Approval of the Adjusted National Energy Master Plan for 2021-2030, Vision to 2050

1. Development perspectives a) Energy development must be linked to the country's socio-economic development strategy and ensure an optimal overall energy system, taking a proactive step, sustainably, continuously diversifying energy sources to provide sufficient and stable energy, meeting the requirements of socio-economic development and the country's industrialization and modernization strategy in the era of the global trend of the 4th Industrial Revolution. b) Exploration, exploitation, processing, and efficient use of domestic energy resources, combined with exploitation and import of energy from abroad to conserve domestic resources and ensure national energy security. c) Develop a competitive energy market, diversify ownership and business methods, aiming to best satisfy consumer interests. Accelerate the elimination of subsidies, moving towards completely abolishing the implementation of social policies through energy prices. d) Develop a synchronous, harmonious, and reasonable energy system: electricity, oil and gas, coal, new and renewable energy; reasonably allocate the energy system by territory; balance from exploration, exploitation, and processing; synchronously develop infrastructure, services, and recycling systems; encourage the development of new and renewable energy sources, clean energy. đ) Apply the achievements of the knowledge economy, the 4th Industrial Revolution, and scientific and technological advancements to improve energy efficiency and conservation, boost energy business efficiency; continuously enhance the quality of energy supply and services. e) Energy development must be closely linked to environmental protection, ensuring energy development towards green and sustainable growth, effectively responding to climate change. 2. Development objectives a) General objectives - Firmly ensure national energy security, provide adequate, stable, high-quality, and low-emission energy to meet the requirements of socio-economic development and industrialization, modernization of the country, ensure national defense, security, improve people's lives, and protect the ecological environment. - Rapidly exploit and efficiently use domestic energy resources combined with rational energy imports and exports; energy will be used more economically and efficiently. Gradually implement energy transition, contributing significantly to meeting the country's development requirements and international commitments towards the net-zero emission target by 2050. The energy sector will develop harmoniously among sub-sectors with synchronous and smart infrastructure, reaching an advanced level in the ASEAN region, consistent with global scientific and technological development trends. - A competitive, transparent, and efficient energy market, in line with the socialist-oriented market economy institution. Develop an independent and self-reliant energy industry to ensure that key materials and equipment in the energy sectors are produced domestically; form a comprehensive energy industry ecosystem based on renewable energy, new energy, aiming to become a clean energy industrial hub and a renewable energy exporter in the region.

b) Specific objectives - Regarding ensuring national energy security + Sufficiently supply domestic energy demand, meeting the socio-economic development target with an average GDP growth rate of at least 10%/year in the period 2026 - 2030: . Total final energy demand is projected to reach approximately 120-130 million tons of oil equivalent by 2030, with a target of approximately 175 - 200 million tons of oil equivalent by 2050. . Total primary energy supply is projected to reach approximately 150 - 170 million tons of oil equivalent by 2030, with a target of approximately 210 - 250 million tons of oil equivalent by 2050. + Strive to achieve a total national petroleum reserve level (including crude oil and products) of approximately 90 days of net imports by 2030. - Regarding just energy transition + The proportion of renewable energy in total primary energy is approximately 25 - 30% by 2030 and approximately 70 - 80% by 2050. + Energy saving on total final energy consumption is approximately 8 - 10% by 2030 compared to a business-as-usual development scenario. + Greenhouse gas emission reduction of 15 - 35% by 2030 compared to a business-as-usual development scenario. Greenhouse gas emissions in the energy sector are estimated at approximately 433 - 474 million tons of CO2 equivalent by 2030 and approximately 101 million tons of CO2 equivalent by 2050. Aim to reach peak emissions by 2030, provided that commitments under the Just Energy Transition Partnership (JETP) are fully and substantially implemented by international partners. - Regarding the development of the energy industry + Efficiently exploit and utilize domestic energy resources. . Crude oil production in the period 2026 - 2030 is projected to reach 5.8 - 8.0 million tons/year, and in the period 2031 - 2035 to reach 6.0 - 10.0 million tons/year. The target for the period 2036 - 2050 is 4.8 - 7.8 million tons/year. . Natural gas production in the period 2026 - 2030 is projected to reach 5.4 - 11.0 billion m3/year; in the period 2031 - 2035 to reach 9.0 - 15.0 billion m3/year. The target for the period 2036 - 2050 is 14.0 - 18.8 billion m3/year. . Fully develop LNG import capacity to meet the demand for LNG-fired power sources and other needs; form harmonized concentrated LNG energy centers across regions. . Fully and synchronously develop the coal sub-sector infrastructure towards inter-regional connectivity and linkage with the infrastructure systems of other relevant sectors and fields across the territory. + Focus on developing the energy industry to become a clean energy industrial hub and a renewable energy exporter in the region, forming and developing renewable energy centers in advantageous regions and localities: . Strive by 2030 to form and develop several clean energy centers including energy production and utilization, manufacturing of renewable energy equipment, oil and gas processing, construction, installation, and related services in the Red River Delta, South Central Coast and Central Highlands, and Southeast region when favorable conditions exist. . Develop new energy production to serve domestic needs and for export. Strive by 2030, green hydrogen production capacity will be approximately 100 - 200 thousand tons/year. The target for 2050 is a green hydrogen production capacity of approximately 10-20 million tons/year.

1. Solutions for mobilizing and allocating investment capital a) Solutions for diversifying and promoting investment attraction Develop breakthrough mechanisms and policies closely following Resolution No. 68-NQ/TW dated May 4, 2025, of the Politburo on private economic development, Resolution No. 70-NQ/TW dated August 20, 2025, of the Politburo on ensuring national energy security until 2030, with a vision to 2045, Resolution No. 79-NQ/TW dated January 6, 2026, of the Politburo on state economic development, to attract all social resources to participate in energy development, ensuring capital for implementing the energy master plan: - Diversify capital market access channels, ensure sufficient capital, provide interest support, and provide sufficient credit for state-owned enterprises focusing on strategic infrastructure, energy exploitation, transmission, central storage ports, and reserves to ensure energy security. - Strengthen and prioritize access to green capital and credit for private enterprises for power source development, production, and use of renewable energy and new energy. - Attract foreign investment, remove obstacles to utilize ODA capital, international aid, and JETP capital for energy projects. - Encourage and create a favorable environment for private enterprises and individuals to invest in developing small and medium-sized renewable energy projects, and projects that produce and consume energy. - Allocate preferential credit sources, apply government guarantees for national energy center investment projects, national important energy projects, large-scale, important, and urgent national projects. - Develop mechanisms for financial autonomy, increase capital for state energy corporations by increasing the percentage of after-tax profits retained by enterprises; review and reassess assets that have been fully depreciated but still have use value. - Promote the role of state-owned enterprises, strengthen the delegation of autonomy, self-determination, and self-responsibility to enterprises; review and supplement appropriate specific mechanisms and policies to create favorable conditions and ensure sufficient capital for state corporations and enterprises to implement large-scale, important, and urgent energy projects. Continue to restructure, innovate, improve operational efficiency, and the leading, competitive role of state-owned enterprises in the energy sector. - Gradually increase the internal financial mobilization capacity within energy Corporations, General Companies, and enterprises through solutions: improving the efficiency and effectiveness of energy enterprises' operations, ensuring accumulation, ensuring the equity ratio for development investment as required by domestic and international financial institutions; moving towards the main source of capital mobilization for investment projects from the self-accumulated capital of enterprises. - Strongly attract the private sector, both domestic and foreign, to participate in energy development investment. Encourage private enterprises to invest in energy storage infrastructure such as battery storage systems, LNG terminals, onshore and offshore petroleum storage facilities. - Continue negotiations and effectively utilize funding and capital arrangement support from international partners in the process of implementing energy transition and moving towards Vietnam's net-zero emissions. b) Solutions for credit policy, preferential credit, green credit - Manage credit in line with macroeconomic developments, inflation, and the economy's capital absorption capacity; direct credit institutions to create favorable conditions for energy enterprises to access capital sources. - Innovate credit policy towards flexibility and efficiency, prioritizing credit allocation for the energy sector, creating favorable conditions for energy enterprises to access capital sources; provide capital sources and preferential credit packages for enterprises with green, clea

5. Investment Capital Needs Total investment capital demand for energy development in the period 2021 - 2050 is approximately: 24,270 - 28,277 trillion VND. Investment phases are as follows: - Period 2026 - 2030: approximately 4,878 - 5,482 trillion VND. - Target period 2031 - 2050: approximately 19,392 - 22,795 trillion VND, details will be clarified in subsequent master plans. (Investment capital needs do not include projects in the field of transportation, storage, and distribution of petroleum products).