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Vietnam Power and Energy Update – 21 February 2024

PIC tracks the latest developments in Vietnam's power sector providing insight and analysis on the market and policy.

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Ensuring supply for electricity production in 2024

Vietnam's Prime Minister has directed all stakeholders in the power sector to focus on ensuring (i) electricity supply and (ii) gas and coal supply for electricity production in the near term. Accordingly, the Minister of the Ministry of Industry and Trade (MOIT) has been tasked with finalising the National Power Development Plan No. 8 (PDP8) Implementation Plan, and coordinating with EVN and PVN to develop a Decree on the electricity mechanism for gas and wind power before Q2 2024. (Prime Minister’s Directive 05/CT-TTg dated  14 February 2024 on ensuring electricity supply, coal and gas supply for electricity production in the coming time)Source Source

Vietnam’s national hydrogen development strategy 

Vietnam's hydrogen development strategy published in February 2024 requires that the development of hydrogen projects occurs pursuant to PDP8, national development, and the energy transition context both domestically and internationally. Hydrogen capacity is to be developed throughout the value chain, including production, storage, transportation, distribution, and use, to ensure energy security and reduce greenhouse gas emissions. Policies and incentives are to be completed to promote hydrogen use in areas with high emissions, and international cooperation should be strengthened for effective support (Prime Minister’s Decision 165/QD-TTg dated 7 February 2024 on approving Vietnam's hydrogen energy development strategy until 2030, with a vision to 2050)Source

Ho Chi Minh City seeking green investments for sustainable development

Ho Chi Minh City is focusing on green growth by attracting more investments in knowledge-intensive sectors and high-value, cutting-edge technologies across all sectors. In the short term, priority will be given to clean energy among others. The city has set a target of attracting investments in green and high-tech projects by 2030. However, the current lack of a detailed legal framework remains an issue to be addressed to pave the way for green finance and green investment in the city. Source

Amended Land Law passed by the National Assembly

On January 18, the 15th National Assembly adopted the Revised Land on Law 2013 (Revised Land Law) which comes into force on 1 January 2025. Key changes cover various issues including innovations in land use planning, strict regulations on land allocation and lease cases, new regulations on land recovery, land price determination, and state management glued with digital transfer. Source Source Source

BCG Energy enters the waste-to-energy sector

BCG Energy, the renewable energy subsidiary of Bamboo Capital Group, has partnered with waste management company Tam Sinh Nghia Investment Development JSC to establish two waste-to-energy (WTE) facilities in Ho Chi Minh City and Long An province. The WTE plant in Ho Chi Minh City's Cu Chi district totaling USD 211 million, expected to be completed in 2024-2025, will have a processing capacity of 5,200 tonnes per day and a potential 130 MW power output. The Long An plant in Tan Dong commune totaling USD 67 million is set to process 500 tonnes per day and generate 10 MW power. Source

Gia Lai province aims to promote wind power development

Gia Lai is supporting development of the renewable energy industry with a focus on wind energy, alongside hydropower, solar, and biomass power. Over the past two years, 17 wind power projects have been implemented in the province, reaching a total capacity of 1,242.4 MW, compared to a target of 1,800 MW. By 2024, wind power plants and rooftop solar projects are expected to contribute 453 million kWh, increasing the province's electricity production to 12.515 billion kWh. Source

Duc Thanh Wood and GreenYellow join forces on solar energy deal

Duc Thanh Wood JSC has announced a collabortaion with GreenYellow to install solar energy panels on Duc Thanh’s factory in the southern province of Binh Duong. GreenYellow will invest in a rooftop solar power system covering approximately 38,000 square metres. The system’s total capacity is equivalent to 1,227kWp, with a total investment value exceeding USD 1 million. The system is expected to be in operation by the end Q1/2024, helping Duc Thanh Wood reduce costs and reduce emissions by more than 2,000 tonnes of CO2 per year. Source

Update on SETP program implementation progress

On 23 January 2024, the Steering Committee of the Vietnam-EU Sustainable Energy Transition Program (SETP), held a meeting to provide an update on the budget disbursement and the progress of related projects. The total funding is EUR 142 million, with the first and second tranches in 2022 and 2023 at EUR 26 million and EUR 22 million, respectively. The third tranche is progressing well with submission of disbursement documents expected in March 2024. However, achieving the planned fourth disbursement is uncertain and it is necessary to consider modifying the implementation level with EU donors. Source

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