In 2023, Vietnam boosted socioeconomic development amidst many issues. The global economic recovery is much slower than forecast, and many major economies maintain tight monetary policies and high interest rates. Demand in other countries has declined, which is directly impacting nations like Vietnam.

Phan Thi Thang Deputy Minister of Industry and Trade

However, Vietnam has still achieved remarkable outcomes like a stable macroeconomy, curbed inflation, and guaranteed macroeconomic balances. Of these, the industry and trade sector has coordinated closely with relevant authorities to synchronously implement solutions to support businesses in production, making an important and positive contribution to the country’s economic development.

In managing the energy sector, in addition to building institutions and policies, the MoIT has regularly directed Vietnam Electricity (EVN) and related units to ensure providing enough safe and reliable electricity for daily life and production needs. Although there were some local power shortages, sometimes in dry hydrology and extreme heat, they promptly overcame them with many immediate and long-term answers.

Particularly, the coal and oil and gas industries both met and exceeded production targets compared to the same period 2022 and exceeded the 2023 plan.

In 2023, the MoIT has submitted orientation for master plans, including on power development, energy, and mineral exploration, as well as drafted implementation for the nation’s petroleum reserve infrastructure plan.

The ministry also promptly issued many guiding and administrative documents to ensure the stability of the coal market, providing enough coal and gas for electricity production and other industrial production needs. The electricity supply in 2023 was guaranteed, and the load closely followed the plan.

For the oil and gas industry, in 2023, the industry completed production and consumption targets, in which PetroVietnam exceeded 5-31 per cent of the yearly plan. It followed up on the target tasks and proposed production and business strategies, continuing to maintain stable production and business activities.

Total estimated oil and gas exploitation output in 2023 reached 17.82 million tonnes, exceeding 17 per cent of the yearly plan. Petroleum output was about 7.26 million tonnes, 31 per cent higher than envisioned. Electricity output was 25.1 billion kWh, equal to 105 per cent of the plan. The estimated nitrogen output reached 1.75 million tonnes, 9 per cent higher than anticipated.

Oil consumption was estimated at 10.28 million tonnes, 11 per cent higher than the yearly plan. Gas consumption sat at 7.54 billion cubic metres (exceeding plan by 27 per cent). Petroleum consumption is estimated at 7.26 million tonnes (31 per cent), electricity consumption is estimated at 25.1 billion kWh (105 per cent), and nitrogen consumption is estimated at 1.75 million tonnes (9 per cent).

Elsewhere, most targets on coal production and consumption were met and exceeded over the same period in 2022, especially the target on coal supply for electricity production reached 94.3 per cent of the year’s plan and equal to 116.5 per cent of 2022. Commercial coal production was over 57.9 million tonnes, of which 44.7 million tonnes from domestically produced, and 13.2 million tonnes imported.

In the electricity industry, synchronous solutions have been deployed to put large power projects that play an important role in ensuring electricity supply, into operation, and mobilise maximum resources to ensure electricity supply for production and consumption, such as Thai Binh 2 thermal power plant and Van Phong 1.

What is more, the MoIT has ensured investment and construction progress of key power source and power grid projects, especially 500kV circuit 3 power grid projects from Quang Trach to Pho Noi. EVN and its units have actively implemented construction investments and put many power grid projects into operation in 2023.

In estimation, the total produced and imported electricity output of the entire electricity system in 2023 is estimated to have reached 280.1 billion kWh, up 4.6 per cent over 2022 and reaching 98.45 per cent of the yearly projections.