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- GENERAL OVERVIEW
- INSTITUTIONS AND ENERGY POLICY
- ENERGY COMPANIES
- ENERGY SUPPLY
- ENERGY PRICES
- ENERGY CONSUMPTION
- ISSUES AND PROSPECTS
- DATA TABLES
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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.
- The country aims to reach a capacity of ~40 GW of wind and solar in 2030.
- RES auctions and PPA contracts are replacing FiTs.
- The hydrocarbon sector is dominated by State-owned companies: PVN for hydrocarbons and EVN for electricity.
- Oil and gas production has been decreasing rapidly since 2015 with the decline in existing fields.
- Wind capacities increased 8-fold in 2021 to 4 GW.
- The share of coal in the power mix has increased by 27 points since 2010, reaching 48% in 2021.
- The prices of gasoline and diesel have increased sharply since 2021.
- Oil prices are lower than in neighbouring countries.
- Energy consumption decreased by 5% in 2021, after a rapid progression between 2010 and 2019 (~5%/year).
- The energy mix is increasingly dependent on coal (52% in 2021, +27 pp since 2010).
- The country reviewed its power mix forecasts for 2030 by reducing the share of coal to 24.5% in favour of renewables and gas.
wind capacity in 2030
electricity capacity since 2014
net CO2 emissions by 2050
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.
PVN, PetroVietnam, the state-owned oil and gas company, dominates the oil sector. It operates through its various subsidiaries and affiliates like PetroVietnam Exploration and Production (PVEP) and PV OIL. Crude oil production reached 74 mbl from January to November 2022.
The marketed production of natural gas has been decreasing sharply since 2019, by 11%/year to 7.2 bcm in 2021. It grew very rapidly between 2002 and 2010, from 2.8 bcm to 9.8 bcm (+19%/year, on average), following the commissioning in 2002 of the Nam Con Son field. Production growth then slowed down (about 6%/year) to reach a peak in 2014 (11 bcm).
The costs of transmission and distribution, as well as the minimum and maximum production tariffs, are determined by the Regulatory Authority. 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 per capita is low, at 0.9 toe and 2 300 kWh for electricity in 2021 (vs 1.5 toe and 2 923 kWh on average in Asia).
Total energy consumption increased rapidly until 2019 (5%/year over 2010-2019), slowed down in 2020, and decreased by 5% in 2021 to 92.5 Mtoe.
Issues & Prospects
According to "National Energy Development Strategy to 2030 and outlook to 2045" (Resolution 55, 2020), total primary energy supply is expected to reach 175-195 Mtoe by 2030 and 320-350 Mtoe by 2045.
- GRAPH 1: CO2-energy emissions (MtCO2)
- GRAPH 2: Installed electric capacity by source (2021, %)
- GRAPH 3: Gross power production by source (TWh)
- GRAPH 4: Power generation by source (2021, %)
- 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 (2021, %)
- GRAPH 9: Final consumption market share by sector (2021, %)
- 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 report is complemented with a national power generation dashboard (excel file) from our Power Plant Tracker Service.
Data included in the excelsheet:
- New capacities: Current power mix, installed capacity at date, capacity under construction and under development.
- Power Sector Performances: Historical data on installed capacity, power generation, thermal power plants inputs, average thermal power plant efficiency, CO2 emissions of the power sector, carbon factor of the power sector.