FLASH NEWS 17/05/2023 – Official Approval of National Power Plan VIII.

The National Power Plan VIII (PP8) for the period 2021 – 2030, with a vision to 2050, was officially approved on May 15th, 2023.  We would like to highlight a few key points:

Objective

• PP8 stipulates the development of power sources and transmission grids at voltage levels of 220 kV or higher, industries and services on renewable energy (RE) and new energy in the territory of Vietnam in the period of 2021 – 2030, with a vision to 2050, including works connecting power grids with neighbouring countries.
• Ensuring national energy security, meeting sufficient electricity demand, achieving socio-economic development goals with an average GDP growth rate of c.7% / year in the period of 2021 – 2030, about 6.5-7.5% / year in the period of 2031 – 2050.
• Furthermore, successfully implementing energy transition associated with production modernization, smart grid construction, advanced power system management, in line with the global trend toward green transformation, emission reduction, scientific and technological advancement.  At the same time, forming an overall energy industry ecosystem based on RE.
• Ensuring a reliable and secure power supply.  Aiming for 2030, the reliability of electricity supply will be in the group of 4 leading ASEAN countries, the electricity access index will be in the group of 3 leading ASEAN countries.  Striving to 2030, 50% of office buildings and 50% of residential houses will reach self-supplied energy through rooftop solar (not connecting into the national transmission system).

Perspective

• Electricity is a vital sector that must be one step ahead order to pave the way for the nation’s sustainable development, build an independent and self-reliant economy, enhance the living standards and ensure national defense and security.
• Respecting to the National Plan in Decision 45 – Course VIII and Resolution number 81/2023/QH15 on Jan 9th, 2023. 
• Optimization of power source, transmission, distribution, and efficient use of electricity, in tandem with preservation of natural resources and the environment, and ensuring national energy security at the lowest cost.
• Encouraging all economic sectors to participate in the development of electricity industry based on the principle of healthy competition, implementing the market mechanism for electricity selling prices, and protecting the interests of the all parties.
• Following the global trend of science and technology development, particularly in RE, associated with the transformation of the nation’s economy into a green and low carbon economy.  The energy transition must be in line with international trends and ensure sustainability, fairness and justice.
• Utilizing domestic energy resources efficiently and effectively, in conjunction with reasonable imports and exports, and considering the development of RE as an opportunity to advance the entire ecosystem of energy industry.