New approach to energy strategy urged hinh anh 1Wind power works in Ninh Thuan (Source: VNA)
Hanoi (VNA) – Director of the Vietnam Institute of Economics Tran Dinh Thien has called for taking new approach to energy strategy, with saving energy in production and consumption as compulsory.

Thien said Vietnam’s energy resources are abundant, but it is hard for Vietnam to compete due to high energy costs, adding that industry consumes the most energy with 45.7 percent, transportation (31.7 percent). Meanwhile, coal mining and oil and gas sectors tend to stall.

Former Deputy Director of the Central Institute for Economic Management Vo Tri Thanh said Vietnam’s energy sector is facing difficulties such as end to nuclear energy production, workforce crisis in the Vietnam National Oil and Gas Group, adjustment of electricity prices and environment fees for petrol, and depleting coal supply.

It is forecast that increasing energy demand will exert more pressures on energy in the next 10-15 years, he said.

When it comes to energy strategy, he took note of energy supply and its structure, market development and growth strategy, and the role of energy sector in the fourth industrial revolution.

A representative from the Party Central Committee’s Economic Commission said as Vietnam is stepping up industrialisation and modernisation, energy demand each year is huge. Therefore, it is necessary to synchronously and properly develop electricity, oil and gas, coal and new energy sectors, especially clean and renewable energy.

Thien suggested gearing towards a modern and high-tech economy instead of traditional fields consuming natural resources and energy, with priority given to wind and solar energy.-VNA