A Senior Vietnamese trade official has called for greater flows of capital into the developing economies of APEC including Vietnam for the development of renewable energy, which is playing a bigger role in sustainable socio-economic development in each country as well as the globe.

Luong Hoang Thai, Head of the Multilateral Trade Policies Department of the Ministry of Industry and Trade, stated his view at a seminar in Hanoi on June 4.

The event saw the participation of financial and banking experts, policymakers and entrepreneurs from Asia-Pacific Economic Cooperation member economies as well as scholars from the Organisation for Economic Cooperation and Development and the United Nations Environment Programme.

The trade official cited the fact that the renewable energy sector is relatively new to third world countries, including Vietnam. It makes up a modest proportion of total energy supply compared to the 15 percent in developed nations.

Meanwhile, the majority of the least economically developed nations fall short of capital resources to build infrastructure, severing the development of renewable energy, he said. It will push the underdeveloped countries behind their developed counterparts, he added.

At the seminar, other discussions touched upon APEC-related regulations for the development of renewable energy projects, including its open and transparent investment mechanisms for the development of a free and open energy market.

Participants took this chance to present their candid opinions and share experiences in luring funds for such projects, and put forth their suggestions on the issue so that APEC will handle it more effectively in the time to come.-VNA