Deputy Minister of Industry and Trade Hoang Quoc Vuong Vietnam has shifted from an energy exporter to an energy importer. What challenges will the local energy sector face in the upcoming decade? As Vietnam is a developing country, the demand for energy, particularly for electricity to meet socioeconomic development requirements, is tremendous. Local power consumption has jumped sharply in the past 15 years, with about 9.5 per cent hike a year in actual production output, and is forecast to continue rising quickly in the next 15 years. Local power consumption grew by an average 13.07 per cent per year during 2006-2010, and about 11 per cent during 2011-2015, placing Vietnam among the countries posting the highest power consumption growth in the world. The current high growth rate of power consumption, which almost doubles the country’s GDP, attests to qualms over the low efficiency of power use in Vietnam. Therefore, we have confronted lots of challenges, such as the huge pressure to ensure energy security, efficiency, and conservation, the need to upgrade infrastructure, and developing new renewable energy sources as the country’s fossil sources are gradually becoming depleted, and environmental protection requirements are increasingly stringent. How could we surmount these challenges… Read full this story
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