The Government Standing Board has called upon the Ministry of Industry and Trade (MoIT) to swiftly review all power sources outlined in the implementation plan of the National Power Development Plan VIII (PDP VIII).

During a meeting on September 12 to address challenges facing offshore natural gas and wind power projects, the Government Standing Board highlighted the potential for Vietnam's economy to grow at a rate exceeding 7% in the near future, driven by a potential reduction in interest rates by the Federal Reserve of the United States.

In response, the Board proposed that the MoIT prioritize shifting the baseload from coal to gas power, focusing on domestic production to achieve an annual electricity growth rate of 12-15%. This shift aims to ensure national energy security and meet the increasing demand for electricity in production, business, and daily life, especially fulfilling commitments to foreign investors.

The Ministry was also tasked with studying the experiences of other countries in developing nuclear power to assess its feasibility for Vietnam. The goal is to supplement baseload power, minimize environmental risks, and report findings to the Politburo for consideration and decision-making.

The MoIT was instructed to collaborate closely with relevant ministries, sectors, and localities, including Vietnam Electricity and the Vietnam Oil and Gas Group, to identify and address legal obstacles hindering the implementation of power projects. The Ministry was also required to promptly complete the Draft Electricity Law (amended).

To expedite the review and resolution of legal bottlenecks, the Government Standing Board assigned the Government Office to establish a Working Group to be headed by the Minister of Industry and Trade. The group will include the Chairman of Vietnam Electricity and the Chairman of the Vietnam Oil and Gas Group serving as deputy heads.

The Working Group is tasked with summarizing and proposing amendments and supplements to the Draft Electricity Law (amended) to ensure its highest quality. The completed draft is expected to be submitted to the National Assembly before September 20 for approval at its 8th session scheduled for October.