Deputy Prime Minister Tran Hong Ha has approved the implementation updates for the country’s Power Development Plan VIII (PDP8), setting ambitious targets for Vietnam’s energy sector. The decision outlines plans for various types of renewable energy sources, including offshore and onshore wind power, biomass power, waste-to-energy power, rooftop solar power, and battery storage. Additionally, Vietnam plans to import electricity from Laos and export power from the central and southern regions.
The implementation plan also includes extending power supply to rural, mountainous, and island areas, connecting over 910,000 homes in nearly 15,000 villages to the national grid or renewable energy projects. Furthermore, Vietnam will build two interregional industrial and service centers for renewable energy in the northern and central-southern regions to develop an industrial ecosystem for renewable energy services.
In another development, parts suppliers in Vietnam are seeking clarity on incentives to access business incentives for projects making supporting industry items. Many manufacturers are facing challenges in accessing incentives due to discrepancies in the list of products prioritized for development. The business community is urging the Ministry of Industry and Trade to streamline confirmation procedures and facilitate approval processes to address these issues and make the business environment more attractive.
Overall, Vietnam’s energy sector is undergoing significant transformations with a focus on renewable energy sources, while the manufacturing industry is seeking support to enhance competitiveness and access incentives for growth. The country’s efforts to expand renewable energy capacity and support local businesses in accessing incentives are crucial steps towards sustainable development and economic growth.