The Prime Minister executed Decision No. 500/QD-TTG, dated 15 May 2023 approving the National Power Development Plan for the period of 2021 – 2030, with a vision to 2050 (the “PDP 8”).
PDP 8 confirms Vietnam’s national commitment to forward-looking electricity development “building an independent and self-reliant economy, improving the people’s livings standards and… quality of life.”
This legal update discusses the most notable points of the PDP 8.
1) Development Objectives
(a) To satisfy the electricity demand requirements resulting from the socio-economic development goals:
(i) GDP growth of approximately 7% annually (2021 – 2030); and
6.5 – 7.5% annually (2031 – 2050),
(ii) Maximum installed electricity capacity of:
59,318 MW by 2025;
90,512 MW by 2030; and
185,187 – 208,555 MW by 2050,
(iii) Rooftop solar for self-consumption on 50% of residences and 50% of offices by 2030; and
(iv) Meeting N-1 and N-2 transmission continency plans.
(b) To develop renewable energy and renewable energy transition:
(i) 30.9 to 39.2% renewable energy by 2030 and up to 67.5 – 71.5% by 2050;
(ii) Implementing commitments made under the Just Energy Transition Partnership (JETP); and
(iii) Smart grid development for renewable energy integration.
2) Electricity generation portfolio development plan
PDP 8 identifies generation portfolio targets as follows:
Power Source Development Plan
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3) Power grid transmission plan
PDP 8 identifies the following grid objectives:
PDP 8 recognizes the resultant necessity for policy and legislation reformation, giving effect to PDP 8, including: