An elite group of leading scientists, economists, government officials and energy executives from around the globe participated in the seminar to explore the challenges inherent in developing the market.
It was reported that in the 2010-2013 period, the annual output of Vietnam’s energy increased by 14%, fulfilling 98% of local people’s demand, and gradually ensuring national energy security.
However, delegates agreed the domestic energy market reveals a number of shortcomings, including the imbalance between supply and demand, an inefficient use of energy, and unsteady energy development.
They spoke of scientific basis for a genuine energy market, stressing the need to develop a market-based price mechanism to regulate the law of supply and demand.
They said such a mechanism must be developed in a transparent manner and take into account input costs and competitive factors.
To boost energy development, they said it is essential to delineate detailed plans for different energy sectors, including electricity, coal, oil and gas, new energy, and renewable energy, while intensifying management oversight.
Delegates also dilated on speeding up the restructuring of State-owned enterprises in the energy industry, building a healthier competition environment, as well as encouraging the engagement of the private economic sector in the industry.
They also underlined the need to promote scientific research and new technology application, especially in such areas as exploration and exploitation of coal, and oil and gas.
The seminar was the result of a joint effort by the Party Central Committee's Economic Commission, the Ministry of Industry and Trade, and the Vietnam Energy Association.