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US, Việt Nam begins energy security dialogue

Update: March, 31/2018 - 07:00
Operation inside the Cà Mau 1 thermal power plant, part of the Gas, Power & Fertiliser Complex in the southern province of Cà Mau. — VNA/VNS Photo Huy Hùng
Viet Nam News

HÀ NỘI – The Ministry of Industry and Trade and the US Department of State held a dialogue on energy security, the first of its kind, in Hà Nội yesterday morning.

The representatives of both sides exchanged views on securing critical infrastructure and resources, strategic energy supply diversification and energy tariffs and pricing. The two sides also discussed technical assistance, renewable and new energy technology, regional interconnectivity and a commercial session.

In addition to this, both sides discussed opportunities for US businesses in Việt Nam’s energy sector.

Speaking at the dialogue, vice minister of Industry and Trade Hoàng Quốc Vượng said Việt Nam’s total energy production continued to be stable. But due to the rise in demand of primary energy for economic development and energy security, the country became a primary energy importer in 2015, he said.

According to statistics of the ministry, total primary energy consumed nationwide in 2015 was estimated at 70.6 million tonnes of oil equivalent (TOE). Of this, commercial energy accounted for 75.5 per cent and non-energy trade accounted for 24.5 per cent.

By 2035, the total final energy demand is expected to increase 2.5 times compared to 2015. The final energy is predicted to rise from 54 million TOE to some 90 million TOE in 2025.

Vượng said these numbers showed the high demand for energy development in the country, creating chances for foreign enterprises, including US enterprises, to invest in this sector.

He said the two sides could focus on cooperation in oil and gas exploration projects, petroleum refining and processing as well as investment in infrastructure for importing energy in Việt Nam.“The energy security dialogue between the two sides will be an important step for the development of cooperation between the two countries,” he said.

At the talks, Daniel Kritenbrink, US Ambassador to Việt Nam, also expressed his desire to become a Vietnamese partner in strengthening energy security.

He said a part of the energy could be produced locally from the sun, wind, water, domestic coal and gas sources. But it was necessary for countries to stay connected to have a reliable energy supply and sustainable energy strategy. – VNS

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