There is great potential for the energy service companies market to develop in Vietnam as power consumption is forecast to increase sharply in the coming years, heard a workshop heard in HCM City on October 22.

Amid feedback from the public and experts about calculating energy price, the Ministry of Industry and Trade has rounded off the single-price model for household electricity in a bid to harmonise the benefits of all stakeholders in society.

If the $15 billion LNG project of Millenium Group is approved, it will contribute to making the Nam Van Phong area the largest LNG centre in Southeast Asia.

LNG could replace coal in the power sector at a higher cost but would cause less pollution.

Vietnam is forecast to face bigger power shortages after 2020 due to many power projects in the revised master power plan falling behind schedule, especially in southern provinces. 

Vietnam's gas supply is forecast to fall short of demand between 2017 and 2035, therefore, which makes it necessary to develop new gas sources, build infrastructure to develop marginal gas fields or even import liquefied natural gas (LNG).

High solar irradiance and wind flow velocity are factors making Vietnam`s renewable energy advantages.