According to Electricity of Vietnam (EVN), the total electricity capacity of the system reached 80,555 megawatts (MW) by the end of 2023, an increase of 2,800 MW from 2022. Renewable energy, including wind and solar power, accounted for 26.9 percent (21,664 MW), hydropower 28.4 percent (22,872 MW), coal-fired thermal power 33.2 percent (26,757 MW), and gas-fired power 8.9 percent (7,160 MW).

Vietnam's electricity system ranks second in Southeast Asia and 23rd globally. The Ministry of Industry and Trade (MOIT) reported improvements in electricity supply reliability, with the power loss rate during transmission and distribution decreasing to 6.24 percent in 2022, comparable to many developed countries.

However, supply capability remains a concern. Following a significant electricity outage in May 2023, the government implemented measures to ensure a stable electricity supply. The Prime Minister approved the eighth national power development plan for 2021-2030 (Plan 8), emphasizing the development of new electricity generation projects and a balanced mix of renewable and traditional energy sources.

On April 1, 2024, the Prime Minister released a plan to accelerate these projects. Due to limited fuel resources, Vietnam imports primary energy for domestic power production, including coal, oil, and gas. The government has stressed the importance of using energy efficiently and economically.

In June 2023, the government issued Directive No20/TTg, targeting a 2 percent reduction in total electricity consumption nationwide, the use of LED lamps in 50 percent of public lighting, and the development of rooftop power systems. Saving 2 percent of electricity could equate to the output of a 1,200 MW power plant.

The government has expedited the 500 kilovolt (kV) Circuit 3 Quang Trach - Pho Noi transmission line project, aimed at transmitting electricity from the southern and central regions to the north. The project is expected to be operational by June 30, 2024.

Reports indicate a sharp increase in electricity demand in the first five months of 2024, with hydrological conditions being unfavorable. Despite these challenges, thermal power, especially in the north, was mobilized effectively. The nationwide maximum capacity reached 47,670 MW on April 27, a 13.2 percent increase year-on-year, while the maximum daily electricity output hit 993 million kilowatt-hours (kWh) on April 26.

The total electricity output (domestically produced and imports) in the first five months of the year was 124.2 billion kWh, up 12.1 percent from the previous year. Commercial electricity output was estimated at 110.24 billion kWh, up 14.1 percent.

MOIT has reaffirmed that the national electricity system will meet the demand for socio-economic development and daily activities in 2024.