Vietnam Reviews Energy Sector after WTO Two-year Accession

A conference entitled "Vietnam's energy sector after the Trade Organization (WTO) two-year entry and demand for sustainable development" has recently taken place in Hanoi with participation of a number of economic experts, researchers, scientists, domestic associations and enterprises, the Vietnam Economic Times newspaper reported.

 

Addressing the conference, experts emphasized the necessity of establishment of a legal framework and sustainable development roadmap for the national energy sector based on WTO commitments that encourage renewable energy use and high-return investments.

 

Nguyen Thanh Bien, Deputy Minister of Industry and Trade, affirmed that the energy sector has been recognized as a top priority in the national development policy. He called on domestic enterprises to expand cooperation with other WTO members in exploring and producing oil, coal, and renewable energy sources in a bid to boost industrial growth and feed the nation’s soaring demand for energy.

 

Participants at the meeting said that forecast activities for electricity demand remains weak and not on par with the power source development plan. This is the major shortcoming of the electricity sector after two years joining WTO.

 

Vietnam has targeted to produce between 47.5 million-49.5 million tons of oil equivalent in 2010, between 100 million-110 million tons by 2020, between 110 million-120 million tons by 2025, and between 310 million-320 million tons by 2050.

 

The country has further boosted cooperation in exploration and production of coal, oil and gas, and other energy sources with other countries in the world in order to develop new energy sources and recycle about 3 per cent of total primary commercial energy sources by 2010, 5 per cent by 2020, and 11 per cent by 2050. (Vietnam Economic Times, VNA)