Vietnamese Deputy Prime Minister Tran Hong Ha approved the National Energy Master Plan (NEMP) for the period 2021-2030 on the 27th. The plan has three main goals: ensuring national energy security, achieving a just transformation and development of energy, and developing domestic energy resources.
The following is the specific content of NEMP.
Guarantee national energy security
- Satisfy domestic energy demand and achieve an average annual growth rate of approximately 7% in Vietnam's GDP from 2021 to 2030, and approximately 6.5% to 7.5% from 2031 to 2050.
- Final energy demand is projected to reach 107 million MT of oil equivalent by 2030 and 165-184 million MT by 2050. Meanwhile, primary energy supply is expected to reach 155 million MT of oil equivalent by 2030 and 294-311 million MT by 2050.
- Increase total national fossil fuel reserves (including crude oil and refined products) to 75-80 days of net crude oil imports by 2030. The planning direction after 2030 is to gradually increase the reserve to 90 days of net imports.
- Meet the needs of economy, society, industrialization and modernization, ensure national defense security, improve people's living standards, and protect the ecological environment at the same time.
Energy just transition
- Before 2030, make renewable energy account for 15%-20% of total primary energy, and reach 80%-85% by 2050.
- Before 2030, the energy saving is expected to reach 8%-10%, and by 2050 it will reach about 15%-20%.
- Estimated GHG emissions are around 399-449 million MT by 2030 and projected to be 101 million MT by 2050. The goal is to reduce greenhouse gas emissions by 17%-26% before 2030 and reach the reduction target of about 90% by 2050.
- It is expected that Vietnam will reach the "Emission Peak" by 2030 under the international "Just Energy Transition Partnership" (JEPT) commitment.
Develop the energy industry
- Crude oil production is expected to be 6-9.5 million MT per year in 2021-2030; 7-9 million MT in 2031-2050.
- From 2021 to 2030, the natural gas extraction volume is expected to be 5.5-15 billion cubic meters per year; from 2031 to 2050, it will be 10-15 billion cubic meters.
- Coal mining is expected to be around 41-47 million MT per year in 2021-2030; around 39 million MT per year in 2031-2045; and around 33 million MT per year in 2045-2050.
- Before 2040, it is planned to carry out experimental mining in the Red River Coalfield. If the test is successful, industrial scale mining will be further realized before 2050.
The Vietnamese government is developing the energy industry, aiming to become a regional hub for the export of green energy and renewable energy. At the same time, it plans to establish and develop renewable energy centers in advantageous areas.
In addition, the country will promote new energy production to meet domestic and export demand. The target is to produce about 100,000 to 200,000 MT of green hydrogen per year by 2030 and about 10 to 20 million MT by 2050.
To achieve the above objectives, the plan sets out 6 implementation solutions ranging from investment fund mobilization and allocation, mechanisms and policies, environment, science and technology, human resource development, international cooperation, organizational implementation and program monitoring.