(VOVWORLD) - The first Vietnam-US Energy Security Dialogue which took place last week in Hanoi marked an important step in energy cooperation between the two countries and created a basis for shared policy orientations and future joint projects.
The dialogue allowed the Ministry of Industry and Trade and the US Embassy in Vietnam to exchange views on security for energy infrastructure, strategic energy diversification, energy tariffs and pricing, technical assistance, and renewable energy technology.
Over the past 20 years, Vietnam’s energy sector has experienced strong growth in exploration, production, distribution, exports, and import.
 The Ca Mau 1 thermal power plant, part of the Gas, Power & Fertilizer Complex in Ca Mau province. (Photo: Huy Hung) |
Vietnam’s energy sector is still dependent on oil, gas, coal, and electricity. Hydro power accounts for a major proportion of Vietnam’s electricity production. Vietnam has rapidly shifted from a biomass fuel-based agricultural economy to an economy that uses modern energies of various kinds. Vietnam’s total energy production continues to be stable. But due to a rise in demand for primary energy for economic development and energy security, the country became a primary energy importer in 2015.
According to Ministry statistics, Vietnam’s total energy demand is estimated at 80.9 million tons of oil equivalent (TOE) by 2020, 103 million TOE by 2025, and 131 million TOE by 2030.
The high demand for energy in Vietnam creates opportunities for foreign enterprises, particularly US enterprises, to invest in the sector.
 (Photo: baocongthuong.com.vn) |
Leading US energy groups like ExxonMobil, Murphy Oil, and Chevron, have all come to Vietnam for cooperative projects but the current cooperation remains modest.
Through the dialogue, both sides hoped to bolster collaboration in oil exploration and production and infrastructure development to serve energy demand of Vietnam.