Vietnam to develop new energy-based development engine

The Ministry of Industry and Trade (MoIT) of Vietnam announced on August 4 that it had issued an action programme to implement the Project on Restructuring the Industry and Trade Sector to 2030, in accordance with prime minister's Decision No. 165/QD-TTg dated February 28.

The MoIT supports assigning priority to the development of clean energy, renewable energy, and new energy sources like hydrogen, hydrogen fuel cells, and liquefied natural gas; forming large energy centres based on the competitive advantages of localities; developing a competitive, and transparent energy market; and diversifying ownership and business methods to mobilise private resources for industry development.

It will also prioritise the growth of the manufacturing of machinery and apparatus and energy technology, particularly renewable energy.

To develop the domestic market rapidly, integrating it seamlessly with the import-export market, and promoting the domestic market to bolster internal resources is a decisive factor associated with expanding external markets, where digital commerce is designated as a significant growth engines of the economy.

Developing hydrocarbons and gas supply chain

The MoIT is also tasked with focusing on upgrading and developing the supply chains and value chains of industries to increase the added value and autonomy of the industry and trade sectors.

It will also focus on the comprehensive development of the domestic industrial production system by modernising and developing supply chains and value chains of industries and strengthening ties between foreign direct investment (FDI) firms and domestic firms.

Localising the supply chain of industries is key to reducing reliance on imported machinery, equipment, and raw materials and increasing the industry's autonomy. The industry must also progressively engage in the design, research and development, and production of industrial components.

The MoIT is committed to developing the oil and gas industry's supply chain in a synchronised manner in five core areas: oil and gas prospecting, exploration, and exploitation; the gas industry; petroleum processing; and transportation, storage, and distribution of petroleum products.

The industry must develop the electricity supply chain, beginning with the development of power sources and proceeding through generation, transmission, and distribution to meet the power system's and the electricity market's development requirements.

It must also completely modernise and expand the import-export ecosystem to facilitate business participation in the global value chain. The MoIT also promotes the efficient development of logistics infrastructure systems for import and export, transforming Vietnam into a regional production and logistics hub.

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