Lawmakers say two-digit growth must be tied to energy development

Lawmakers said Vietnam’s target of two-digit economic growth must be closely tied to energy development, with electricity supply for production identified as the top priority for growth management.

The view was presented by Deputy Nguyen Ngoc Son, a specialist deputy at the National Assembly’s Committee on Science, Technology and Environment, during a group discussion on the afternoon of April 9.

Cause: Two-digit growth depends on electricity supply

Deputy Nguyen Ngoc Son argued that achieving two-digit growth requires addressing multiple issues, foremost ensuring energy supply. He warned that pursuing high growth while facing regional electricity shortages would disrupt downstream performance across industry, services, logistics, data, AI and other sectors.

He said the Government should treat electricity for production as the top objective of growth management, shifting from a self-balancing electricity approach to energy security as the infrastructure supporting growth.

Development: Save power and follow planning

Deputy Nguyen Ngoc Son also emphasized that electricity savings are the “cheapest and fastest” source of power. He urged the Ministry of Industry and Trade to implement strong measures to save at least 10% during hot months, describing this as a direct way to reduce pressure to invest in new power sources.

He further called for adherence to Electricity Planning 8, including building large-scale energy storage systems estimated at 10,000–16,300 MW by 2030, and LNG-powered plants totaling 22,524 MW to relieve base load. He also recommended promoting solar power with self-generation and self-consumption mechanisms for households, offices, and industrial zones.

In addition, he said Vietnam should reduce over-reliance on imported fuels and build strategic reserves.

Data and reserves: Gasoline/diesel and crude oil stockpiles

Deputy Pham Thi Thuy Chinh, Chair of the Economic and Finance Committee of the National Assembly, proposed that the Prime Minister continue focusing on national reserves. She said there is currently no national stockpile for gasoline and diesel, with storage mainly held by corporate facilities. Enterprises, she noted, store finished gasoline and diesel rather than crude oil.

She urged increased investment in gasoline/diesel reserves, stating that this area accounts for 21% of total reserve expenditure. She also called for modernizing technology and storage systems across sectors.

In the Government’s report to the National Assembly, Vietnam aims to establish a large crude oil storage system to diversify supply and maintain stability for at least 90 days.

Currently, gasoline reserves are held by leading oil-trading companies under contract, with fees paid per unit. The reserve level is only about 7–10 days of consumption.

Impact and direction: Energy security and system efficiency

During the April 9 afternoon session, Prime Minister Le Minh Hung affirmed that Vietnam will ensure national energy security in both the short and long term, especially for crude oil and gas supplies. He also called for greater energy savings, ensuring there are no electricity shortages under any scenario, and improving the efficiency of the power system’s operation.