Việt Nam needs to promote international cooperation to speed up energy transition: experts

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Việt Nam needs to step up international cooperation to accelerate its energy transition as the country faces rising electricity demand, experts said at a conference held by the Institute for Brand and Competitive Strategy on Tuesday in Hà Nội.

Increasing global cooperation would also help address pressure to accelerate the green transition and would enhance national competitiveness and boost trade, conference participants noted.

Việt Nam will need more than US$120 billion to implement its eighth national power development plan by 2030, while domestic resources can only cover about half of that amount, leaving a shortfall of $60–70 billion, according to former Deputy Minister of Planning and Investment Đặng Huy Đông.

The remaining funds must be raised from international capital markets, he said.

Nguyễn Thành Sơn, a lecturer at Hanoi University of Electricity, said international energy cooperation under free trade frameworks for regional energy integration and cross-border power trade is being driven by three key factors: economic efficiency, energy security and climate change response.

Source: Wikipedia