On 11 February 2020, the Politburo of the Communist Party of Vietnam issued Resolution No. 55- NQ/TW on orientation of the National Energy Development Strategy of Vietnam to 2030, with a vision to 2045 (“Resolution No. 55”). Resolution No. 55 provides for the prioritisation of fast and sustainable energy development, while aiming to foster favourable conditions for all economic sectors, particularly the private sector, to participate in energy development. The Resolution further aims to eliminate subsidies, monopolies, opaqueness and unfair competition in the energy sector.
Accordingly, the share of renewable energy sources in total primary energy supply will reach 15 – 20% in 2030 and 25 – 30% in 2045. Further targets include the development of an efficient smart grid system with regional interconnectivity, an increase in energy efficiency of up to 7% by 2030 and up to 20% by 2045 against business-as-usual (BAU), and to reduce greenhouse gas emissions from energy activities against the BAU scenario by 15% by 2030 and by 20% by 2045.