Many solutions were discussed to help Vietnam transform energy towards green growth and circular economy at the Forum on Reshaping the Global Energy Supply Chain with the theme “Identifying trends, challenges and solutions for Vietnam” on October 17 in Hanoi. The forum was organized by Business Forum Magazine in coordination with relevant agencies.
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| VCCI Vice President Hoang Quang Phong. (Source: Organizing Committee) |
Speaking at the Forum, Mr. Hoang Quang Phong - Vice President of the Vietnam Federation of Commerce and Industry (VCCI) emphasized that the development of renewable energy (RE) in Vietnam has recorded significant progress, thanks to the State's incentive mechanisms and policies...
According to the Power Development Plan VIII scenario, Vietnam plans to shift its energy mix from coal and fuel to electricity and other low-emission energy sources. Gas consumption is also forecast to increase in the medium and long term. The long-term goal of the strategy is to develop a roadmap for LNG power plants to transition to incorporating hydrogen into their power generation mix.
Corresponding to the development of the energy market, Vietnam has also been building a clear, long-term and predictable energy development policy as a prerequisite for a sustainable energy transition.
"The energy transition process associated with energy infrastructure development, if well implemented, will promote Vietnam to achieve synchronous economic, social and environmental development goals, meeting the country's long-term vision...", Vice President Hoang Quang Phong emphasized.
To achieve the long-term vision, Vietnam needs to orient the implementation of a development strategy that limits carbon emissions in the long term and is carbon neutral by 2050 in line with the general trend in the world. In addition to environmental benefits, this strategy can bring Vietnam some outstanding economic and financial efficiency compared to a high-carbon path.
However, there are still certain legal bottlenecks. “Removing policy barriers, increasing resources, and promoting science and technology development are the key to implementing a strategy to deeply reduce carbon emissions,” the Vice President of VCCI cited.
According to Mr. Nguyen Sy Dang - Deputy Director of the Department of Technology Assessment, Appraisal and Inspection - Ministry of Science and Technology, energy transition is a good opportunity for Vietnam to achieve sustainable development. However, based on practical lessons, in the process of energy transition, it is also necessary to pay attention to the issue of autonomy and rely on existing strengths and advantages. In particular, hydropower cannot be eliminated immediately, because this is a technology that Vietnam has mastered, so it should not be abandoned immediately to follow other trends.
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| Director of Investment Project and Infrastructure Advisory Services, PwC Vietnam Abhinav Goyal. (Source: BTC) |
Mr. Abhinav Goyal, Director of Investment Project and Infrastructure Advisory Services at PwC Vietnam, analyzed: Although in Vietnam, the industry of manufacturing solar panels or wind turbines is still growing strongly, it is still dependent on imports.
“As the demand for renewable energy is growing strongly, opportunities are becoming clearer for Vietnamese businesses to participate deeper in the supply chain,” said Mr. Goyal.
Looking at the component supply chain of the renewable energy industry, nearly 90% of the project’s supply is imported from other countries. This is also a new opportunity for Vietnam to increase production and participate more deeply in this component supply chain.
Therefore, by leveraging innovative financing solutions and simplifying the approval process, Mr. Goyal believes that Vietnam can attract more investment capital to promote a stronger energy transition.
Looking at the Power Master Plan VIII, it is clear that Vietnam has made significant progress in its policies, as well as the Government’s determination to localize the supply chain, through the establishment of inter-regional renewable industry and service centers. However, the localization rate in the supply chain in Vietnam is still low. Therefore, Mr. Goyal suggested that stronger measures should be taken to promote the participation of Vietnamese enterprises in the supply chain.
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| Overview of the Forum. (Source: Organizing Committee) |
From a business perspective, Mr. Ha Manh - CEO of May 10 Corporation said that new generation Free Trade Agreements (FTAs) set out requirements for environmental protection and low emissions as a binding commitment. Products and brands must strictly comply with environmental, social and employee responsibility standards.
“In particular, greening and sustainable development are competitive criteria that major markets such as the US, EU, and Japan require from suppliers, in addition to factors such as price, product quality, and delivery time,” Mr. Manh affirmed, adding that sustainable development and “greening” the textile industry is the direction that businesses in the industry are aiming for.
Source: https://baoquocte.vn/giai-bai-toan-chuyen-dich-nang-luong-ben-vung-cho-viet-nam-290499.html
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