Approval of the Adjusted National Power Development Plan for 2021-2030, Vision to 2050 (PDP VIII Adjustment)

II. DEVELOPMENT PERSPECTIVES AND OBJECTIVES 1. Development Perspectives a) Electricity is a crucial infrastructure sector; power development must take a proactive step to create a foundation for rapid and sustainable national development, building an independent and self-reliant economy, improving people's lives, and ensuring national defense and security. Power development planning must have a long-term vision, be effective, sustainable, and prioritize national and ethnic interests above all else. b) Power development follows the principle of optimizing all factors regarding power sources, transmission, distribution, and efficient energy use, with an appropriate roadmap for resource and environmental protection, economic model transformation, and ensuring national energy security at the lowest cost. c) Power development planning must be based on scientific grounds, be inherited, dynamic, and open. Efficiently exploit and utilize domestic energy resources, combined with reasonable import and export, and economical and effective energy use. Consider the development of renewable and new energy as an opportunity to develop a comprehensive industrial energy ecosystem. d) The State focuses on investing and encouraging economic sectors to rapidly develop the power industry based on fair competition principles and implementing market mechanisms for electricity prices, ensuring a harmonious balance of interests for investors, electricity users, and meeting the development requirements of various regions. đ) Power development must closely follow global scientific and technological trends, especially in renewable and new energy, associated with the country's economic transformation towards a green, circular, low-carbon economy. Energy transition must be consistent with international trends and ensure sustainability, fairness, and justice. 2. Development Objectives a) General Objectives - Firmly ensure national energy security, meeting the requirements for socio-economic development, industrialization, and modernization of the country. - Successfully implement a just energy transition associated with production modernization, building smart grids, advanced power system management, in line with global green transition trends, emission reduction, and scientific and technological development. - Form a comprehensive industrial energy ecosystem based on renewable and new energy.

b) Specific Objectives - Regarding ensuring national energy security: + Sufficiently meet domestic electricity demand, serving socio-economic development with an average GDP growth rate of approximately 10.0%/year in the 2026-2030 period, and approximately 7.5%/year in the 2031-2050 period: . Commercial electricity: Approximately 500.4 - 557.8 billion kWh by 2030; oriented to reach approximately 1,237.7 - 1,375.1 billion kWh by 2050. . Electricity production and import: Approximately 560.4 - 624.6 billion kWh by 2030; oriented to reach approximately 1,360.1 - 1,511.1 billion kWh by 2050. . Peak capacity: Approximately 89,655 - 99,934 MW by 2030; reaching approximately 205,732 - 228,570 MW by 2050. + Ensure safe and reliable electricity supply, meeting N-1 criteria for important load areas and N-2 for particularly important load areas and nuclear power sources. By 2030, power supply reliability will be among the top 4 leading ASEAN countries, and electricity access index among the top 3 leading ASEAN countries. + Strive to have 50% of public buildings and 50% of residential homes use self-produced, self-consumed rooftop solar power (for on-site consumption, not selling electricity to the national grid) by 2030. - Regarding just energy transition: + Strongly develop renewable energy sources (excluding hydropower) for electricity generation, reaching a proportion of approximately 28 - 36% by 2030. Oriented to reach 74 - 75% renewable energy by 2050. + Control greenhouse gas emissions from electricity generation to approximately 197 - 199 million tons in 2030 and approximately 27 million tons by 2050. Aim to achieve peak emissions not exceeding 170 million tons by 2030, provided that JETP commitments are fully and substantially implemented by international partners. + Build a smart grid system capable of safely and efficiently integrating and operating large-scale renewable energy sources. - Regarding the development of the industrial ecosystem and renewable energy services: + It is expected that by 2030, two inter-regional industrial and renewable energy service centers will be formed, including electricity production, transmission, and consumption; manufacturing of renewable energy equipment, construction, installation, related services, building a renewable energy industrial ecosystem in areas with high potential such as the North, South Central Coast, and South when favorable conditions exist. + Develop electricity sources from renewable energy and produce new energy for export to Singapore, Malaysia, and other partners in the region. Strive to reach an electricity export capacity of approximately 5,000 - 10,000 MW by 2035, which could be higher depending on the importer's demand, based on high economic efficiency, ensuring domestic energy security and national defense and security.

VI. SOLUTIONS AND RESOURCES FOR IMPLEMENTING THE PLAN 1. Solutions for ensuring electricity supply security - Diversify fuel sources for power generation, harmoniously combining domestic primary energy sources and imports. - Promote exploration and drilling to increase reserves and production of domestic coal, oil, and gas for electricity generation to reduce reliance on imported fuels. - Invest in technical infrastructure for importing natural gas, LNG, and coal, consistent with the thermal power source structure and energy transition trends. - Strongly develop renewable energy sources to maximize the replacement of fossil fuels. Timely update global scientific and technological advancements in new energy sources (hydrogen, green ammonia, etc.) for power generation. - Research and apply fuel conversion technology for coal-fired and gas-fired thermal power plants to biomass, green ammonia, and hydrogen fuels. - Organize research and assessment of the potential of non-traditional energy sources. 2. Solutions for capital generation and mobilization for power sector development - Research and complete financial mechanisms and capital mobilization for power sector development. - Diversify capital sources, capital mobilization methods, and effectively attract domestic and foreign capital for power development, ensuring national defense, security, and competition in the electricity market. Intensify calls for and effective utilization of international support commitments (e.g., JETP, AZEC, ...), green credits, climate credits, green bonds, ... - Diversify investment forms (state, private, public-private partnerships, etc.) for power projects. Promote the role of state-owned enterprises, strongly attract domestic and foreign private sectors to invest in power development. Continue negotiations and effectively utilize funding and capital arrangement support from international partners in the process of energy transition and moving towards Vietnam's Net Zero emissions. - Create a favorable, transparent environment, attracting and encouraging private participation in investing and developing power projects. - Gradually increase the financial mobilization capacity of enterprises in the power sector according to the requirements of domestic and international financial institutions. 3. Legal and policy solutions - Complete the electricity price management mechanism according to market principles with state regulation, ensuring a harmonious combination of the state's political, economic, and social objectives and the business production and financial autonomy objectives of power sector enterprises. Electricity prices must ensure cost recovery, reasonable profit margins, attract investment in power development, encourage competition in generation, transmission, distribution, retail, and electricity use, and prevent electricity waste. Continue to improve and complete the current electricity tariff. Research implementing two-part electricity tariffs at an appropriate time. Continue to implement electricity price transparency. - Amend the Law on Economical and Efficient Use of Energy to create a strong shift in reducing the energy intensity of the economy, issuing sanctions and mandatory standards and regulations on efficient energy use, contributing to reforming the economic growth model. - Develop mechanisms and policies to encourage domestic enterprises to participate in renewable energy development, renewable energy industrial development, new energy for domestic use and export, and the development of power equipment manufacturing industry. - Develop policies to increase the localization rate in the power sector to enhance independence and self-reliance, and reduce production costs. - Review the legal system and legal documents to plan for building, completing, and creating a legal basis for nuclear power development. Establish a roadmap for building a regulatory system to ensure nuclear safety. 4. Environmental protection and disaster prev

6. Investment Capital Needs - Period 2026 - 2030: Total investment capital for power source and transmission grid development is equivalent to 136.3 billion USD, of which: investment for power sources is approximately 118.2 billion USD, and for transmission grids is approximately 18.1 billion USD. - Orientation for period 2031 - 2035: Estimated investment capital needs for power source and transmission grid development are equivalent to 130.0 billion USD, of which: investment for power sources is approximately 114.1 billion USD, and for transmission grids is approximately 15.9 billion USD, which will be finalized in subsequent plans. - Orientation for period 2036 - 2050: Estimated investment capital needs for power source and transmission grid development are equivalent to 569.1 billion USD, of which: investment for power sources is approximately 541.2 billion USD, and for transmission grids is approximately 27.9 billion USD, which will be finalized in subsequent plans.