Power play as Việt Nam charges up for energy future

Power play as Việt Nam charges up for energy future

Party General Secretary Tô Lâm has signed a Politburo’s resolution on national energy security through 2030 with a vision to 2024, pledging stable supply, reduced emissions and a push into nuclear power to meet the demand for rapid and sustainable growth.

Solar and wind power farms in Khánh Hoà Province. Party General Secretary Tô Lâm has signed a Politburo’s resolution on national energy security through 2030 with a vision to 2024. — VNA/VNS Photo Minh Quyết

Việt Nam is powering up its long-term growth strategy with a bold new energy resolution.

Party General Secretary Tô Lâm has signed a Politburo resolution on national energy security through 2030 with a vision to 2045, pledging stable supply, lower emissions and a shift towards nuclear power to fuel rapid and sustainable development.

Resolution No 70-NQ/TW, dated August 20, underscores the critical role of energy in national security and economic progress, stating that 'energy must go first' to support Việt Nam’s socio-economic growth over the next decade.

While noting the stable energy supply since 2020, the resolution addresses the risk of shortages amid projected double-digit economic growth. It also highlights key weaknesses in the sector, including regulatory shortcomings, slow project implementation, import dependency, outdated and inconsistent infrastructure, low productivity and the absence of a fully competitive power market with market-based electricity tariffs.

The resolution has outlined a new roadmap towards ensuring national energy security with stable, sufficient and high-quality supply, reducing emissions, promoting energy transition together with the development of a competitive, transparent and efficient energy market and increasing energy efficiency.

Specifically, Việt Nam aims by 2030 to ensure a secure energy supply with a total primary energy of 150-170 million tonnes of oil equivalent and installed power capacity of 183-236 GW, generating around 560-624 billion kWh.

Renewable energy is set to make up 25-30 per cent of the total supply while greenhouse gas emissions are cut by 15-35 per cent compared with a business-as-usual scenario.

Việt Nam also aims to build a smarter, more efficient power system, targeting electricity reliability and access among the top three in ASEAN. The country also plans for its refineries to meet at least 70 per cent of domestic fuel demand.

By 2045, the country targets a fully modern, competitive and sustainable energy sector with infrastructure connected regionally and globally.

To achieve the goal, key solutions are raised, including improving the regulatory framework, developing energy infrastructure including power sources from renewable to nuclear and gas while phasing down coal, promoting digitalisation, strengthening energy saving and environmental protection while boosting international cooperation.

Of note, private sector investment will be encouraged into the energy sector alongside a leading role for State-owned enterprises.

The resolution also pushes the implementation of nuclear power projects Ninh Thuận 1 and Ninh Thuận 2 to put them into operation in the 2030-35 period.

Việt Nam will develop a nuclear power programme with flexible scales and small modular reactors while stepping up investment in atomic energy research and technology to gradually master nuclear power toward the adoption of advanced technologies suited to the country’s conditions.

The resolution encourages both State-owned and private enterprises to participate in the development of small modular nuclear reactors. 

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