The launching of “Energy transition trends and policy implications for oil and gas industry in Vietnam”
Đăng vào 20/10/2022
On the morning of October 19, 2022, at Cong Doan Vietnam Hotel, the Vietnam Center for Economic and Strategic Studies (VESS), the coordinating agency of Vietnam Alliance for Tax Justice (VATJ) organized the Research Announcement on “Energy transition trends and policy implications for oil and gas industry in Vietnam”.
Download the presentation and research results HERE.
Event photos are constantly updated HERE.
Assoc.Prof.Dr. Nguyen Duc Thanh gave the opening speech during the introductory session. He expressed his hope that this announcement would receive many valuable comments and discussions.
Assoc.Prof.Dr. Nguyen Duc Thanh gave the opening speech
Following the program, Ms. Nguyen Thu Huong, Program Manager of Oxfam in Vietnam made her comments. According to her, the oil and gas industry in Vietnam is currently facing several risks in the context of energy transition, which requires long-term visionary policies and strategies of the Government. Against this backdrop, the Vietnam Economic and Strategic Studies conducted research to clarify trends in energy transition in the world and explore its potential impacts on the Vietnamese economy in general and on the oil and gas industry in Vietnam in particular.
Ms. Nguyen Thu Huong spoke at the Announcement
Presenting the research results is MSc. Pham Van Long, representative of the group. According to Mr. Long, the trend of energy transition in the world is based on the motivation from environmental issues and socio-economic issues. As an input to many industries, the oil and gas industry is currently facing risks in the context of energy transition, which requires long-term visionary policies and strategies of the Government. Against this backdrop, the current legal regulations have not been adjusted in time to deal with arising problems. Therefore, the oil and gas industry – specifically the institutions that are dominant in this industry (such as PVN), need to reposition themselves in the entire energy production and supply chain in a new context, with a long-term vision to 2050.
MSc. Pham Van Long, representative of the research team, presented the results
After a brief question and answer session between the research team and the participants, there was an exchange of experts. According to Assoc.Prof.Dr Bui Xuan Hoi, the problem of energy transition is a quantitative one, it is necessary to explore how other countries do energy adjustment, which scenario the research team chooses for Vietnam and the accompanying policy implications.
Assoc.Prof.Dr. Bui Xuan Hoi, Expert in Energy Economics, Senior Lecturer at Hanoi University of Science and Technology
Dr. Le Minh Thong commented that energy transition is an inevitable trend, but it is a choice for each country. It is necessary to clarify which direction Vietnam should shift their energy to, why choose oil and gas and not other types of energy. Additionally, the study did not address technical, legal and policy issues.
Dr. Le Minh Thong, Vice Dean of Faculty of Economics and Business Administration, Hanoi University of Mining and Geology
At the announcement, Assoc.Prof.Dr. Vu Sy Cuong shared his research on trapped assets in the energy industry. Vietnam’s commitment to net emissions can cause many industries to be affected, becoming trapped assets, including the oil and gas industry.
Assoc.Prof.Dr. Vu Sy Cuong, public finance expert, Academy of Finance, shared at the announcement
Dr. Nguyen Hong Minh, an expert at the Vietnam Petroleum Institute, assessed the research as having good value in terms of communication, contributing to raising issues, raising awareness and giving warnings. He also pointed out two existing problems of the oil and gas industry, which are untying in terms of policies to turn oil and gas into renewable energy and the provisions in the petroleum law on injecting CO2 into oil and gas fields.
Dr. Nguyen Hong Minh, Vietnam Petroleum Institute
At the announcement, Dr. Bui Hai Thiem, a legislative expert also shared on the topic of energy and oil and gas transition from a legislative perspective. He and his colleagues approached the institutional issue related to promoting transparent governance in oil and gas contracts. According to him, the trend of greening public administration and the economy is growing. Public governance values will contribute to promoting governance and limiting risks.
Dr. Bui Hai Thiem
The announcement session had enthusiastic contributions and discussions from experts and participants.
Mr. Nguyen Trong Tin, President of Vietnam Petroleum Geological Association
Ms. Ngo Thi To Nhien, Executive Director of the Vietnam Initiative on Energy Transformation
Mr. Nguyen Trung Khuong, Strategy Department, Vietnam Oil and Gas Group
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