Renewables are expected to account for 67.5% to 71.5% of the total electricity by 2050.

Vietnam’s Prime Minister approved the National Power Development Master Plan for 2021 to 2030 (Master Plan VIII), which aims to boost renewable energy deployment.

In a statement, Vietnam Electricity (EVN) said Master Plan VIII aims to ramp up the development of renewable energy sources to account for around 67.5% to 71.5% of the total electricity production by 2050.

The plan also wants to build a smart grid system that could effectively integrate and operate large-scale renewable sources of energy.

“Master Plan VIII clearly states that electricity is an important infrastructure sector, electricity development must be one step ahead, creating a foundation for promoting rapid and sustainable national development, building an independent and self-reliant economy, improving people's living standards, and ensuring national defense and security,” EVN said.

EVN added that the country targets to set up two inter-regional renewable energy service and industry centres, and export around 5,000 megawatts (MW) to 10,000MW of electricity by 2030.

It added that the plan indicated a $134.7b investment would be needed to development of power sources and transmission grids from 2021 to 2030.

For 2031 to 2050, Vietnam would need a capital of $399.2b to $523.1b, of which around $364.4b to $511.2b will be allocated to power sources, and $34.8b to $38.6b for transmission grids, EVN said.