- Update
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- Format
- 4 files (PDF report, 3 Excel files)
- Pages
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41 (Report only)
- Delivery
- Immediate by e-mail
- GENERAL OVERVIEW
- INSTITUTIONS AND ENERGY POLICY
- ENERGY COMPANIES
- ENERGY SUPPLY
- ENERGY PRICES
- ENERGY CONSUMPTION
- ISSUES AND PROSPECTS
- DATA TABLES
- ABBREVIATIONS
- GLOSSARY
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Overview
This analysis includes a comprehensive Vietnam energy market report and updated datasets. It is derived from the most recent key economic indicators, supply and demand factors, oil and gas pricing trends and major energy issues and developments surrounding the energy industry. The report provides a complete picture of the country situation, dynamics, current issues and future prospects. With market data and continuous follow-up of markets news, this report brings clear and concise insights with which to tackle national energy challenges and opportunities. Browse the tabs below for a detailed table of contents, the list of graphs and tables, and details on the data files.
Highlights
- Vietnam plans to stop developing new coal plants after 2030 and limit coal capacity to 30 GW.
- To cope with future energy needs the country bets on nuclear, LNG imports, and renewables.
- State-owned companies operate in the energy sector: PVN for hydrocarbons (90% of total gas production), EVN for electricity (41% of total output), and Vinacomin for coal (83%).
- The power mix is made at 54% from thermal, including 44% from coal.
- Around 9.3 GW of coal plants were commissioned since 2020, leading to high coal imports.
- The share of wind and solar in the power mix has increased by 10 points since 2020 to 15%.
- After 4 years of frozen retail electricity prices, EVN increased prices by 5% in 2023 due to a surge in coal prices. Prices continued to hike in 2024.
- Energy consumption per capita is 1/3 lower than the Asian average in 2023.
- Vietnam aims to nearly double its power capacity by 2030 to 158 GW.
- Following the decision to relaunch the Ninh Thuận nuclear project, Rosatom offered to build 2 units of 1.2 GW each.
Institutions & Energy Policy
The Ministry of Industry and Trade (MOIT) supervises the energy sector. Within the MOIT, the General Directorate of Energy (GDE) administers the energy sector through three Departments: Electricity and Renewable Energy, Petroleum and Coal, and Energy Saving and Sustainable Development.
Energy Companies
Electricity:
EVN (Vietnam Electricity), a public holding under the supervision of the MOIT, is the country's national electricity company.
Energy Supply
Gas:
After a 7.9% increase in gas production in 2022 to 8.2 bcm, production reduced in 2023 (back to 2021 level) to 7.7 bcm. Between 2019-2021 it had decreased sharply (-9.5%/year to 7.7 bcm). Previously, production had jumped from 1.4 bcm in 2000 to around 10 bcm since 2015 thanks to the commissioning in 2002 of the Nam Con Son field.
Energy Prices
Electricity:
The costs of transmission and distribution, as well as the minimum and maximum production tariffs, are determined by the Electricity Regulatory Authority of Vietnam (ERAV). Since 2017, EVN can raise the average retail price of electricity by between 3-5% without the need to secure approval from MOIT. For increases of more than 5% but less than 10%, EVN must request permission from MOIT.
Energy Consumption
Energy consumption has been increasing gradually since 2010 as manufacturing industry grows.
Energy consumption per capita is low, at 1.2 toe and 2 520 kWh for electricity in 2023 (vs 1.6 toe and 3 000 kWh on average in Asia).
Total energy consumption increased rapidly until 2019 (6.2%/year over 2010-2019), and since 2022 (6.6%/year), to 115 Mtoe in 2023.
Issues & Prospects
Within the Master Plan for the development of energy for 2021-2030, with a vision to 2050 (published in 2023), energy demand is projected to increase at an average of 7%/year until 2030 and 6.5-7.5%/year between 2031-2050. The total primary energy supply is expected to reach 155 Mtoe in 2030 and between 294-311 Mtoe in 2050.
- GRAPH 1: CO2-energy emissions (MtCO2)
- GRAPH 2: Installed electric capacity by source (2023, %)
- GRAPH 3: Gross power production by source (TWh)
- GRAPH 4: Power generation by source (2023, %)
- GRAPH 5: Gasoline & diesel prices (US$/l)
- GRAPH 6: Electricity prices for industry and households (US$c/kWh)
- GRAPH 7: Consumption trends by energy source (Mtoe)
- GRAPH 8: Total consumption market share by energy (2023, %)
- GRAPH 9: Final consumption market share by sector (203, %)
- Economic Indicators: Annual historical data including population, GDP growth, imports and exports, inflation rate, energy security and efficiency indicators, CO2 emissions.
- Supply Indicators: Historical data including oil and gas reserves, electric and refining capacity, energy production, power production and external trade. All are detailed by energy source.
- Demand Indicators: Historical data including consumption per inhabitant, consumption trends, total consumption by energy source, final consumption by energy source and sector, and electricity consumption by sector.
- Energy Balances: Single table displaying the overall energy industry balance per annum, also graphically displayed by energy sub-segment.
- Infrastructure Projects: Covers power plant projects by energy, technology, status and operator.
The Vietnam energy market data since 1990 and up to
is included in the Excel file accompanying the Vietnam country report.
It showcases the historical evolution, allowing users to easily work with the data.
Key Data included in the excelsheet:
- Economic indicators: Annual historical economic indicators, energy security, energy efficiency and CO2 emissions.
- Supply indicators: Annual historical reserves, capacity, production and external trade (imports(+) exports(-) balance).
- Demand indicators: Annual historical consumption per capita, consumption trends, total consumption, final consumption (per energy and per sector) and electricity consumption total and per sector.
- Energy Balance: total and per energy.
- Vietnam Energy Prices: In addition to the analysis provided on the report we also provided a data set which includes historical details on the Vietnam energy prices for the follow items: price of premium gasoline (taxes incl.), price of diesel (taxes incl.), price of electricity in industry (taxes incl.), price of electricity for households (taxes incl.), price of natural gas in industry (taxes incl.), prices of natural gas for households (taxes incl.), spot price of Brent and CO2 emissions (from fuel combustion).
The Vietnam country dashboards are complemented with country forecasts from EnerFuture (excel file) with scenario comparison.
Data included in the excelsheet:
- Demand: Primary energy consumption, final energy consumption, by fuel, by sector.
- Power: Electricity generation & capacities, by technology.
- CO2: Total CO2 emissions.
- Macro-economy: Main macro-economic assumptions.
- Key indicators: Energy intensity, share of renewables, CO2 emissions per capita and per unit of GDP.