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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Greywolf who wrote (1227)8/9/1999 8:25:00 AM
From: Tomas   of 2742
 
Vietnam Needs 6.9b Dollars Investment in Energy

HANOI (Aug. 6) XINHUA - The World Bank (WB) has said that Vietnam's energy sector faces four main challenges in making the transition to a modern, industrialized society.

A press brief of the Would Bank in Vietnam issued on Thursday 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 in the press brief, 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 percent 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 percent of GDP -- twice the level of its Southeast Asian neighbors -- 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 billion U.S. dollars in investment in the next three years, and that a much more rational and coordinated approach is needed among the state energy corporations covering gas, coal and electricity.
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