Power struggle emerges as Vietnam pursues its future in energy sector
Vietnam Unveils Ambitious Energy Sector Resolution for 2030-2045
Vietnam has taken a significant step towards securing its energy future with the signing of a Politburo resolution aimed at ensuring national energy security through 2030 and beyond, up to 2045. The resolution, outlined in Resolution No 70-NQ/TW, dated August 20, underscores the critical role of energy in national security and economic progress.
The resolution addresses the risk of energy shortages amid projected double-digit economic growth, setting ambitious targets for Vietnam's energy sector. By 2030, the country aims 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. Renewable energy is set to make up 25-30% of the total energy supply by this date.
Vietnam also aims to have electricity reliability and access among the top three in ASEAN by 2045. To achieve this, the country targets a fully modern, competitive, and sustainable energy sector with infrastructure connected regionally and globally. By 2045, Vietnam aims to meet at least 70% of its domestic fuel demand through its refineries.
The resolution identifies key weaknesses in the energy sector, including regulatory shortcomings, slow project implementation, import dependency, outdated and inconsistent infrastructure, low productivity, and the absence of a fully competitive power market with market-based electricity tariffs. To address these issues, improving the regulatory framework is a key solution to achieving the energy sector goals by 2045.
Phasing down coal and boosting international cooperation are also key solutions in the energy sector development by 2045. The development of energy infrastructure, including power sources from renewable to nuclear and gas, is another critical component. The state-owned company EVN (Vietnam Electricity) has the mandate to participate in the development processes of the Ninh Thuận 1 and Ninh Thuận 2 nuclear power plants to bring them into operation by the period 2030-2035.
Strengthening energy saving and environmental protection, as well as promoting digitalization, are also key solutions in the energy sector development by 2045. By 2030, greenhouse gas emissions are aimed to be cut by 15-35% compared with a business-as-usual scenario. The resolution pledges a stable supply, lower emissions, and a shift towards nuclear power to fuel rapid and sustainable development.
The resolution encourages both State-owned and private enterprises to participate in the development of small modular nuclear reactors. However, no specific private companies are mentioned in the available sources as having received such mandates.
In conclusion, Vietnam's Politburo resolution on national energy security through 2030 with a vision to 2045 sets a clear path for the country's energy sector development. The resolution aims to ensure a secure energy supply, promote renewable energy, and improve the regulatory framework, among other solutions. With these ambitious goals, Vietnam is poised to make significant strides in its energy sector and contribute to a more sustainable future.
