Vietnam anticipates renewables to make up 70% of power mix by 2045


A solar power plant near rice fields at the border region in Vietnam. (Photo: iStock)

Vietnamese Prime Minister Pham Minh Chinh officially approved the "2030 National Energy Development Strategy" on Mar. 1. The strategy aims to increase the proportion of renewable energy to 15%-20% by 2030 and expects to reach 65%-70% by 2045. If successfully implemented, greenhouse gas emissions from energy activities are anticipated to decrease by 70%-80%.

According to the strategy, the total primary energy supply, including renewable and traditional energy sources, is projected to reach 150-170 million TOE (tons of oil equivalent) by 2030 and increase to 260-280 million TOE by 2045. With both the expected total supply and proportion increasing, the Vietnamese government believes that renewable energy will develop rapidly.

Vietnam plans to divide the energy industry into four sub-industries, including petroleum, coal-mining industry, electricity, and new and renewable energy.

In the new energy and renewable energy sector, Vietnam will promote development through encouragement to replace fossil fuels. In addition to prioritizing investments in wind and solar power generation, invest in power plants that utilize urban waste, biomass, and solid waste. The potential for geothermal energy, ocean waves, and tides, will also be evaluated. Advantageous areas will be selected to establish renewable energy centers.

Vietnam reaffirms its net-zero emissions goal by 2050 and commits to integrating efficient energy consumption and environmental protection into national policies. The country will establish an efficient and smart power grid system to connect national and regional grids, ensuring a stable and secure power supply.

The Vietnamese government estimates that the greenhouse gas emissions per thousand US dollars of GDP will decrease from 400-420 kgOE (kilograms of oil equivalent) in 2030 to 250-280 kgOE in 2045.

Authorities in Vietnam believe that the strategic objectives outlined in this plan will meet energy demands and support the ten-year socio-economic development strategy from 2021 to 2030. They also anticipate that Vietnam's electricity supply will rank among the top four, and its access-to-electricity index rank the top three in ASEAN countries by 2030.

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