Gov't calls for consolidated legal framework for energy growth

The Government has called for a consolidated legal framework to increase power generation capacity, particularly through offshore wind power projects, the Government News reported.

In an announcement released on October 1, the Government emphasized the importance of investing in the power sector to boost socio-economic development and ensure energy security.

As the economy continues to grow rapidly, there is an urgent need to increase power sources by 10-12% annually to meet current and future demands and achieve net-zero emissions by 2050.

To address this, the Government has called for early investments in power generation projects, focusing on renewable energy sources like offshore wind and gas-fired power.

The Government aims to increase offshore wind power capacity to 6,000 MW by 2030, a significant portion of the country's total offshore wind potential of 600,000 MW.

To achieve this goal, the government has tasked the Ministry of Industry and Trade to expedite offshore wind power surveys in collaboration with PetroVietNam.

Additionally, the ministry is required to coordinate with relevant agencies to review, amend, and supplement the Law on Electricity and other related regulations.

Last year, the total power source capacity of the entire system reached approximately 80,555 MW, an increase of 2,800 MW compared to 2022. Of the total, renewable energy sources (wind and solar power) accounted for 27%, coal-fired thermal power accounted for 33.2%, and hydropower accounted for 28.4%.

Vietnam currently ranks first in ASEAN in terms of power source capacity.