How will Vietnam's power consumption impact its energy security?

According to Institute of Energy of Vietnam (IEV), Vietnam is set to face a surge in power demand and consumption over the coming decade, which will have an impact on its energy security. The Government of Vietnam expects power consumption to grow 10-12 % annually through 2030, one of the fastest power consumption growth rates in Asia.

What are Viet Nam's energy-saving goals?

Viet Nam’s energy-saving goals are assumed to be 5%–7% of total energy consumption between 2019 and 2025, and 8%–10% of total energy consumption between 2019 and 2030, in line with the targets on National Energy Eficiency Program.

Will Vietnam build a better energy future?

Building a cheaper, cleaner, and more secure energy future for Vietnam will not happen overnight. Other markets further along in development of renewable power greatly benefited from the support of the government.

How much does electricity cost in Vietnam?

The current energy price is at an average of VND1,533-2,580 (USD 6.3 cent – USD 10.75 cent) per kWh, depending on usage. Vietnam currently has 73 power plants (hydro, thermal, gas, renewables source), 48 of those with capacity greater than 30MW.

Can renewables help Vietnam meet its energy needs?

Renewables have the potential to become the lowest-cost option for Vietnam to meet its energy needs. Vietnam’s power system is at an inflection point. Over the past five years, load has increased at an average of about 10 percent a year, a staggering pace.

What will Vietnam's energy future look like in 2030?

The government anticipates a 10-12% annual surge through 2030 in the nation’s power consumption. This rapidly expanding energy demand presents a significant challenge to Vietnam’s transforming energy landscape, especially considering the urgent need to reduce global emissions and utilise renewable alternatives.