Vietnam aims to develop 6,000 MW of offshore wind power by 2030, and 70,000 - 91,500 MW by 2050.

With enormous potential for solar power, onshore and offshore wind power, Vietnam is well positioned to transform its energy sector from fossil fuels to renewable energy and leverage its national resources.

The government of Vietnam needs to set renewables prices at reasonable levels that can benefit investors, EVN and consumers, experts say.

The share of wind power is targeted to increase significantly, from 5 per cent in 2022 to 19 per cent by 2030 and 29 per cent by 2050.

The Ministry of Industry and Trade (MOIT) has been consistent in its view that the major goal of rooftop solar power is self-sufficiency for users, not sales for profit.

In a significant move towards regulating energy initiatives, the Red River Delta and Southeast regions face a new mandate: they must seek approval from the National Assembly to pursue rooftop solar power projects.

Experts believe that use of LNG (liquefied natural gas) will continue, but Vietnam still doesn’t have a legal framework on LNG import and business.

Vietnam has set a target of having 50 per cent of its office and residential buildings equipped with solar panels by 2030, that is in the National Power Plan VIII.

Deputy Prime Minister Tran Hong Ha signed Decision 338/QD-TTg, dated April 24, approving a plan to implement the National Power Development Master Plan for the period of 2021 - 2030, with a vision to 2050 (Master Plan VIII).

The total investment capital demand for the whole energy sector in the 2021-2030 period is between 163.01-189.46 million USD, according to a plan to implement the National Power Planning in the 2021-2030 period with a vision to 2050.

Vietnam is being encouraged to craft a clear roadmap for the transition of Vietnam’s coal-fired power plants, which are facing risks of closure.

The transition from a coal-fired to an LNG-fired thermal power plant, according to Nam Dinh provincial authorities, will gradually reduce the number of coal-fired power plants and satisfy environmental protection regulations.

The lack of an action plan is impacting the execution of projects and the supply of electricity for both production and consumption.

WTE (waste-to-electricity) is considered a superior solution to solve environmental problems, but it remains unattractive to investors.

The National Power Transmission Corporation has signed credit contracts worth over 15.6 trillion VND (634 million USD) with five banks to implement projects to build the 500kV circuit 3 transmission line section from Quang Trach to Pho Noi.

Deciding to totally divest from Mong Duong 2 thermal power project in Quang Ninh province, AES, the US-based energy corporation, said it wants to turn its low-emission goal into reality.

A number of countries, including Vietnam, have been facing sharp coal, oil and gas price increases over the last two years.

The electricity industry faces diminished performance in Q3 as profits plummet due to the struggles of hydropower and thermal power businesses.

The Ministry of Industry and Trade has officially submitted a draft plan to the Government to implement the National Power Development Plan VIII, which outlines the need of substantial investments worth US$134.7 billion by 2030.

The Ministry of Industry and Trade will wield an iron fist on delayed build-operate-transfer projects, giving a chance instead to ventures that switch from coal.