A wind farm in Tra Vinh province. Under the plan, renewable energy would rise to prominence by 2050 with a total capacity of 400 GW. (Photo: VNA)The plan aims to maintain Vietnam's energy security by ensuring asufficient supply of electricity to fuel a projected annual GDP growth rate of7.0% during the period.
It also aims to get Vietnam into the top four countries in ASEANin terms of power reliability. Additionally, half of the office buildings andhomes in the country would be powered by rooftop solar panels by 2030.
Regarding the just energy transition, the plan strives to increasethe share of renewable energy in the country's power mix to between 67.5-71.5 %by 2050.
It also seeks to generate green energy for exports, with a targetof between 5-10 GW by 2030. Energy-related greenhouse gas emissions would becut to around 27 and 31 million tonnes.
The plan also highlights the retreat of unstainable power sourcesdown the path. For instance, the share of coal-fired electricity in the powermix would drop to 5.3% by 2050 as the country stops using coal for powergeneration by the year.
Meanwhile, gas-fired electricity is expected to reach 40.3 GW by2035, and then no new electricity of the kind would be added to the system. Itsshare in the power mix would stand at 15.7% in 2050.
Two trans-regional energy hubs would be established by the end ofthe period, around which cluster power plants, power grids, and facilities thatmanufacture energy-related equipment. The hubs would be located in certainwell-positioned regions, including the South Central Region.
The plan needs 134.7 billion USD of funding to develop new powerplants and power grids between 2021 and 2030. The figures would soar to between399.2 billion USD and 523.1 billion USD by 2050, with a large part of whichbeing allocated for new power plants and less than 40 billion USD for powergrids.
The Government has issued Decision No. 500 to legislate the PM'sapproval of the plan. Under the Decision, the implementation of the plan wouldbe put under the authority of the Ministry of Industry and Trade.
The Ministry is also tasked with preparing the draft versions ofthe Revised Law on Electricity and Law on Renewable Energy, which must besummited to the National Assembly for discussion in 2024.
The decision also stipulates that the ministry provide governmentalpolicy advice on direct power purchases and accelerate those energy projectsthat have been hindered by complications.
It is worth noting that the State is advocating for a plural powersector based on fair competition and a market electricity price, which wouldensure a level playing field for all investors./.
VNA
