Headlines 01/04/2024 18:50 CH

Vietnam's national energy development objectives by 2030, with a vision toward 2045

Nhật Vy

On March 1, 2024, the Prime Minister of Vietnam promulgated Decision No. 215/QD-TTg on approving the strategy for developing the national energy of Vietnam by 2030, with a vision toward 2045.

Vietnam's national energy development objectives by 2030, with a vision toward 2045

According to the Decision, the strategy for developing the national energy of Vietnam by 2030, with a vision toward 2045 has the following specific objectives:

- To meet the domestic energy demand, service the objectives of the 10-year strategy for socio-economic development 2021-2030, in which the primary energy is to reach 150-170 million tonnes of oil equivalent (TOE) by 2030 and 260-280 million TOE by 2045.

- To achieve the percentage of renewable energy in the total primary energy of 15-20% by 2030 and 65-70% by 2045.

- To achieve the total final energy consumption of 105-115 million TOE by 2030 and 160-180 million TOE by 2045 and primary energy intensity of 400 - 420 kgOE/1. 000 USD GDP by 2030 and 250 - 280 kgOE/1. 000 USD GDP by 2045.

- To develop a smart and effective electricity system capable of safely connecting with regional electricity networks; ensure the safe supply of electricity, meeting the N-1 criteria for important load areas and N-2 criteria for extremely important load areas. By 2030, power supply reliability is among the top 4 countries in ASEAN, and the electricity access index is among the top 3 countries in ASEAN.

- The vision toward 2045:

+ Ensuring the national energy security;

+ Consistently forming energy market elements that are competitive, transparent, and conformable with socialist-oriented market economic institutions;

+ Ensuring the sustainable development, effective use of natural resources, environmental protection, and adaptation to climate change of energy subsectors;

+ Ensuring the consistent development and modernity of energy infrastructure systems with enhanced international and regional connection capacity;

+ Ensuring that the quality of personnel, scientific and technological qualifications, and capacity for energy sector administration reach the advanced level of a modern industrialized country.

To implement the strategy for developing the national energy of Vietnam by 2030, with a vision toward 2045, the Ministry of Industry and Trade of Vietnam shall take charge and cooperate with ministries and relevant central and local authorities in:

- Researching and proposing regulations and policies on the implementation of the energy development strategy according to their jurisdiction as prescribed by the Government of Vietnam.

- Strictly supervising the balance of energy supply and demand and implementation progress of focal energy programs and projects.

- Researching and proposing regulations and policies on the encouragement of development investment in renewable energy projects.  

- Organizing negotiations on cooperation conclusion and energy exchange with neighboring countries and the participation of Vietnam in the joint energy systems between countries in the region.

- Researching and proposing regulations and policies for encouraging and promoting the attraction of sources from reputable and experienced foreign investors to the domestic petroleum development in deep water areas far from shore.

- Promoting the development and completion of necessary conditions (legal issues, technical infrastructures, etc.) for the development of the effectively competitive electricity, gas, and coal markets.

- Directing research and domestic manufacturing of equipment for projects on coal-fired power plants, hydroelectric power plants, solar power plants, wind power plants, etc., and equipment for extraction and transport of oil, gas, and coal.

- Taking charge of the research and proposal for amendments to legislative documents, regulations, and policies to accelerate the progress of energy projects.

See more details in Decision No. 215/QD-TTg, effective as of March 1, 2024.

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