US, Japan support Vietnam in liquefied natural gas projects

The US and Japan will support LNG gas power plant projects and LNG port warehouses in Vietnam to achieve the goals set out in the PDP8.
December 15, 2020 | 14:36
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Gas tanks at a PV Gas facility in southern Vietnam. (Photo courtesy of PV Gas)

On December 7, The Governments of the United States of America, Japan and Vietnam released a joint statement on the occasion of the 2020 Trilateral Vietnam-U.S.-Japan Commercial Liquefied Natural Gas (LNG) Forum.

Accordingly, the Department of State of the United States, the Ministry of Industry and Trade of Vietnam, and the Ministry of Economy, Trade and Industry of Japan acknowledge the importance of a realistic and pragmatic energy policy that utilizes all energy sources and all technologies for achieving both the goal of economic recovery and private sector-led growth following the COVID-19 pandemic and the goal of reduction of greenhouse gas emissions.

The three countries affirm the fact that the energy transition in Vietnam is focusing not only on shifting from fossil fuels to renewables, but also to affordable, reliable, flexible, and resilient cleaner energy options and technology that would also contribute towards a post-pandemic economic recovery; as well as the essential role of Liquefied Natural Gas (LNG) in improving energy supply security, reducing air pollution, and supporting the gradual transition towards a low carbon future in Vietnam.

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The US and Japan agree to support LNG to Power and LNG Terminal projects in Vietnam. (Photo: Economist Times)

Japan and US firmly understand the importance of cooperation between Japan and the United States in Vietnam, especially, under the concept of the Japan-U.S. Strategic Energy Partnership (JUSEP) and the value of the contributions LNG projects approved in the Power Development Plan 7 revised, as well as LNG power projects being considered for Vietnam’s Power Development Plan 8 (PDP8), will make towards Vietnam’s energy transition, according to Nhip Song Doanh Nghiep.

Therefore, according to US Embassy in Vietnam, the US and Japan agree to support LNG to Power and LNG Terminal projects in Vietnam, exchange information on the content and implementation of essential policies related to LNG, and coordinate joint commercial diplomacy to promote the realization of essential energy policies and to catalyze private sector investment in Vietnam.

Along with that, the statement highlights the US and Japan's will to assist the targets and goals that Vietnam will set in its approved PDP8 (8th Power Development Plan), as well as hold joint meetings that include relevant agencies, that enhance trilateral cooperation, and that reflect private sector consultation concerning private sector investment challenges and opportunities.

Vietnam's 8th Power Development Plan was approved by the Prime Minister in 2019, stating the aims of ensuring a balanced development among the regions, and between the power supply and power demand; prioritizing the rational development for the power projects from renewable energy; efficiently and economically using electricity; developing the modern and smart power grids, and interconnected power grids with neighboring countries; developing the electricity market and encouraging all economic sectors to invest in power development; and developing power sector to adapt to climate change, to ensure sustainable development and suitable with the national strategy on green growth, according to Vietnam Energy.
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Valerie Mai

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