National power master plan approved

The prime minister has approved the national power development plan VIII, with a strong emphasis on renewable energy.

The power development plan VIII for the period 2021-2030, with a vision to 2050, is set to focus on developing electricity sources and transmission lines of 220kV and above, as well as the industrial and service sectors related to renewable energy and transmission line interconnection with neighboring countries.

The plan prioritizes the development of renewable energy and aims for those sources to make up 30.939.2% of the total electricity production in 2030. By 2050, the renewable energy ratio is expected to reach 67.571.5%. Renewable energy development looks to reduce greenhouse gas emissions from electricity production to 204-254 million tons by 2030 and around 27-31 million tons by 2050. Vietnam also aims to develop a renewable energy industrial ecosystem in the northern, south-central and southern regions. The country will establish two regional centers for renewable energy industries and services by 2030 to facilitate electricity production, transmission and consumption. It will foster favorable conditions for electricity generation from renewable energy sources and new energy for export.

The plan also highlights the retreat of unsustainable power sources. No new coal-fired power plants will be developed after 2030 and the share of coal-fired electricity in the power mix would drop to 20.5% by 2030 and 5.3% by 2050. Meanwhile, the share of gas-fired electricity is expected to increase to 21.8% by 2030.

As per the plan, Vietnam eyes 50% of office buildings and 50% of houses in the country using rooftop solar power for self-consumption by 2030. The total investment in the development of energy sources and transmission lines is estimated at around US$134.7 billion for the 2021-2030 period and from US$399.2 billion to US$523.1 billion for the 2031-2050 period.