Energy: The Key to Driving Sustainable Double-Digit Growth
In the context of Vietnam's ambitious goal of achieving double-digit economic growth, the energy sector is expected to serve as one of the primary drivers. However, according to Dr. Nguyen Quoc Thap, Chairman of the Vietnam Petroleum Association, the most significant barrier today lies not in policy or potential, but rather in mindset and implementation methodology.
The Context of Energy Development in Vietnam
Vietnam is entering a critical phase of economic development with the determination to achieve double-digit economic growth. The energy sector, as a leading economic sector, is expected to make substantial contributions to this objective. However, the practical implementation still faces numerous challenges that need to be addressed.
Dr. Nguyen Quoc Thap highlights that Vietnam possesses abundant energy resources, including oil and gas, coal, and renewable energy. Nevertheless, the exploitation and efficient utilization of these energy resources remain inconsistent with the available potential.
Challenges in Energy Transition
Energy transition is an inevitable global trend, but this process in Vietnam confronts several difficulties:
- Dependence on fossil fuels: The proportion of renewable energy in the total energy structure remains low.
- Inadequate energy infrastructure: The electricity grid, gas pipeline systems, and other infrastructure fail to meet development demands.
- Lack of truly synchronized policies: Support policies for renewable energy are not sufficiently robust and lack interconnectivity.
- Limited high-quality human resources: There is a shortage of leading industry experts in the clean energy sector.
Evaluation of Potential and Development Opportunities
Vietnam possesses numerous advantages for developing a sustainable energy sector:
| Energy Type | Potential | Current Share | Target by 2030 |
|---|---|---|---|
| Renewable Energy | Over 50,000 MW | ~18% | 30-35% |
| Oil and Gas | Estimated 100 million tons of oil | ~25% | Gradual decrease |
| Coal | ~5 billion tons | ~40% | Gradual decrease |
| Nuclear Energy | Significant potential | 0% | 5-7% |
Furthermore, Vietnam's favorable geographical location for developing offshore wind and solar power, combined with the increasing energy demand of the economy, creates favorable conditions for the sustainable development of the energy sector.
Solutions for Energy to Become a Growth Support
For energy to truly become a support for double-digit growth, Dr. Nguyen Quoc Thap proposes several key solutions:
- Innovate development thinking: A shift is needed from a purely extraction-focused mindset to sustainable development that balances economic and environmental considerations.
- Improve institutional policies: Establish a comprehensive and transparent legal framework to attract investment in clean energy.
- Significant investment in infrastructure: Develop the electricity grid, energy storage facilities, gas pipelines, and other infrastructure in a coordinated manner.
- Promote international cooperation: Leverage experience and advanced technology from developed countries.
- Develop human resources: Train high-quality human resources for the renewable energy sector.
Future Prospects
According to forecasts from the Vietnam Petroleum Association, if solutions are implemented effectively, the energy sector could directly contribute 5-7% to Vietnam's GDP growth during the 2023-2030 period. Simultaneously, the transition to clean energy will help reduce carbon emissions, contributing to the implementation of the Net Zero commitment by 2050.
However, to achieve these objectives, high political determination, social consensus, and decisive participation from enterprises are required. Dr. Nguyen Quoc Thap emphasizes: "The biggest challenge is not in potential or policy, but in implementation methodology. We need decisive and creative action to transform potential into reality."
The development of a sustainable energy sector is not only an urgent requirement to ensure national energy security but also an opportunity for Vietnam to make breakthroughs in digital transformation and green economic development, moving toward the goal of becoming a developed country by 2045.