WB will accompany Vietnam in implementing Power Development Planning VIII

Minister of Industry and Trade Nguyen Hong Dien worked with Vice President of the World Bank - WB (East Asia - Pacific region) - Ms. Manuela V. Ferro (November 14, 2023).

At the meeting, the Vice President of the WB expressed WB's desire to accompany Vietnam in implementing Power Development Planning VIII. The Minister of MOIT highly appreciated the WB's active support in developing Vietnam's electricity and energy industry. The MOIT Minister said that the Government of Vietnam encourages economic sectors to invest in developing the electricity industry on the principle of healthy competition and ensuring harmony of interests of investors.

To successfully implement an equitable energy transition, Vietnam needs maximum support from international partners in technological transfer, administration, human resource training, and financial supply to ensure the solidity of national energy security and soon achieve commitments at COP26. MOIT requested the WB to accompany Vietnam in implementing a number of key contents as follows:

1/ Completing the policy mechanisms to promote energy transition.

2/ Promoting the conversion of coal to clean energy.

3/ Using energy economically and effectively.

4/ Upgrading the power transmission and distribution systems, accelerating the roadmap to develop a smart grid and energy storage systems.

5/ Green energy transition.

In particular, MOIT requested the WB to continue in coordination with the Electricity of Vietnam, provinces and cities to implement the Power Supply Program project for the rural, mountainous and island areas to realize the goal of 100% of households being supplied with stable, quality electricity at reasonable prices through the Public Investment Program on rural, mountainous and island electricity supply (period 2021 - 2025).

At the meeting, the Vice President of the WB expressed WB's desire to accompany Vietnam in implementing Power Development Planning VIII, continue financial support for energy transition projects, especially renewable energy projects and focus on projects to expand hydropower, pumped storage hydropower, floating solar power on lake beds and offshore wind power in the Northern region.

On the other hand, the WB is committed to supporting the development of programs and projects to help Vietnam achieve the goal of 100% of households being supplied with stable, high-quality electricity at reasonable prices.

At the end of the meeting, the two sides agreed to continue coordinating and reviewing regulations and processes to improve cooperative projects' efficiency in the near future./.