Vietnam welcomes investors in energy sector

24/08/2009 15:02:27 - views: 2,449

The Vietnamese government calls upon domestic and foreign businesses to invest in energy works and is committed to creating favourable conditions for them to do so, a senior official said.

Deputy Minister of Industry and Trade Do Huu Hao made the announcement at an international seminar on Vietnam ’s energy development planning and strategies in Hanoi on August 20.

In the coming time, national energy policies will focus on synchronously developing an energy system, including electricity, coal, oil and gas, and new and renewable energy sources, Hao said.

Energy development strategies will be implemented with international cooperation policies on energy import-export, the development of energy technology, especially for new and renewable sources, forming a competitive energy market and boosting the economical and effective use of energy, he added.

According to a representative of the Ministry of Planning and Investment, the government’s objective is to continue attracting major foreign investors to large-scale power and clean energy projects.

To lure investment in the energy sector, besides policies to encourage investment and solve difficulties, the government should apply common electricity prices for both domestic and foreign businesses, he suggested, adding that power purchase negotiation procedures should be simplified to help investors save time and costs.

President of the Vietnam Energy Association Tran Viet Ngai said that the energy sector, including electricity, is yet to attract investors, especially those from foreign countries, because of unreasonable commercial electricity prices compared to electricity production costs.

Other participants at the seminar cited unclear foreign investment attraction mechanisms and policies as well as an asynchronous legal system on energy development as difficulties preventing the energy sector from luring more investment.

By July 2009, Vietnam attracted 143 FDI projects totalling 6.2 billion USD in the energy sector, accounting for 3.74 percent of the country’s total FDI.

Source: Vietnam News

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