Vietnam's Ministry of Industry and Trade will submit the National Power Development Plan VIII and the National Energy Development Master Plan to Prime Minister Nguyen Xuan Phuc in October and by the end of 2020, respectively, Minister of Industry and Trade Tran Tuan Anh told the Vietnam Energy Summit 2020.
A view of the Vietnam Energy Summit 2020, Hanoi, July 22, 2020. Photo: Viet Tuan
The ministry also continues to review and adjust power projects in the National Power Development Plan VII before the new plan is approved.
Plan VII was approved in 2011 and then adjusted in 2016 with the aim of reducing the porfolio of coal-sourced energy and increase the rate of renewables towards sustainable development.
The ministry also submitted the draft action plan of the government and expected the government to approve it this July. There are some issues that the ministry has to addressed in anticipation of the action plan, according to Minister Anh.
The minister affirmed that these plans would be foundational, creating a premise to promote the development of the national energy and electricity in the coming time.
At the same time, the important task is to accelerate the formulation of mechanisms and policies; the building of infrastructure to serve the development of the energy industry, environmental preservation, and the promotion of international cooperation in the industry, he added.
The government will continue to invest in sustainable energy infrastructure, enhance regional linkages; improve internal resources of the manufacturing industry and services for the energy sector by improving mechanisms, building databases and digital communication infrastructure.
In fact, the recent development of renewables showed that with the contribution of the private sector, Vietnam can achieve its goals in a much shorter time than expected.
In order to attract other economic players to participate in developing the energy sector, the ministry has submitted to the government and the National Assembly Standing Committee a number of provisions in some specialized laws for approval to create a transparent legal corridor.
It would stimulate the private sector invest more in different areas of the national energy system, especially in electricity development, Minister Anh said.
The trade ministry is reviewing and will propose to amend the Electricity Law to make clear the scope of investment of the state and the private sector in the energy industry, Anh said.