Global Environment Fund (GEF) and the United Nations Industrial Development Organization (UNIDO) will help the Vietnamese Ministry of Industry and Trade carry out a $7.6-million energy-saving project this July. Of the total investment, GEF will fund $1 million while Vietnam, UNIDO and other financial funds will contribute the remaining, said Sanjaya Shrestha, UNIDO’s managing director. The three-year project is aimed at reducing 25% of power consumption for Vietnam’s industry sector in the next ten years. Energy use in Vietnam is inefficient as the country consumes up to 600 kilograms of oil equivalent to turn out $1,000 worth of GDP, 1.5 folds higher than that in Thailand and doubles against the world. The country is estimated to waste around $1 million worth of energy per day due to inefficient energy use.
