Potential for Vietnam-US energy cooperation: deputy minister

Friday, 2018-03-30 15:44:39
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The first Vietnam - US Energy Security Dialogue discussed various issues covering the energy sector and potential for energy cooperation between the two countries.
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NDO – The increasing demand for energy in Vietnam has opened great opportunities for foreign investors in energy development, including US businesses, Deputy Minister of Industry and Trade Hoang Quoc Vuong has said.

The Deputy Minister was speaking during the first Vietnam-US Energy Security Dialogue, which was co-hosted by the Vietnamese Ministry of Industry and Trade (MOIT) and the US Department of State, in Hanoi on March 30.

Deputy Minister Vuong said that, in recent years, Vietnam's energy production has tended to be stable, mainly due to the stable volume in commercially exploited products. With the high demand for primary energy for economic development and energy security, Vietnam has become an energy importer since 2015, he added.

As predicted by the MOIT’s Institute of Energy, by 2035 the total energy demand will increase 2.5 times against 2015. The total energy could rise from 54 million TOE to roughly 90 million TOE by 2025. According to Vuong, the above figures show a high demand for energy development in Vietnam, making it a great cooperation opportunity for energy enterprises and investors in this field in the country.

Although several leading US energy companies, such as ExxonMobil, Murphy Oil, Chevron and UOP have made their presence in Vietnam with a range of projects across the country, the cooperation between the two sides remains modest against their high level of development and the increasing demand for energy in Vietnam, the Deputy Minister said.

For that reason, there is still huge room for energy cooperation between the two sides, he said, adding that the two sides could work towards cooperation in oil and gas exploration and production, oil refinery and petrochemical projects, as well as investment in infrastructure for importing energy in Vietnam.

US Ambassador to Vietnam Daniel Kritenbrink stated that the US wants to become Vietnam’s partner in strengthening its energy security towards a more prosperous and independent Vietnam.

In the modern world, no country can be self-sufficient in energy. For reliable energy supplies, and for a sustainable energy strategy, reliable and trustworthy long-term partnerships are crucial, the diplomat stated, adding that US side is willing to share their experiences and learn from Vietnam in the field.

During the dialogue, both sides exchanged their views on securing critical infrastructure and resources, diversifying strategic energy supplies, pricing and energy taxes, technical assistance, renewable energy technology, new energy, regional energy cooperation and energy trade.

In addition, they also discussed opportunities for US businesses in the energy sector in Vietnam. US businesses expressed their strong interest in working with Vietnamese partners on a range of energy initiatives.

A day earlier, the two sides held a technical meeting in Hanoi. The dialogue is the sixth of its kind that the US has organised around the world.