It is formulating a roadmap for gradually reducing fossil energy sources toward developing no new coal-fired power plants in the future.
The goals were unveiled by Prime Minister Pham Minh Chinh in his a pre-recorded address to the Fourth Russian Energy Week taking place in Moscow from October 13 – 15.
He noted that Vietnam is well aware of the importance of restructuring energy sources towards increasing the proportion of renewable energy associated with economical, efficient and sustainable use of energy.
According to the Vietnamese PM, fossil fuels continue to play an important role in economic development, but there should be a harmonized and appropriate roadmap for the transition towards sustainable development, adaptation to climate change along with new technology solutions aimed at reducing CO2 emissions and increasing energy use and conservation efficiency.
He thanked Russia’s efficient assistance to Vietnam’s oil and gas industry and affirmed that bilateral oil and gas cooperation is one of the solid pillars of the comprehensive strategic partnership between Vietnam and Russia.
As the world is suffering from the synergistic impact of the COVID-19 pandemic, climate change and the depletion of natural resources, he said strengthening international cooperation plays a very important role in ensuring energy security and sustainable development, as well as minimizing the impact on the environment.
Currently, he said Vietnam is perfecting institutions, policies and laws to support the development of the energy industry so as to catch up with international trends, adapt to climate change, and promote its distinct potential, emerging opportunities, competitive advantages of Vietnam.
“We encourage the public-private partnership mechanism and continue to create favourable conditions for foreign firms, including those from Russia, to invest and do business in the energy field, especially renewable energy, in Vietnam, a market with a lot of room and potential for development,” Chinh noted.
Vietnam attaches importance to expanding energy cooperation with Russia and other countries, and at the same time wishes to receive support in finance, technology, administration, infrastructure, and human resource training in order to promote the accomplishment of its goals more strongly and effectively, he stressed.