United Nations Development Programme (UNDP) experts in Vietnam have pressed for the overall financial reform of the energy sector, including prices of fossil fuels, as Vietnam is restructuring its economy aligned with its shift to a sustainable green growth model.

A workshop in Hanoi on December 10 looked into fiscal policy shake-up in the fossil fuel sector and green growth, with experts at home and abroad in attendance.

According to them, the shake-up matches the National Strategy on Green Growth goals, requiring reforms in energy markets and the State-run enterprises involved.

Vice President of the Vietnam Academy of Social Sciences (VASS) Nguyen Quang Thuan stated that the gradual removal of energy subsidies is a key part of domestic economic restructuring.

It will force businesses to turn to energy-efficient technology and encourage the private sector to invest in the industry.

Some said that there needs to be a proper and transparent roadmap so that policy reform does not come as a shock to businesses.

The workshop was a joint effort between the UNDP and the VASS.-VNA