suffering a slowdown in production and business activities as a result of the impact caused by the novel coronavirus (COVID-19) pandemic, the Vietnamese economy enjoyed positive annual growth of 2.91% in 2020, according to economic experts.

Stock market 2021: Positives and risks
Stock market 2021: Positives and risks
BUSINESSicon  11/01/2021 

The stock market ended 2020 with diverse notes, from the selloff in Q1 which sent the VN-Index down to 660 points, the lowest in four years, to the recovery and strong rally, especially in Q4.

Amid favorable conditions, bank listings on the rise
Amid favorable conditions, bank listings on the rise
BUSINESSicon  11/01/2021 

In the context of favorable conditions on the stock market which saw the indices rising sharply over the past eight months, getting listed at the moment will give banks better valuation and make it easier for them to attract greater cash flows,

Insurance firms struggle to attract investors despite good performance
Insurance firms struggle to attract investors despite good performance
BUSINESSicon  11/01/2021 

Insurance companies performed well in Vietnam during the COVID-19 pandemic, but their shares have not attracted much attention from investors.

US newspaper: US, Vietnam working to resolve trade issues
US newspaper: US, Vietnam working to resolve trade issues
VIETNAM & WORLDicon  11/01/2021 

The Inside US Trade has published an article entitled “US, Vietnam working to avoid imposition of Section 301 tariffs”.

Shrimp exporters bring home 3.85 billion USD in 2020
Shrimp exporters bring home 3.85 billion USD in 2020
BUSINESSicon  10/01/2021 

Earnings from shrimp exports reached 3.85 billion USD last year, up 15 percent year-on-year despite difficulties caused by the COVID-19 pandemic.

Flexible, cautious monetary policy management bears fruit
Flexible, cautious monetary policy management bears fruit
BUSINESSicon  10/01/2021 

Vietnam’s economy was adversely affected by the COVID-19 pandemic in 2020, along with natural disasters and the impact of trade conflicts.

Government to have new policy on purchase of solar power soon
Government to have new policy on purchase of solar power soon
BUSINESSicon  10/01/2021 

At present, the cost of solar power panels has cooled down, so shortly, the MoIT would suggest the purchasing price of solar power without using feed-in tariffs (FITs).

Lotus silk in fight for survival as cost becomes King
Lotus silk in fight for survival as cost becomes King
BUSINESSicon  10/01/2021 

The year 2020 will go down in history for a host of reasons, one being that the COVID-19 pandemic shut borders that had long been open wide for trade.

 
 
 
Leave your comment on an article

OR QUICK LOGIN