Warning of electricity shortage, Vietnam seeks energy savings

The demand for electricity merchandise will be high in the upcoming years: 235 billion kwh, 352 billion kwh and 506 billion kwh by 2020, 2025 and 2030, respectively.

Under the seventh national power development plan, from now to 2030, the power volume to be created must satisfy the demand for socio-economic development of the country with average GDP growth rate of 7 percent per annum.

Warning of electricity shortage, Vietnam seeks energy savings



According to Hoang Quoc Vuong, though the growth in electricity demand in the time to come will slow down, it will still be high compared with other countries – 8.5 percent in 2021-2025 and 7.5 percent in 2026-2030.

The high growth rate puts pressure on the energy sector in the context of slow implementation of many power projects. Large- and medium-scale hydropower sources have been fully exploited. Oil and gas reserves will decrease, but renewable energy is costly.

The high growth rate puts pressure on the energy sector in the context of slow implementation of many power projects. Large- and medium-scale hydropower sources have been fully exploited. Oil and gas reserves will decrease, but renewable energy is costly.

In such conditions, experts say, using energy in an effective way and practicing thrift will be the top priority.

 

According to MOIT, in 2011-2015, Vietnam could save 5-8 percent of total energy consumption, or 11-17 million tons of equivalent oil.

The noteworthy thing was that the energy intensity of much energy consuming industries decreased in the period. The decrease was 8.09 percent in steel manufacturing, 6.33 percent in cement production and 7.32 percent in spinning.

Trinh Quoc Vu, deputy director of the Energy Saving and Sustainable Development, stressed that it is necessary to mobilize all resources to accelerate the saving and effective use of energy through technical support, science & technology research, product and human resources development in this field.

In order to help enterprises become familiar with energy saving, MOIT will give technical support in energy auditing and training.

Regarding energy saving, Tran Dinh Thien, a respected economist, emphasized that it is necessary to be selective when licensing FDI projects.

He said the US-China trade war has prompted foreign investors to relocate their production bases in Vietnam. Foreign investors may bring backward technologies to Vietnam which would pollute the environment and consume much power, thus putting pressure on Vietnam’s electricity supply.

Nguyen Quan, former Minister of Science and Technology, said as traditional energy sources are being depleted, Vietnam should think of nuclear power. In 2016, the National Assembly postponed the nuclear power project in Ninh Thuan province. However, Quan thinks Vietnam needs to resume the development.

Quan suggested that Vietnam can invite foreign firms to help build nuclear power plant, but the plant must be operated by Vietnamese. Turn-key mode won’t be applied in Vietnam because this is dangerous for energy security and national security, because in the digital era, individuals and institutions can regulate nuclear power plants from a distance of thousands of kilometers.

Thanh Mai 

Energy using efficiency remains pressing issue

Energy using efficiency remains pressing issue

Vietnam is among the top energy consumption countries in the region and the world. Hence, it’s never better to cutting down energy consumption and mull over solutions for efficient use of energy.

VN banks boost retail lending for solar energy

VN banks boost retail lending for solar energy

Banks in Vietnam race to offer loans for household solar energy projects, using low interest rates and long repayment periods as incentives.  

 
 

Other News

.
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.

VNR concerned over loss of entire equity
VNR concerned over loss of entire equity
BUSINESSicon  10/01/2021 

The Vietnam Railway Corporation (VNR) incurred losses of some VND1.3 trillion last year due to Covid-19 and continuous storms in the central region.

Runway upgrade at TSN airport completed
Runway upgrade at TSN airport completed
BUSINESSicon  10/01/2021 

The runway renovation project commenced on June 29 last year, with a total investment of some VND2 trillion.

For the sake of sustainable fish export
For the sake of sustainable fish export
BUSINESSicon  10/01/2021 

The price of tra (pangasius) fish has experienced one fluctuation after another. This year is forecast to be a recovery time for the fish.

Minister urges quick building of project on natural forest protection
Minister urges quick building of project on natural forest protection
BUSINESSicon  10/01/2021 

The forestry sector should take swift action to build a project on zoning off and protecting natural forests in the time to come, said Minister of Agriculture and Rural Development Nguyen Xuan Cuong.

Resilience helps Vietnam overcome year of COVID-19
Resilience helps Vietnam overcome year of COVID-19
FEATUREicon  09/01/2021 

Though COVID-19 has sent the global economy into one of its worst recessions ever, Vietnam posted GDP growth of 2.91 percent in 2020 thanks to its solid control of outbreaks and timely support to both enterprises and local people.

Construction of T&T Group’s modern trade center commences in Dak Nong Province
Construction of T&T Group’s modern trade center commences in Dak Nong Province
BUSINESSicon  09/01/2021 

The construction of the VND645 billion Dak Mil Trade Center was kicked off in the Central Highlands province of Dak Nong on January 6 by the Vegetable Import and Export Joint Stock Company (a member of T&T Group).

VIETNAM BUSINESS NEWS JANUARY 10
VIETNAM BUSINESS NEWS JANUARY 10
BUSINESSicon  10/01/2021 

VNR500, top 10 prestigious companies honoured

Vietnamese, US officials talk economic, trade issues
Vietnamese, US officials talk economic, trade issues
BUSINESSicon  08/01/2021 

Minister of Industry and Trade Tran Tuan Anh has held phone talks with US Trade Representative (USTR) Robert Lighthizer to discuss bilateral economic and trade issues.

Opportunities opened for food processing industry
Opportunities opened for food processing industry
BUSINESSicon  08/01/2021 

According to Vietnamese trade counselors, in 2021, Vietnamese goods, in general, have a great opportunity to export to Europe, Northern Europe, the US, the Eurasian Economic Union, Japan, South Korea, and China.

Vietnam vows to develop support industries for automobile industry
Vietnam vows to develop support industries for automobile industry
FEATUREicon  10/01/2021 

Current policies have not been attractive enough to persuade investors to pour money into support industries for the automobile industry.

Insurance groups signal intent to raise funds for stock boost
Insurance groups signal intent to raise funds for stock boost
BUSINESSicon  08/01/2021 

Insurance companies in Vietnam are lifting the curtains on their public fundraising plans, seen as a step towards luring more cash in the promising insurance and reinsurance market.

Vietnam to be among top growth performers again in 2021: HSBC
Vietnam to be among top growth performers again in 2021: HSBC
BUSINESSicon  09/01/2021 

Vietnam posted the fastest growth in Asia in 2020 and will once again be among the most outstanding performers in the region this year, according to the Hong Kong Shanghai Banking Corporation (HSBC).

FDI enterprises increase but more losses reported
FDI enterprises increase but more losses reported
BUSINESSicon  08/01/2021 

The number of foreign direct investment (FDI) enterprises continues to increase in Vietnam, but more are reporting losses. 

VIETNAM BUSINESS NEWS JANUARY 9
VIETNAM BUSINESS NEWS JANUARY 9
BUSINESSicon  09/01/2021 

Credit growth forecast to reach 13-14 percent this year: SSI

Vietnam imports rice from India for first time
Vietnam imports rice from India for first time
BUSINESSicon  08/01/2021 

Vietnam’s rice output is more than enough to satisfy domestic demand, but country is importing rice from India to use mostly for animal feed.

 
 
 
Leave your comment on an article

OR QUICK LOGIN