Vietnam to revise Power Development Plan VIII and Electricity Law

Vietnam is moving to revise its Power Development Plan VIII and amend the Electricity Law to remove investment barriers and ensure national energy security. The Ministry of Industry and Trade aims to address a rapid annual increase in electricity demand, which is growing at approximately 10% per year.

To meet this demand, the government is prioritizing rooftop solar energy as a rapid solution because it requires less land and reduces pressure on the national transmission grid. Current installed rooftop solar capacity stands at approximately 11,000 MWp. Under Directive No. 10, the government encourages households and public offices to install self-consumption solar systems and battery storage.

Simultaneously, the National Power Transmission Corporation (EVNNPT) is working to diversify funding to support the development of the transmission grid through 2030. EVNNPT anticipates a need for approximately 204 trillion VND (roughly 7.8 billion USD) to fund around 220 projects. The corporation is exploring various capital sources, including ODA, international commercial loans, and domestic credit, to facilitate the energy transition.