Minister of Industry and Trade Nguyen Hong Dien chairs the conference announcing the adjusted National Power Development Plan between 2021 and 2030. (Photo: Duc Duy/Vietnam+)

The plan, recently approved by the Prime Minister, outlines three major goals – ensuring national energy security, achieving a just energy transition, and building a comprehensive energy ecosystem centered on renewable and new energy sources. By 2030, the share of renewable energy, excluding hydro power, is targeted to reach 28-36% and by 2050, 74-75%.

The plan envisions the operation of the Ninh Thuan 1 and 2 nuclear power plants with a combined capacity of 4,000–6,400 MW between 2030 and 2035. From 2026 to 2030, total investment in power sources and transmission infrastructure is projected to be around 136.3 billion USD – 118 billion of which will go toward power generation.

Minister of Industry and Trade Nguyen Hong Dien said a competitive and market-aligned electricity pricing framework is urgently needed to attract investment.

"We need strong policy mechanisms to support the development of energy sources, especially renewable and new energy, for domestic use and export,” said Dien, adding that the current investment demand is about 16-18 billion USD annually through 2035, and will rise to around 20 billion USD per year thereafter.

“Without a suitable electricity pricing policy aligned with market input costs, we can’t attract investors, and without investors, there will be no electricity, and without electricity, there will be no development," Minister Dien noted.