National master plans on energy and minerals announced

The Ministry of Industry and Trade held a conference on August 9 in Hanoi to announce the national master plans in the fields of energy and minerals for the 2021-30 period, with a vision toward 2050.

These include a master plan on energy, one on reserve infrastructure and supply of petrol, oil and gas products; and another on the exploration, extraction, processing and use of minerals. They were all approved by the Prime Minister in July, aiming to expand the development room for energy and mining sectors in line with the country’s development direction of green, circular and low-carbon economy, the Party and State’s policy as well as the global growth trend.

All of the master plans comprise new mechanisms and policies that are expected to contribute to making breakthrough improvement in energy and mining activities.

They also create a sectoral and regional connectivity in the fields, making the domestic infrastructure design systematic to that in the region and the world, ensuring the effective allocation and use of resources for particular regions and localities in line with the capacity of the economy.

Specifically, the national energy master plan’s objectives include ensuring the country’s energy security, developing forms of energy in a systematic, suitable and diverse manner, encouraging and creating favorable conditions for all economic sectors to engage in energy development, applying science-technology achievements in energy development, and promoting the efficient use of energy.

It underlined the necessity for the harmonious and smart infrastructure of all energy sectors to the regional development level, while implementing digital transformation in the field of energy, contributing to realizing the net-zero emission goal by 2050.

Meanwhile, the master plan on reserve infrastructure and supply of petrol, oil and gas products aims to develop the infrastructure system for strategic reserve, production reserve, commercial reserve as well as the transport, circulation and distribution of such products to meet economic, technical and environmental standards, ensuring sufficient, safe and uninterrupted reserve and supply of the products for socio-economic development, security and defense.

Under the master plan, the total national oil and gas reserves, including crude oil and products, is expected to rise to 75-80 days of net imports by 2030 and gradually to 90 days after that year.

The objectives of the master plan on the exploration, extraction, processing and use of minerals are to strictly manage, extract, process, economically and effectively use minerals in association with demands for economic development, environmental protection, adaptation to climate change and achievement in carbon neutral level. It also aims to promote investment and establish harmonious and effective extraction and processing industry with advanced technology and modern equipment in conformity with global trends.

By: Vietnam Law & Legal Forum