According to Deputy Minister of Industry and Trade Hoang Quoc Vuong, Vietnam has become an energy importer since 2015 because of highly increasing demand on energy for its economic development while the primary energy sources have been limited. In 2015, the total energy demand of Vietnam was 50.4 million tons of oil equivalent (TOE). It is forecasted that this figure will increase by nearly 2.5 times in 2035, equivalent to about 134.5 million of TOE.
In order to ensure the national energy security and harmonious development of energy sub-sectors, Vietnam is aiming at a number of major solution groups such as: Diversification of energy sources; attach importance to developing renewable, clean energy sources, LNG and promote the efficient and economical use of energy. Additionally, domestic and foreign resources are mobilized for sustainable development of the energy sector.
Deputy General Director Nguyen Tai Anh (second from right) participating the roundtable
Energy demand in Vietnam creates opportunities of cooperation for foreign investors, enterprises, including Australian enterprises. The two sides can improve their cooperation in such fields as: Investment in infrastructure in Vietnam for energy imports (LNG port, coal port), investment in coal-fired, gas-fired thermo-power and solar power projects, etc.
According to Australian Ambassador to Vietnam – Mr. Craig Chittick, over the past 10 years, the trade and investment relationship between Australia and Vietnam have been the most rapidly-developed one among all ASEAN economies with 2-way trading reached USD 11.8 billion. Vietnam has been Australia's 15th largest trade partner; while Australia has been Vietnam's 7th largest trade partner. In which, energy has been one of the key areas promoting the bilateral trade between the countries.
Australia's energy supply chain is properly developed with advanced solutions on coal, gas and renewable energy. Australia is also experienced in policy management on developing and regulating the electricity market.
Following the trend of shifting towards cleaner coal and renewable energy solutions of Vietnam, the Australian energy industry will be ready to cooperate and support, join hand for the sustainable development of Vietnam's energy sector.
Participating at the roundtable, EVN’s Deputy General Director Nguyen Tai Anh said that Vietnam's current power source structure has been diversified with hydropower, coal-fired, gas-fired, thermo-power and other energy sources. With the projected load growth rate of over 10%/year, the demand for developing new power projects in Vietnam is very high. Annually, our country needs an additional amount of 5,000 to 7,000MW of new installed capacity and the investment capital for power projects averagely at about USD 7.5 - 7.9 billion/year.