Addressing a Government meeting on power supply and energy security on October 19, Chinh affirmed that in 2024, there have been no power shortages, even with a consumption increase of approximately 11-13% compared to 2023.
Statistics show Vietnam has ensured a sufficient supply of electricity for business production and people’s daily lives, with a total electricity production and import of 232.8 billion kWh, an increase of over 11% compared to the same period last year.
Ensuring a sufficient supply of electricity is crucial for attracting FDI in the context of declining global investment, said the PM, adding Vietnam disbursed US$17 billion in FDI in the past nine months, the highest in many years.
He commended major national energy corporations and relevant agencies for their efforts in addressing power shortages as seen in 2023 and supplying enough electricity to feed the national economy this year. He singled out Electricity of Vietnam for its outstanding performance, especially for the rapid completion of the 500 kV Quang Trach - Pho Noi transmission line in just over six months, helping to increase power supply for the northern region.
The PM reminded that as Vietnam aims for an economic growth rate of around 7% this year and beyond, electricity demand is expected to increase by at least 10%. To meet the target, he requested urgently implementing the Government’s recently approved decree on the direct power purchase agreement, and another Government decree on mechanisms and policies to encourage the development of self-production and self-consumption rooftop solar power to be issued on October 19.
He also requested ensuring sufficient fuel (coal, gas) for electricity production according to the system’s needs; working out plans on electricity imports from Laos and China; completing the amended Electricity Law project to be presented to the coming year-end session of the National Assembly.
For the 2026-2030 period, the PM emphasized the diversification of electricity sources, ensuring base load power and gradually transitioning from coal to clean energy production, in an effort to fulfil Vietnam’s net zero commitments at COP26.
He also asked relevant agencies to research the development of nuclear power, continue to refine regulations and institutional frameworks, and update and adjust the Power Development Plan VIII.
