Project launched to promote energy efficiency in Vietnam’s industrial sector

Thursday, 2022-05-05 15:56:25
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The workshop to launch the industrial energy efficiency project (Photo: MOIT)
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NDO - The Ministry of Industry and Trade (MOIT) and the World Bank jointly held a workshop on May 5 to launch a project promoting energy efficiency in Vietnam’s industrial enterprises, known as VSUEE.

According to the MOIT, using energy economically and efficiently will help ensure national energy security, boost economic development, protect the environment and reduce greenhouse gas emissions.

The industrial sector currently accounts for 47% of total energy consumption in Vietnam and it is estimated the country still has room for further energy efficiency in the industrial sector at a level of about 20-30%.

The VSUEE project is expected to stimulate industrial enterprises to remain consistent in following the goal of energy efficiency, accompanying the Government in reducing emissions and coping with the effects of climate change.

The project, which has total funding of 11.3 million USD and is comprised of two components, namely a 3 million USD risk sharing facility and technical assistance worth 8.3 million USD, will be implemented between 2022 to 2026.

With VSUEE, industrial enterprises will be able to employ improved technologies and optimise their production to cut costs and energy consumption, thereby enhancing their overall competitiveness in the domestic and international markets.

Commercial banks will benefit from developing loan products for industrial energy efficiency, as well as having their technical capability enhanced in terms of evaluating and monitoring investments in energy efficiency.