At the consultation meeting of the Council for Appraisal of the Project to Adjust the National Power Development Plan for the 2021-2030 Period, with a Vision to 2050 (Power Plan VIII), on February 12, 2024, Minister of Industry and Trade Nguyen Hong Dien said that the Central Government, the National Assembly and the Government have set the target of achieving economic growth of at least 8% by 2025, striving for double-digit growth in the following years.
By 2030, Vietnam must complete the development goal of a scale 2.5 - 3 times larger than current electricity capacity, moving towards a scale 5 - 7 times larger by 2050.
To achieve these goals, energy growth must be synchronized with economic scale, while meeting the international commitment to carbon neutrality by 2050. This requires a rapid adjustment of the Power Development Plan VIII, which was only approved in 2023, to accommodate strong growth demand and the clean energy transition trend.
Minister Nguyen Hong Dien said the Government has directed the maximization of renewable energy potential, including onshore wind power, offshore wind power, concentrated solar power and rooftop solar power. In addition, it is necessary to rationally develop basic energy sources such as liquefied natural gas and gradually restore and develop nuclear power to ensure a stable, clean and sustainable power supply.
The three main objectives of the Power Plan VIII are clearly defined: Meeting domestic load demand in each region, promoting direct electricity trading and exporting clean electricity to neighboring countries. Vietnam has signed a number of electricity export contracts with Singapore and Malaysia, creating the premise for expanding the clean energy market in the region.
In parallel with the adjustment of the Power Plan VIII, the Government has completed the revision of the Electricity Law – an important milestone after 20 years of implementation. This revision helps to remove many obstacles in the process of developing new energy sources.
Minister Nguyen Hong Dien emphasized that the revised Electricity Law was discussed and approved in a National Assembly session, with a preparation time of only 8-9 months, instead of 22 months as per the usual process.
To implement the Electricity Law (amended), the Ministry of Industry and Trade is urgently completing decrees and circulars guiding its implementation, which are expected to be announced in the next few days. These documents will create a solid legal basis, helping to realize the goals of the 8th Electricity Master Plan and move towards carbon neutrality by 2050.
Minister Nguyen Hong Dien expects that the completion and implementation of the revised Power Plan VIII will be an important breakthrough, helping Vietnam achieve its sustainable development goals and effective energy transition, contributing to the goal of carbon neutrality by 2050.
Mr. Nguyen Anh Tuan, former Deputy Director of the Institute of Energy, Vice President and General Secretary of the Vietnam Energy Association, said that adjusting the electricity demand forecast is necessary, in line with the reality and development orientation of the Party and State.
According to Mr. Tuan, with an expected GDP growth rate of 8% in 2025 and 10% in the period of 2026 - 2030, electricity demand will increase. The draft Power Plan VIII has proposed two scenarios: Electricity demand growth of 10.3% according to the basic plan and 12.5% according to the high plan, close to economic development scenarios.
Mr. Nguyen Anh Tuan emphasized that it is necessary to calculate regional backup plans to avoid local power shortages, instead of nationwide backup. For the period 2031 - 2035, reducing the growth rate of electricity demand is reasonable, in line with the trend of shifting to a service economy and reducing energy-consuming industries. In addition, it is necessary to carefully assess the electricity demand for green transportation, especially the North-South high-speed railway and the Metro system.
