, Vietnam
374 views

Vietnam approves National Power Development Master Plan VIII

Renewables are expected to account for 67.5% to 71.5% of the total electricity by 2050.

Vietnam’s Prime Minister approved the National Power Development Master Plan for 2021 to 2030 (Master Plan VIII), which aims to boost renewable energy deployment.

In a statement, Vietnam Electricity (EVN) said Master Plan VIII aims to ramp up the development of renewable energy sources to account for around 67.5% to 71.5% of the total electricity production by 2050.

The plan also wants to build a smart grid system that could effectively integrate and operate large-scale renewable sources of energy.

“Master Plan VIII clearly states that electricity is an important infrastructure sector, electricity development must be one step ahead, creating a foundation for promoting rapid and sustainable national development, building an independent and self-reliant economy, improving people's living standards, and ensuring national defense and security,” EVN said.

READ MORE: China, Vietnam lead markets with most gas plant build-out: report

EVN added that the country targets to set up two inter-regional renewable energy service and industry centres, and export around 5,000 megawatts (MW) to 10,000MW of electricity by 2030.

It added that the plan indicated a $134.7b investment would be needed to development of power sources and transmission grids from 2021 to 2030.

For 2031 to 2050, Vietnam would need a capital of $399.2b to $523.1b, of which around $364.4b to $511.2b will be allocated to power sources, and $34.8b to $38.6b for transmission grids, EVN said.

Follow the link for more news on

Join Asian Power community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Why Singapore could be the ‘tipping point’ for ASEAN renewable and grid development
Heavily reliant on gas, the country is still on track for its 2035 net-zero target, but could be more ambitious to hit its 2050 goal by 2045.
Power Utility
Will the government pay for coal power exit in Vietnam?
The country’s coal power phase-out strategy sees renewables accounting for 67.7%–71.5% of the energy mix by 2050.