Master Plan VIII clearly states that electricity is an important infrastructure sector, electricity development must be one step ahead, creating a foundation for promoting rapid and sustainable national development, building an independent and self-reliant economy, improving people's living standards, and ensuring national defense and security. The power development planning must have a long-term vision, be effective, sustainable, and prioritize the interests of the nation and the people above all else.
Electricity development follows principles of optimizing the overall factors related to power generation, transmission, distribution, economic, and efficient use of electricity. It includes a suitable roadmap that aligns with resource conservation, environmental protection, and economic transformation, ensuring national energy security at the lowest cost possible, etc.
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Master Plan VIII sets objectives of ensuring national energy security, meeting requirements of socio-economic development, industrialization, and modernization of the country; Successfully realizing a just energy transition in conjunction with production modernization, smart grid development, advanced power system management, in line with the global trends of green transition, emission reduction, and scientific and technological advancements; Developing an overall energy industry ecosystem based on renewable energy and new energy sources.
Regarding the objective of ensuring national energy security, Master Plan VIII clearly states that the electricity supply must be secured sufficiently to meet the goal of socio-economic development with an average GDP growth rate of about 7% per year during the period of 2021-2030, and about 6.5-7.5% per year during the
period of 2031-2050.
Ensuring safe and reliable electricity supply, meeting the N-1 criterion for important load areas and the N-2 criterion for extremely important load areas. By 2030, Viet Nam aims to be among the top 4 countries in terms of electricity supply reliability and among the top 3 countries in terms of electricity access in the ASEAN region. It is targeted that by 2030, 50% of office buildings and 50% of residential households will utilize rooftop solar PV panels for self-generation and self-consumption (serving on-site consumption without selling excess electricity back to the national grid).
As for the just energy transition, Master Plan VIII aims at strongly developing renewable energy sources for electricity production, reaching a renewable energy share of about 67.5 - 71.5% by 2050; building a smart grid system, capable of safely, effectively integrating, and operating large-scale renewable energy sources.
By 2030, it is projected to establish two inter-regional renewable energy service and industry centers that encompass electricity production, transmission, and consumption; renewable energy equipment manufacturing, construction, installation, and related services, creating an ecosystem for the RE industry in regions with high potentials, such as the Northern, South Central, and Southern regions of Viet Nam, when there are favorable conditions. In addition, there will be a strong emphasis on exploiting renewable energy and new energy sources for export purposes. The goal is to achieve an export capacity of approximately 5,000-10,000MW by 2030.
To achieve the above objectives, Master Plan VIII specifies power generation development plans, power grid development plans, plans of grid interconnection with countries in the region, orientations for rural electricity development, and orientations for developing renewable energy service and industry ecosystems.
According to Power Master Plan VIII, in the 2021 - 2030 period, the total investment capital for the development of power sources and transmission grids is estimated at USD 134.7 billion; to meet the orientations towards the 2031-2050 period, the total investment capital for the development of power sources and transmission grids is estimated at USD 399.2-523.1 billion USD, of which: around USD 364.4-511.2 billion for power sources; and USD 34.8-38.6 billion for transmission grids. The figures will be determined accurately in the next power
planning periods.
In Master Plan VIII, Vietnam Electricity keeps on being assigned as the main role player in ensuring a stable and safe electricity supply for socio-economic development. In charge of investing in power generation and transmission grid projects according to assigned tasks.
Along with that, EVN regularly reviews and assesses electricity supply and demand balance, national and regional power system operation status, and reports to the competent authorities; thoroughly implements solutions to innovate corporate governance, improve production and business performance, increase labor productivity, reduce power loss, and save production costs and expenses.