Viet Nam touts energy potential
HA NOI — Ministry of Industry (MoI) officials were busy promoting Viet Nam to foreign investors as a possible destination to invest in energy projects at a forum held on Tuesday.
Deputy Industry Minister Do Huu Hao, said that Viet Nam boasts primary energy reserves including 3.88 billion tonnes of coal, 2.3 billion tonnes of oil, and 1,300 billion cu.m of gas.
The Deputy Minister however stressed that the country will face a shortage of energy in the near future due to the increasing demands of the national economy.
Hao said Viet Nam will annually consume around 28-30 million tonnes of energy between now and 2010, and the figure is likely to increase to 53-63.6 million tonnes 10 years on from then. Coal is expected account for 15 per cent; gas, 29 per cent; and electricity, 29 per cent. He also estimated that the average annual growth in energy consumption is expected to be between 6.6-7.1 per cent for the 2010-20 period.
He stressed that it was important for Viet Nam to seek alternative energy sources and apply appropriate development policies. This he believed was the main reason why foreign investors should choose Viet Nam.
The MoI forum saw trade and banking experts from Japan, the US, France, Sweden, Switzerland, and the World Bank attend the one day event.
Entitled "Opportunities and Challenges for Foreign Investors in Energy in Viet Nam", the forum aimed to provide foreign investors with an overview of the country’s energy development strategy.
Viet Nam News, March 17, 2005
