Speaking at the event, Institute of Policy and Strategy for Agricultural and Rural Development Director Nguyen Kim Son said that in the near future crude oil sources will become exhausted, while traditional energy sources such as electricity, water, coal and nuclear will fall short of supply.

Son noted that a possible energy crisis will push up oil price and Vietnam will be unable to import more than 15-17 million tones per year.

Like many other countries, Vietnam has begun to use wind and solar energy, and biogas, but with low outputs and on small scale, he added.

Meanwhile, Vietnam boasts huge potential for bio-fuel development as it has many material plants such as sugarcane, cassava, jatropha and castor-oil trees and seaweed with by-products of rubber seed, fish fat, used oil and lubricants.

Of the plants, jatropha trees that have high bio-oil content were brought from South America into Vietnam and proved to be adaptable with the country’s climate.

Oil abstracted from the jatropha seeds is considered the most chemically and physically suitable for producing bio-diesel.

Having recognized economic and environmental benefits brought by bio-fuel production from plants, many participants voiced concern about Vietnam’s food security because the country has seen its farmland acreage narrowed in recent years and had to import a number of foods such as maize.

Others emphasised the need to work out a strategy to develop bio-fuel with low costs and without negative impacts on the environment and large subsidy from the State.

In November 2007, the government approved a bio-fuel development project until 2015 with a vision through 2025 to produce different kinds of renewable energy and partly replace traditional fuels.

As apart of the project, around 250,000 tones of ethanol and vegetable oil will be produced to meet 1 percent of the country’s petroleum demand by 2015.

Source: Vietnam News Agency