On 15 May 2023, the Prime Minister of Vietnam issued Decision No. 500/QD-TTg approving the National power development plan for the period between 2021 and 2030, and setting out the vision for 2050 (“PDP VIII“). PDP VIII takes effect from the issuing date and serves as the national master plan for the development not only of the energy sector but also the country’s economy in general. It creates the framework for investments and introduces significant changes to the existing regulations for the energy industry in Vietnam. PDP VIII sets out the issues to take note of in relation to green energy transition, clean energy and reduction of CO2 emitting power sources while aiming for a total power capacity to remain at about 400,000 MW.
This Update summarises the key features of PDP VIII.
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