Vietnam’s energy security in 2023: Global coal and LNG markets
For Vietnam, peak oil has passed, that the domestic coal production is struggling and failing achieve 100% of the plan, and that the natural gas peak is close but there is still a chance to defer it. Once a robust legal framework and a balanced regulatory structure are in place, market mechanisms such as auctions, direct power purchase agreements and self consumption will attract private investors into new solar and wind projects.
Regarding the pace of fossil fuels use reduction in Vietnam, net-zero scenarios converge to find that emissions should peak in 2035. They also agree that the main energy strategy is to pursue electrification based on renewable electricity sources. This report’s last section examines policy options for the energy transition in Vietnam, in today’s context of the energy crisis. The text describes the challenges and options to manage energy efficiency, options available to support the energy transition and energy security.