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Nov 16, 2019 / 22:02

Vietnam encourages US investments in energy sector

US-based Gen X Energy is considering a US$6-billion liquified natural gas (LNG) project in Vietnam.

Vietnam encourages and support US enterprises to invest in the country’s energy sector, said Deputy Prime Minister Trinh Dinh Dung in a meeting with Scott Kicker, CEO of US-based Gen X Energy, on November 15.

 Deputy Prime Minister Trinh Dinh Dung (R) and Scott Kicker, CEO of US-based Gen X Energy (L). Source: VGP.

Dung highly regarded Gen X Energy’s interest in a US$6-billion liquified natural gas (LNG) project in Vietnam.

According to Dung, Vietnam considers the US a top partner, saying the bilateral comprehensive partnership has been growing strong on bilateral, regional and international fronts.

Dung added trade and investment activities have laid the foundation and become a major motivation for the Vietnam – US relations.

In the field of energy, the two countries have a memorandum of understanding, providing many cooperation mechanisms to enhance bilateral relations, Dung said.

With the objective of ensuring energy security towards sustainability, Dung said Vietnam would continue to review the sector's structure for greater diversification of energy sources.

In addition to renewable energy, Vietnam also focuses on generating power from LNG to replace other sources, stated Dung.

Dung requested Gen X Energy to closely cooperate with local partners and related government agencies in preparing the projects in accordance with the law.

Gen X Energy’s CEO Kicker said an improving business environment in Vietnam has proven attractive to foreign investors, particularly in the field of energy.

The Vietnamese government’s effort to diversify energy sources and focus on clean and environmentally friendly energy is going in the right direction to ensure sufficient energy for the economy, asserted Kicker.

Gen X Energy would continue to work with Vietnamese government agencies to speed up the preparation process of the project, stated Kicker.