Minister of Industry and Trade Nguyen Hong Dien speaks at a conference to announce PDP 8, May 19, 2023. (Photo: Minister of Industry and Trade)

Under the plan known as PDP 8, the share of renewable energy will increase to between 31% and 39% by 2030 and between 67.5% and 71.5% by 2050.

Minister of Industry and Trade Nguyen Hong Dien said the plan aims to ensure sustainable and equal energy development in line with a green economy, circular economy, and low-carbon economy.

“The approval of the PDP 8 is very important but it’s only the beginning. Relevant agencies should popularize the plan among sectors, businesses, and people to achieve the set targets,” said Minister Dien.

The plan also aims to get Vietnam into the top 4 countries in ASEAN in terms of power reliability. Half of the office buildings and homes in Vietnam would be powered by rooftop solar panels by 2030.

Two trans-regional energy hubs would be established in certain well-positioned regions, including the south central region. The plan needs more than 134 billion USD to develop new power plants and power grids between 2021 and 2030.