On 26 June 2024, in Dalian City (China), Prime Minister Pham Minh Chinh chaired a discussion session with Professor. Klaus Schwab, Founder and Chairman of the World Economic Forum (WEF), and about 20 leaders of WEF's major corporations.
Prime Minister Pham Minh Chinh speaking at discussion session
Chairman and CEO of Foxconn, Mr. Brand Cheng reported to the Prime Minister about establishing an additional factory in Vietnam and this factory came into production last April. This is an example of Vietnam's determination in economic development.
To date, Foxconn factories are present in 5 provinces with 80,000 employees and a total investment of about USD 4 billion.
"Vietnam is developing rapidly and we develop with Vietnam," Mr. Brand Cheng affirmed.
At the discussion session, the Prime Minister directly clarified some contents that are concerned by investors.
Regarding power supply, the Prime Minister said that in 2023, Vietnam experienced local electricity shortages at some times. Still, in 2024, although electricity consumption will increase by up to 15%, there are days when it will exceed 1 billion kWh, the highest power consumption in history, but the power supply is still guaranteed.
He affirmed that Vietnam would not experience a power shortage, with synchronous solutions on power sources, power loads, power distribution, power use, and electricity prices. For example, in power transmission, 500kV power transmission lines had to be constructed in 2 years, even 4 years, but now it only takes about 6 months.
Along with that, Vietnam is making efforts to transition to clean energy, the Government continues to perfect institutions and policy frameworks by preparing to promulgate decrees on the Direct Power Purchase Agreement (DPPA), on mechanisms and policies to encourage the development of self-produced and self-consumed rooftop solar power and on mechanisms to develop power projects using natural gas and LNG.