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Vietnam to restructure energy sector

Vietnam is determined to restructure its energy sector, said Deputy Minister of Industry and Trade Dang Hoang An at the 4th High-Level Meeting of the Vietnam Energy Partnership Group (VEPG) held in Hanoi on January 24.

Vietnam pushes for energy restructuring: official ảnh 1Wind power in Bac Lieu Province. (Photo: SGGP)

Gathering more than 150 delegates, the hybrid-format event looked back at achievements and contributions of the VEPG over the past four years of operation as a high-level policy dialogue platform connecting the Vietnamese Government with development partners and stakeholders to promote the development of the nation’s energy sector.

An important highlight of the function was the introduction of the five new technical working groups including: Power Sector Strategic Planning, Renewable Energy, Grid Integration and Grid Infrastructure, Energy Efficiency, and Energy Market.

In his remarks, An said the development results of the energy sector saw a significant contribution of the VEPG via its 40 policy recommendations.

He affirmed that over the years, the group fulfilled its role as a high-level policy dialogue forum between the Government of Vietnam and international partners, connecting international support to promote the development of the local renewable energy market.

According to An, in 2021, the VEPG restructured its technical working groups, identified key topics tailored to the country’s urgent needs, as well as leveraging supporting resources, both domestically and internationally.

“By cooperating with ministries, departments, sectors and local and foreign partners, the VEPG will support the government in developing even stronger measures to reduce greenhouse gas emissions to achieve net-zero emissions by 2050,” he stated.

“Vietnam’s commitment to embarking on an energy transition towards a cleaner, greener energy mix and more efficient use of energy is an important contribution, not only to the sustainable development of its economy but also to the global fight against climate change. The EU – as many other development partners that have gathered today – is here to provide support and expertise to make this energy transition happen, while ensuring access to affordable energy for all and protecting Vietnam’s competitiveness at local, as well as international level,” said Giorgio Aliberti, Ambassador of the European Union to Vietnam.

The EU will continue to provide financial support for the operation of the VEPG and will work with MoIT on a roadmap for the long-term financial sustainability of the partnership, he stressed.

Carolyn Turk, Country Director of the World Bank in Vietnam, noted the World Bank looks forward to continuing its support for the Government of Vietnam in expanding the energy sector in a greener, more sustainable way.

In a high-level thematic panel discussion, participating delegates exchanged ideas around the Power Development Plan VIII under the Vietnamese Government’s direction on sustainable energy transition, as well as the results and impacts of the 26th United Nations Climate Change Conference (COP26) on the orientation of Vietnam’s energy sector. International experience and recommendations were shared with the aim of removing technical and investment bottlenecks for the country’s sustainable energy transition.

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