Energy-thirsty Vietnam is set to produce and import a total 284.5 billion kilowatt hours (kWh) of electricity this year, 16 billion kWh higher than 2022's tally and 29 billion kWh more than 2021.
The power plan for 2023, approved by the Ministry of Industry and Trade, puts the country's electricity production and imports in the dry season at 137.1 billion kWh and in the rainy season at 147.4 billion kWh.
The plan is based on GDP growth of 6.5% already approved by the country’s legislative body, and a planned total supply of nearly 251.3 billion kWh for residents nationwide, an increase of nearly 9 billion kWh against last year, according to the ministry.
To date, 108 power plants have participated in bidding as competitors in the Vietnamese electricity market. The actual supply, based on power purchase agreements and regulatory price schemes, will be determined by current regulations on electricity prices and market developments.
State utility Vietnam Electricity (EVN) has been instructed by the ministry to establish suitable operating methods and mobilize power sources, including renewables, to ensure sufficient supply for the country, which is one of the fastest developing economies worldwide.
The ministry has told the state-run Petrovietnam to work on plans to prioritize gas mobilization for the country’s power supplies.
The state-owned mining group Vinacomin and the Northeast Corporation have been instructed to ensure a sufficient and continuous supply of coal for thermal power plants.
EVN data shows that Vinacomin provided 16.8 million tons of coal last year, almost 97% of the contracted total, but the Northeast Corporation completed just 82% of its delivery at 5.23 million tons.
By the end of 2022, Vietnam’s total installed capacity was almost 77,800 megawatts, an increase of 1,400 MW against 2021. Of this, renewable energy made up 26.4%, or 20,165 MW, according to the ministry.