Vietnam needs to provide incentives for renewable energy

According to Minister of Industry and Trade Vu Huy Hoang, Vietnam has not developed or used renewable energy effectively for years. He predicts that Vietnam’s reserves of crude oil, gas and some other fossil fuels would be exhausted within 30 years and the country will need to import 100 million tons of coal each year when all the thermal electricity plants are operational by 2020. Phan Minh Tam, director of Ho Chi Minh City’s Department of Science and Technology, said one of the main reasons for the waste of renewable energy was the lack of incentives and policy for investors. With its potential for renewable energy, Vietnam expects renewable energy to represent 5% of total power production by 2015 and 10% by 2030. (August 28, 2009)