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On the basis of the grey prediction models, this study uses the previous data (from 1980 to 2014) from the website of the World Bank and applies two algorithm models to forecast the electricity consumption in Vietnam. The simulation results show that Fourier Residual Modified GM (1, 1) (abbreviated as FRMGM (1, 1)) is an effective model with an average accuracy of prediction at 99.13%. Therefore, the FRMGM (1, 1) model is strongly suggested for forecasting the electricity consumption demand in Vietnam.

USING IMPROVED GREY FORECASTING MODEL TO ESTIMATE THE ELECTRICITY CONSUMPTION DEMAND IN VIETNAM