On the afternoon of August 9, 2023, in Hanoi, the Ministry of Industry and Trade organized a conference to announce the National Sectoral Master Plans for the Energy and Mineral Resources sector for the period 2021-2030, with a vision towards 2050.

The national sectoral planning in the energy field, approved by the Prime Minister, holds particular significance, opening up new development prospects for Vietnam's energy and mineral sector, making it more efficient and sustainable...

These plans have been approved by the Prime Minister in the following decisions: Decision No. 861/QD-TTg dated July 18, 2023 (Infrastructure master plan for petroleum and gas reserves and supplies); Decision No. 866/QD-TTg dated July 18, 2023 (Master plan for exploration, exploitation, processing, and utilization of mineral resources); Decision No. 893/QD-TTg dated July 26, 2023 (Comprehensive national energy master plan for the period 2021-2030, with a vision towards 2050).

Opening new development opportunities for the energy and mining sectors in Vietnam: More efficient and sustainable

The approval of the National Sectoral Master Plans in the fields of energy and mineral resources by the Prime Minister holds significant importance as it creates a fresh development space for the energy and mining sectors in Vietnam, making them more efficient and sustainable. This aligns with the trends of green economic development, circular economy, and low-carbon economy, in accordance with the perspectives and guidelines of the Party, the State, and the practical capabilities of the nation, as well as the international development trends.

Among these plans, the Comprehensive National Energy Plan for the period 2021 - 2030, with a vision toward 2050, aims to ensure robust national energy security, promote synchronized and diversified energy forms, encourage favorable conditions for economic entities to participate in energy development, apply scientific and technological advancements across all energy sub-sectors, and emphasize energy conservation and efficiency.

The energy sector is to be developed harmoniously among sub-sectors, with integrated and intelligent infrastructure, reaching an advanced level within the region and aligned with global scientific and technological development trends. Successful energy transformation is essential in contributing significantly to achieving the "net-zero" emission target by 2050.

The Infrastructure Master Plan for petroleum and natural gas reserves, for the period 2021 - 2030, with a vision toward 2050, sets the goal of developing a comprehensive infrastructure system for petroleum and natural gas reserves, encompassing strategic reserves, production reserves, commercial reserves, transportation, distribution, meeting economic, technical, and environmental criteria, ensuring sufficient, safe, and continuous reserves to support socio-economic development, security, and national defense. The plan aims to achieve a crude oil and petroleum product net import days of 75 - 80 and strives to reach 90 net import days. Additionally, it ensures natural gas reserve capacity to meet domestic market demand and fuel gas needs for various energy and industrial sectors.

Ensuring the National Crude Oil and Petroleum Product Reserve Capacity Reaches 75-80 Days of Net Imports, Striving to Achieve 90 Days of Net Imports

The objectives of the Master Plan for exploration, exploitation, processing, and utilization of mineral resources are to tightly manage, efficiently exploit, process, and use mineral resources in a resource-saving manner, aligned with economic development needs, environmental protection, climate change adaptation, and the goal of achieving carbon neutrality. It aims to promote investments, and establish a synchronized and efficient mining and processing sector with advanced technologies and modern equipment in line with global trends.

The comprehensive National Energy Master Plan proposes a range of new mechanisms, including diversifying sources of funding, and investment forms, and creating favorable business conditions for enterprises from all economic sectors to invest in the energy field. It suggests developing a coordinated energy market, interconnecting various energy sub-sectors, operating energy prices based on competitive market mechanisms, and utilizing market tools to promote green growth, energy efficiency, low-carbon and circular economy principles. It also emphasizes boosting research and application of new and renewable energy sources for energy transition, while establishing and implementing a disciplined and compliant framework for the execution of the National Energy Master Plan.

The Master Plan for mineral exploration and exploitation has specifically categorized funding sources, including state budget funds, international funds, and private capital for each sector. State budget funds are allocated for resource investigation, mineral data compilation, scientific research, and technology application. On the other hand, various economic entities' capital, spanning all sectors, is intended for mining, processing, and investment in new technologies.

Towards a Green Economy

The sectoral plans for energy and mineral resources have also established industry connections and regional linkages, ensuring a cohesive design of overall infrastructure for domestic energy sectors in relation to both regional and international contexts. These plans are scientifically organized and standardized nationwide to ensure the efficient allocation and utilization of resources in each region and locality, aligning with the balanced resource capacity of the entire economy. Simultaneously, they address the priority of rapid and sustainable energy development, taking a step ahead in achieving the goal of net-zero emissions by 2050 and protecting the ecological environment.

Encouraging enterprises from all economic sectors to participate in investment, along with the development of energy in the direction of a green and circular economy, are prominent highlights within the three energy sector master plans.

To effectively implement the national sectoral plans for energy and mineral resources, Minister of Industry and Trade Nguyen Hong Dien requests that functional units under the Ministry focus on effective communication and widespread dissemination of the role, significance, and core contents of the plans to all levels, sectors, enterprises, and segments of the population. This aims to create social consensus, unify awareness and actions, and be determined to successfully fulfill the objectives and tasks set forth in the plans.

Urgent Consultation on Construction, Proposal Submission to Competent Authorities for the Issuance of Implementation Plans for Sectoral Master Plans, Ensuring Consistency and Coordination in the Implementation Process; Focused Research and Recommendations for Timely Amendment, Addition, and New Issuance of Relevant Regulations and Policy Mechanisms, Ensuring Consistency, Feasibility, and Alignment with the Country's Development Situation and International Norms, Contributing to the Enhancement of Policy Framework and Legislation in the Energy Sector, to Efficiently Mobilize and Utilize Resources, Especially Socialized Resources, for Sustainable Energy Development towards Green Transformation, Ensuring Robust National Energy Security...

The Minister proposes that Central Ministries, Departments, and Localities review and update the directions and orientations set out in the energy sector master plans for adjustment, supplementation, and integration into related sectoral and provincial plans, ensuring coherence and connectivity among the plans.

For Corporations and Groups in the Energy and Mineral Resources Sector, such as Vietnam Electricity Group (EVN), Vietnam Oil and Gas Group (PVN), Vietnam National Coal-Mineral Industries Group (TKV), Vietnam National Chemical Group (Vinachem), Petroleum Group, and relevant Industry Associations, the Minister suggests a thorough and effective implementation of the tasks and solutions outlined in the Master Plans.

Simultaneously, proactive research and proposal of feasible policy mechanisms and active participation in providing feedback to relevant functional agencies during the process of formulating regulations and policies related to the energy and mineral resources sector, ensuring strict and effective state management while creating favorable conditions for business operations; Efforts to implement investment projects, innovate production technologies and enterprise management, seek partners (domestically and internationally), enhance operational efficiency, and contribute to the realization of approved viewpoints, goals, and development directions as per the endorsed Master Plans by the Prime Minister.

Source: VnEconomy