A new $102 million (£73m) project to help industrial users in Vietnam boost the use of energy efficiency technologies has been launched.

Industrial firms will be able to fund their purchase of energy efficient and product optimisation technologies to reduce power use and production costs.

Vietnam’s Ministry of Industry and the World Bank are providing the funding for the project.

Ousmane Dione, the World Bank’s Country Director for Vietnam said: “The government has made strong efforts over the last few years in developing policies and regulations aiming to promote energy efficiency in all sectors.

“Vietnam’s energy sector is facing many challenges due to limited domestic energy resources and the high electricity demand to support economic growth. In this context, implementing and scaling up energy efficiency investments will bring multiple benefits, such as improving the competitiveness of Vietnam’s industrial sector, reducing GHG emissions and avoiding the need for investments in new coal-fired power generation.”