Day: January 3, 2022

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Vietnam strengthens int’l cooperation to promote renewable energy development

By strengthening international cooperation in energy and completing mechanisms and policies in the field, Vietnam is working to improve the efficiency, sustainability and adapting capacity for the national energy sector.

Recently, Deputy Minister of Science and Technology Tran Van Tung held a meeting with Ann Marie Yastishock, USAID Country Director in Vietnam and BT Tee, General Director of Informa Markets Vietnam to foster cooperation in energy and renewable energy in particular.

Tung underlined that the ministry hopes to enhance connection and partnership with domestic and foreign firms in energy development, especially renewable energy.

USAID and Informa Markets representatives highlighted the potential of cooperation between them and Vietnam in the time to come, as Vietnam is prioritising the growth of energy sector towards sustainability to ensure national energy security and reduce greenhouse gas emissions.

They showed interest in working with the ministry to build cooperation programmes, focusing on prioritised targets to promote renewable energy development in Vietnam.

Vietnamese Ambassador to Germany Nguyen Minh Vu has recently had a working session with German engineering service supplier Großmann Ingenieur Consult GmbH (GICON®) and the Vietnam Petroleum Institute (VPI) on the promotion of ties in expanding renewable energy in Vietnam.

GICON® Chairman Jochen Grossmann said that with the advantage of a coastline of more than 3,200 km, annual average wind speed of more than 6 m/s and at an altitude of 65m in the East Sea, Vietnam has great potential in developing wind power. GICON® will collaborate and support Vietnam in the development of offshore wind power, he said.

VPI and GICON® will also collaborate in the RandD of the state-of-the-art technologies for producing hydrogen from sea water, and using biotechnology and water electrolysis to convert biomass to biomethane.

Vietnam strengthens int’l cooperation to promote renewable energy development hinh anh 2

Underway construction of a wind power project in Gia Lai (Photo: VNA)

According to the Ministry of Industry and Trade, in the first two quarters of 2021, renewable energy accounted for about 11.4 percent of the total energy output and the ratio tends to accelerate. In terms of wind power, there are nine wind farms currently running in Vietnam with a total capacity of around 304.6 MW, making Vietnam the leading country in the ASEAN in energy transformation.

The power generation and competitive whole sale markets of Vietnam have been shaping, allowing power plants to offer competitive power prices in a transparent and equal market. Meanwhile, the power sector is being restructured to encourage the formation of a competitive power retail market and provide more choices of suppliers for consumers.

At the same time, Vietnam is also undertaking steps towards smart power grid with the use of automation technologies.

Source: Vietnam News Agency

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PetroVietnam’s revenue hits over 27.1 billion USD in 2021

The Vietnam Oil and Gas Group (PetroVietnam) reported that it had met its revenue target in 2021 two months ahead of schedule, generating 620.2 trillion VND (over 27.1 billion USD), surpassing the yearly plan by 26.4 percent, and up 28 percent year-on-year.

Besides revenues, the group has fulfilled most yearly targets despite difficulties caused by the COVID-19 pandemic, the complicated development in the East Sea and obstacles in legal framework.

The oil output in 2021 reached 10.97 million tonnes, 13 percent higher than the plan set for the year, and fertilizer production 1.91 million tonnes, exceeding the yearly plan by 18 percent, and up 6 percent compared to 2020.

Meanwhile, oil and petrol output totalled 6.37 million tonnes, representing a year-on-year rise of 9.5 percent and surpassing the plan by 0.1 percent.

The group’s pre-tax profit in the year surpassed the plan by 2.6 times, and up 2.2 times year-on-year, reaching 45 trillion VND.

PetroVietnam contributed 112.5 trillion VND to the State budget, 80 percent higher than the set plan, and up 36 percent compared to the previous year.

In 2021, the group’s subsidiaries have closely and effectively coordinated to create a value chain, and regularly shared information to balance production, inventory and product distribution. In 2021, the group reduced costs by a record 3 trillion VND, surpassing the plan by 10.4 percent.

PetroVietnam has concentrated its resources in order to accelerate the progress of investment projects and remove “bottlenecks” in this work.

The investment portfolio management is implemented effectively and synchronously, while digital transformation has been also gradually expanded to each unit.

In addition, in order to ensure efficiency in management and administration, and create a legal corridor for the group’s production and business activities, it has made recommendations to authorized agencies in order to remove obstacles on mechanisms and policies for the group’s operations, and actively coordinated with relevant agencies in finalizing the revised Oil and Gas Law.

It also spent more than 1 trillion VND for social security activities, including contribution to the national COVID-19 vaccine fund.

Source: Vietnam News Agency