In an announcement released on October 1, the Government underlined the importance of investments in developing the power sector remains one of the top priorities of Viet Nam to boost socio-economic development and ensure national defense and security.

As the economy is expanding robustly over the past years, prompting the need to ensure power source growth at 10-12 percent annually to meet the current and future power demand and to achieve the goal of net-zero emissions by 2050, said the Government.

From the above perspective, the Government called for early investments in power generation projects, with a particular focus on renewable energy such as offshore wind and gas-fired power.

The Government targets to increase offshore wind power sources to 6,000MW by 2030 compared to the country's total offshore wind power potential of 600,000 MW, according to the 8th National Power Development Plan last April.

As there are more than six years left, it is necessary to promptly deploy offshore wind power projects, the Government said.

The Government tasked the Ministry of Industry and Trade to expeditiously coordinate with the Viet Nam Oil and Gas Group (PetroVietNam) to conduct offshore wind power surveys.

The Government also requested the ministry to coordinate closely with relevant ministries and agencies in reviewing, amending and supplementing the Law on Electricity and other related regulations and submit to the National Assembly for approval at the legislative body's upcoming working session.

Last year, the total power source capacity (commercial operation accepted) of the entire system reached about 80,555MW, an increase of 2,800MW compared to that of 2022, reported the Electricity of Viet Nam (EVN).

Of the total figure, the capacity of renewable energy sources (wind and solar power) is 21,664MW, accounting for 27%, coal-fired thermal power is 26,757MW, accounting for 33.2%; hydropower (including small hydropower) is 22,872MW, accounting for 28.4%.

Viet Nam ranks top in ASEAN in terms of power source capacity./.