Oil reserves to rise 10-fold by 2030

This is among the mandates in the national energy master plan for 2021 – 2030 recently approved by the government.

The reserves have three components: those held by key fuel wholesalers (20 days of net imports) and distributors (5 days), the two oil refineries and government-held reserves.

Currently they are at 5-7 days of net imports, inadequate to ensure energy security.

The energy demand is forecast at 107 million tons of oil equivalent by 2030 and 165-184 million tons by 2050.

Crude oil production will reach 6-9.5 million tons per year by 2030, and increase by half by 2050.
Coal production will be 41-47 million tons a year.

Trial mining will be carried out in the Red River Delta coal basin before 2040, and if it is successful industrial-scale exploitation will begin before 2050.

In the case of green hydrogen, production will be 100,000-200,000 tons a year by 2030 and 10-20 million tons by 2050.

The plan seeks to make a transition, with the proportion of renewable energy in the total mix to be 15-20% by 2030 and 80-85% by 2050.

Vietnam also hopes to achieve a reduction of 17-26% in greenhouse gas emissions in the next seven years, and 90% by 2050, to meet the net zero emissions target it committed at the 2021 United Nations Climate Change Conference.

To this end, the plan sets out solutions for mobilizing and allocating investments, policies, international cooperation, and monitoring their implementation.

It is expected to help speed up energy transition, develop a self-reliant industry and create an energy industry ecosystem based on renewable and new energy.

It targets turning Vietnam into a clean energy hub and renewable major energy exporter in Southeast Asia.