On the National Assembly sitting in Hanoi on 21 October 2024, the Minister of the Ministry on Industry and Trade (MOIT) – Mr. Nguyen Hong Dien – said that Vietnam would amend its National Power Development Plan VIII (PDP8) to include options for nuclear energy and hydrogen.
According to Mr. Dien, the amendment of PDP8 is necessary since relevant targets (i.e. offshore wind and LNG) are at risk of not being able to catch up with the plan under the current PDP8 due to the lack of legal framework and pricing obstacles. The goal of the amendment of PDP8, according to Mr. Dien, is to “fully tap the country’s energy potentials and stay proactive in energy supplies.” Mr. Dien’s speech is in line with the MOIT’s proposal to amend the PDP8 in early September whereby the MOIT opined that the supply of electricity in 2025 – 2030 period would be extremely difficult with the potential risk of eletricity shortage during the dry season. Further, according to the MOIT, the approved power sources under the PDP8 are at risk of not meeting the planned progress that can lead to power shortage in the future. It is reported that, under a document of a competent authority earlier this year, small and modern nuclear reactors have been discussed with a number of countries including South Korea, Canada and Russia.
We will keep you posted with most updated news on this matter.
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Please do not hesitate to contact Dr. Oliver Massmann at omassmann@duanemorris.com if you have any questions. Dr. Oliver Massmann is the General Director of Duane Morris Vietnam LLC.