Prime Minister approves Power Plan VIII

Accordingly, Power Plan VIII plans the development of power sources and transmission grids at voltage levels of 220 kV or higher, industry and services on renewable energy and new energy in Vietnam for the period 2021 - 2030, with a vision to 2050, including grid connection projects with neighboring countries.

Ensuring national energy security

Power Plan VIII sets the goal of firmly ensuring national energy security, meeting the requirements of socio-economic development and the country's industrialization and modernization.

Along with that, successfully implementing a fair energy transition associated with production modernization, building a smart grid, advanced power system management, in line with the world's green transition trend, emission reduction, and science and technology development. At the same time, forming a comprehensive energy industrial ecosystem based on renewable energy and new energy.

The Prime Minister officially approved the VIII power plan. (Illustration photo)

Regarding the goal of ensuring national energy security, providing enough electricity for domestic demand, meeting socio-economic development goals; Ensuring safe and reliable electricity supply.

By 2030, the reliability of electricity supply will be among the top 4 ASEAN countries, the electricity access index will be among the top 3 ASEAN countries; By 2030, 50% of office buildings and 50% of houses will use self-produced and self-consumed rooftop solar power (for on-site consumption, not selling electricity to the national power system).

Developing renewable energy, exporting electricity

Power Plan VIII aims to strongly develop renewable energy sources for electricity production. By 2050, the renewable energy ratio is expected to reach 67.5-71.5%; Control greenhouse gas emissions from electricity production to reach about 204-254 million tons in 2030 and about 27-31 million tons in 2050. Aim to reach a peak emission level of no more than 170 million tons in 2030; Build a smart grid system capable of integrating and safely and effectively operating large-scale renewable energy sources.

Regarding the development of industrial ecosystems and renewable energy services, it is expected that by 2030, 2 inter-regional industrial and renewable energy service centers will be formed, including electricity production, transmission and consumption; renewable energy equipment manufacturing industry, construction, installation, related services, building renewable energy industrial ecosystems in areas with great potential such as the North, South Central, and South when there are favorable conditions.

In addition, develop power sources from renewable energy and produce new energy for export. By 2030, strive to have an electricity export capacity of about 5,000 - 10,000 MW.

In the period 2021 - 2030, the total estimated investment capital for developing power sources and transmission grids is equivalent to 134.7 billion USD; in the period 2031 - 2050, the estimated investment capital demand for developing power sources and transmission grids is equivalent to 399.2 - 523.1 billion USD, of which investment for power sources is about 364.4 - 511.2 billion USD, and power transmission grid is about 34.8 - 38.6 billion USD, which will be determined in the following plans.

The approved Power Plan VIII consistently holds the view that: Electricity is an important infrastructure sector, power development must be one step ahead to create a foundation to promote rapid and sustainable national development, build an independent and self-reliant economy, improve people's lives and ensure national defense and security. Power development planning must have a long-term, effective, sustainable vision and put national and ethnic interests first and foremost.

Develop electricity based on the principle of optimizing all factors of power source, power transmission, power distribution, economical and efficient use of electricity, with a suitable roadmap combined with protection of resources, environment and economic model transformation, ensuring national energy security at the lowest cost.

Power development planning must be based on science, inheritance, dynamic and open but not legalize violations. Exploit and effectively use domestic energy resources, combine with reasonable import and export, use energy economically and efficiently. Consider the development of renewable energy and new energy as an opportunity to develop the overall energy industry ecosystem.

The State focuses on investing and encouraging economic sectors to rapidly develop the electricity industry on the principle of fair competition and implementing a market mechanism on electricity prices, ensuring the harmony of interests of entities participating in investment and electricity use and meeting the development requirements of regions.

Electricity development must closely follow the development trend of science and technology in the world, especially renewable energy and new energy, associated with the process of transforming the country's economy towards a green economy, circular economy and low-carbon economy. Energy transition must be consistent with international trends and ensure sustainability, fairness and justice.