Vietnam needs to take more drastic action to accelerate energy transition and engage with the global energy chain, moving towards carbon neutrality, a conference held by Business Forum magazine heard on Thursday.

Vietnam needs to consider the development of battery energy storage system (BESS) while the country is on a path towards promoting renewable energies to ensure energy security and sustainable development, experts have said.

Vietnam needs to develop a holistic strategy to ensure sustainable, reliable and cost-competitive gas supply, experts have said.

The recent approval for Vietnam’s eighth national power development plan (PDP8) has heated up discussions around business strategies of energy giants in the race to gain advantages in energy transition towards the country’s net-zero goals.

Standard Chartered and the US Agency for International Development (USAID) have signed a Memorandum of Understanding (MoU) on green financing in Vietnam and to promote the deployment of advanced clean energy in Vietnam.

Finnish businesses desire to expand investment cooperation activities in the Vietnamese market across multiple fields, especially the energy sector.

Prime Minister Pham Minh Chinh has issued a decision establishing the State Steering Committee for critical national energy programs, projects, and initiatives.

Deputy Prime Minister Tran Hong Ha has freshly signed a decision to approve the national energy master plan for the 2021-2030 period, with a vision to 2050.

The MoIT has raised concerns over 14 solar projects in the central province of Ninh Thuan that are believed to be unjustly benefiting from preferential tariffs.

Vietnam will prioritise foundation industries, supporting industries, and materials for export industries.

The Vietnamese industrial sector may need to reevaluate in order to minimise the effect of rising power costs.

Electricity demand has been growing steadily since 2021 and is expected to surpass domestic output in the short term.

Responding to the Government's policy of encouraging the development of solar power, many businesses across the country have invested in solar power. Ironically, many investors now have to worry about debts piling up.

Vietnam has huge energy needs while the US, with is abundance, is seeking to boost energy diplomacy in the Indo-Pacific region.