National energy, minerals planning announced

National energy, minerals planning announced, Illustrative image (Source: VNA)

Hanoi – The Ministry of Industry and Trade held a conference in Hanoi on August 9 to announce the national plannings in the fields of energy and mining for the 2021-2030 period with a vision to 2050.

These include one on the infrastructure for the reserve and supply of petrol, oil and gas products; another on the exploration, extraction, processing and use of minerals; and a master planning on energy for the 2021-2030 period with a vision to 2050. They were all approved by the Prime Minister in July, aiming to expand the development room for energy and mining sectors in line with the country’s development direction of green, circular and low-carbon economy, the Party and State’s policy as well as the growth trend in the world.

The national energy master planning’s objectives include ensuring the country's energy security, developing forms of energy in a systematic, suitable and diverse manner, encouraging and creating favourable conditions for all economic sectors to engage in energy development, applying science-technology achievements in energy development, and promoting the efficient use of energy.

It underlined the need for the harmonious and smart infrastructure of all energy sectors to the regional development level, while implementing digital transformation in the field of energy, contributing to realising the net-zero emission goal by 2050.

Meanwhile, the planning on the infrastructure for the reserve and supply of petrol, oil and gas products aims to develop the infrastructure system for strategic reserve, production reserve, commercial reserve as well as the transport, circulation and distribution of the products to meet economic, technical and environmental standards, ensuring sufficient, safe and uninterrupted reserve and supply of the products for socio-economic development, security and defence.

Under the planning, the total national oil and petroleum reserves, including crude oil and products, is expected to rise to 75-80 days of net imports by 2030 and gradually to 90 days after that year.

The objectives of the planning on the exploration, extraction, processing and use of minerals is to strictly manage, extract, process, economically and effectively use minerals in association with demands for economic development, environmental protection, adaptation to climate change and achievement in carbon neutral level. It also aims to promote investment and establish harmonious and effective extraction and processing industry with advanced technology and modern equipment in conformity with trends of the world.

All of the plannings comprise new mechanisms and policy that are expected to contribute to making breakthrough improvement in energy and mining activities.

They also create a sectoral and regional connectivity in the fields, making the domestic infrastructure design systematic to that in the region and the world, ensuring the effective allocation and use of resources for particular regions and localities in line with the capacity of the economy.

One of the highlights of the plannings is encouraging the engagement of all economic sectors in energy development towards green and circular economic direction.

Vietnam seeks US investment in renewable energy Energy is among potential fields for investment cooperation between Vietnamese and US firms, with Prime Minister Pham Minh Chinh announcing that Vietnam gives high priority to sustainable energy development to maintain national energy security and reduce greenhouse gas emissions, according to Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Pham Tan Cong.

All systems go for energy security The newly approved Power Development Plan VIII for 2021-2030, with a vision to 2050, is designed to improve the country’s energy security and set out a roadmap for developing energy sources towards a green path. However, realising the targets will be a profound challenge for all involved.

National energy master plan for 2021-2030 approved 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.