World Bank says Vietnam needs $ 6.9 bn investment in energy

Aug 06, 1999 02:00 AM

The World Bank has said that Vietnam's energy sector faces four main challenges in making the transition to a modern, industrialised society.
A press brief of the World Bank in Vietnam issued said that Vietnam's economic growth is slowing because of the financial crisis in East Asia, and because of its own inertia in implementing structural and policy reforms.
Energy plays a crucial role in Vietnam's economic prospects, said WB, adding that Vietnam's energy sector is facing following four main challenges:
First, to meet economic growth targets, energy supplies will need to grow about 30 % faster than GDP.
Second, though Vietnam is rich in natural resources, its limited financial resources demand careful planning in the energy sector.
Third, Vietnam will have to invest 5.3-5.5 % of GDP -- twice the level of its Southeast Asian neighbours -- in essential energy infrastructure.
Fourth, attracting foreign investment will require creating an enabling business environment, including a supportive legal framework.

WB in its study said that Vietnam's power sector needs require around $ 6.9 bn in investment in the next three years, and that a much more rational and co-ordinated approach is needed among the state energy corporations covering gas, coal and electricity.

Source: Xinhua via Newspage
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