Vietnam to start importing LNG by 2022

Hanoi, September 15 - Neftegaz.RU. Vietnam will begin LNG imports next year to offset declining domestic gas reserves, diversify its energy mix and speed up both the energy transition and its own carbon reduction targets out to 2030.

Vietnam largely relies on hydro, coal and oil, to meet energy demand, which is expanding at 10% per year.
But these fuel sources are showing signs of decline and Vietnam is now targeting more renewable energy and imports of LNG to boost energy security.
About 10% of the country’s current electricity demand is supplied by renewable resources.

Vietnam's Minister of Industry and Trade Nguyen Hong Dien said:

• Vietnam aims to start importing LNG in 2022 and sees LNG among its solutions for lowering carbon emissions and ensuring the country's energy security
• The country is currently conducting research, searching for markets and accelerating construction of terminal infrastructure to be ready to receive and import LNG
• Amid signs its domestic resources of coal, oil and natural gas were depleting, the Vietnamese government has set a target of boosting development of renewable and sustainable energy resources
• Vietnam is viewing current pandemic-led challenges as "an opportunity" to review its traditional energy supply model and promote "a sustainable energy transition" under the Paris Agreement

Vietnam is seeking foreign investment to help build its LNG sector.
Energy analysts have said power demand in Vietnam is expected to double between 2020 and 2030.