Chairing a meeting between permanent Cabinet members and officials from relevant ministries and agencies held on October 19, Prime Minister Pham Minh Chinh emphasized the need for early preparations to ensure a stable and efficient electricity supply and national energy security, as Vietnam is advancing its industrialization and modernization efforts, according to a report from the Vietnam News Agency.

The PM stressed that for every 1% increase in economic growth, electricity demand rises by 1.5%. As Vietnam aims for around 7% economic growth in 2024 and higher in subsequent years, electricity demand for production, business, and consumption is expected to grow by at least 10%.

Recalling electricity shortages in some areas last year, the Government leader underscored the importance of improving institutional frameworks, revising National Power Development Plan VIII, diversifying energy sources, and removing obstacles to key electricity projects.

According to the Vietnam Electricity (EVN), in the first nine months of 2024, the group ensured sufficient electricity supply for socio-economic development, with production and imports reaching 232.8 billion kWh, up nearly 11% from the previous year. It is also working on 10 power projects with a total capacity of 6,793 MW, and has made progress on procedures for new projects under the national power plan.

In addition to the 500kV Circuit-3 power transmission line, it is accelerating key grid projects, including electricity imports from Laos.

In his concluding remarks, PM Chinh noted that the country’s electricity demand is expected to increase by around 2,200 MW by 2025, but with specific measures in place, no major shortages are anticipated.

In the long term, the PM said, with electricity demand rising by 12-15% annually, ministries and sectors need to proactively implement measures to ensure sufficient power supply for both production and consumption from 2026 to 2030.

He called for the urgent implementation of the decree on direct electricity trading and the prompt submission of a decree on self-produced, self-consumed electricity and rooftop solar energy for approval. These measures aim to promote clean energy development and foster the renewable energy industry.

The Government leader asked relevant ministries and agencies to quickly consolidate institutions and legal regulations, update National Power Development Plan VIII, and strive to transition from coal-fired power to clean energy in line with Vietnam's COP26 commitments.

The PM said ministries must draft scenarios and implement solutions to prevent electricity shortages under any circumstances.