National energy, minerals planning announced

Ensuring energy security

The national plannings on energy and mining approved by the PM are of great importance that open a new development space for Vietnam’s more efficient and more sustainable energy and mining industries, in line with the development trend of green, circular, low-carbon economy, and with the policies of the Party and State.

The national energy master planning’s objectives include ensuring the country’s energy security, developing forms of energy in a systematic, suitable and diverse manner, encouraging and creating favorable conditions for all economic sectors to engage in energy development, applying science-technology advancements in energy development, and promoting the efficient use of energy.

It emphasized the need to build harmonious and smart infrastructure of all energy sectors to the regional development level, while implementing digital transformation in the field of energy, contributing to realizing the net-zero emission goal by 2050.

Meanwhile, the planning on the infrastructure for the reserve and supply of petrol, oil and gas products aims to develop the infrastructure system for strategic reserve, production reserve, commercial reserve as well as the transport, circulation and distribution of the products to meet economic, technical and environmental standards, ensuring sufficient, safe and uninterrupted reserve and supply of the products for socio-economic development, security and defense.

Breakthrough policies

The national energy master plannings comprise new mechanisms and policy that are expected to contribute to making breakthrough improvements in energy and mining activities. They include diversifying capital sources, investment forms in the energy sector; developing a synchronous and interconnected energy market between energy sub-sectors, and operating a competitive electricity market, and more.

The planning on mineral exploration and exploitation has specifically classified capital sources, including state budget capital, international capital, and private capital for each field. Capital from the state budget is only used for resource investigation, building data on minerals, or scientific research and application of new technologies, while the capital of enterprises of all economic sectors is for exploitation, processing, investment in new technologies, etc.

Towards green economy

The plannings on energy and mining also create a sectoral and regional connectivity in the fields, making the domestic infrastructure design systematic to that in the region and the world, ensuring the effective allocation and use of resources for particular regions and localities in line with the capacity of the economy, at the same time meeting the requirement of fast and sustainable energy development, associated with the net-zero emission goal by 2050.

Protecting ecological environment is carried out simultaneously in many fields, including the application of scientific and technological achievements in the world, promoting digital transformation, gradually mastering modern technology, towards self-reliance in the production of most energy equipment; developing synchronous mechanisms and policies to encourage investment and use of high-efficiency, low-emissions technologies with the environment; perfecting financial tools to create conditions for different types of clean energy to be competitive in the market.

One of the highlights of the plannings is encouraging the engagement of all economic sectors in energy development towards green and circular economic direction.