The revised Eighth Power Development Plan (PDP8) represents a breakthrough, enabling Vietnam to pursue sustainable development, achieve an effective energy transition, and contribute to the goal of reaching net-zero carbon emissions by 2050.
Minister Nguyen Hong Dien emphasized the need to promptly adjust the Eighth Power Development Plan (PDP8) to align with the strong growth demand and the trend toward clean energy transition. Photo: Can Dung.
At the consultation meeting of the Appraisal Council for the adjusted National Power Development Plan for the 2021–2030 period, with a vision to 2050 (the Eighth Power Development Plan – PDP8), held on February 12, 2024, Minister of Industry and Trade Nguyen Hong Dien stated that the Party Central Committee, the National Assembly, and the Government have set the target of achieving a minimum economic growth rate of 8% in 2025, with efforts to reach double-digit growth in the following years.
To achieve these goals, energy development must be aligned with the scale of the economy while also meeting Vietnam’s international commitment to achieving carbon neutrality by 2050. This requires the prompt adjustment of the Eighth Power Development Plan (PDP8), despite its approval only in 2023, to match strong growth demands and the trend toward clean energy transition.
Minister Nguyen Hong Dien said that the Government has directed the maximization of renewable energy potential, including onshore wind power, offshore wind power, utility-scale solar power, and rooftop solar power. In addition, it is necessary to reasonably develop baseload energy sources such as liquefied natural gas (LNG)-fired power, while gradually restoring and developing nuclear power to ensure a stable, clean, and sustainable electricity supply.
Three key objectives of the Eighth Power Development Plan (PDP8) have been clearly defined: meeting domestic electricity demand across different regions, promoting direct power purchase agreements (DPPA), and exporting clean electricity to neighboring countries. Vietnam has already signed several electricity export agreements with Singapore and Malaysia, creating a foundation for expanding the clean energy market in the region.
Alongside the adjustment of the Eighth Power Development Plan (PDP8), the Government has completed amendments to the Electricity Law – a significant milestone after 20 years of implementation. This revision helps remove many obstacles in the development of new energy sources.
Minister Nguyen Hong Dien emphasized that the amended Electricity Law was discussed and passed by the National Assembly within a single session, with a preparation period of only 8–9 months, instead of the 22 months required under the normal process.
To implement the amended Electricity Law, the Ministry of Industry and Trade is urgently finalizing decrees and circulars guiding its implementation, which are expected to be issued in the coming days. These legal documents will provide a solid foundation for realizing the objectives of the Eighth Power Development Plan (PDP8) and advancing toward carbon neutrality by 2050.
Minister Nguyen Hong Dien expressed his expectation that the completion and implementation of the revised Eighth Power Development Plan (PDP8) will serve as a significant breakthrough, helping Vietnam achieve its sustainable development goals and carry out an effective energy transition, thereby contributing to the goal of carbon neutrality by 2050.
Mr. Nguyen Anh Tuan, former Deputy Director of the Institute of Energy and Vice Chairman cum General Secretary of the Vietnam Energy Association, said that adjusting electricity demand forecasts is necessary, in line with practical realities and the development orientations of the Party and the State.
According to Mr. Tuan, with projected GDP growth of 8% in 2025 and 10% during the 2026–2030 period, electricity demand will increase significantly. The draft revised Eighth Power Development Plan (PDP8) outlines two scenarios: electricity demand growth of 10.3% under the base scenario and 12.5% under the high-growth scenario, which are closely aligned with economic development scenarios.
Mr. Nguyen Anh Tuan emphasized the need to calculate regional backup capacity plans to avoid localized power shortages, rather than relying on a nationwide reserve approach. For the 2031–2035 period, slowing the growth rate of electricity demand is considered reasonable, in line with the trend toward a service-based economy and the reduction of energy-intensive industries. In addition, it is necessary to carefully assess electricity demand for green transportation, particularly the North–South high-speed railway and metro systems.
Source: Lao Dong Newspaper.