Vietnam to spend US$134.7 billion on power development

The energy and electricity sector has made impressive progress against the backdrop of accelerating progress towards carbon neutrality targets. Recently, Prime Minister Pham Minh Triet approved the 8th National Electricity Development Plan, which will guide the development of Vietnam’s power plants and grids from 2021 to 2030. The plan aims to move Vietnam into the top 4 ASEAN countries in terms of electricity reliability by ensuring adequate electricity supply to drive a projected annual GDP growth rate of 7.0% over this period.

According to the plan, Vietnam will invest US$134.7 billion in power development and make a major effort to develop renewable energy. By 2030, half of Vietnam’s office and residential buildings will be powered by rooftop solar energy and energy-related greenhouse gas emissions will be reduced to approximately 27-31 million tonnes. The aim is to increase the share of renewable energy in the electricity mix to between 67.5% and 71.5% by 2050, with a total installed renewable energy capacity of 400 GW.

Gas-fired generation is expected to reach 40.3 GW by 2035, when no new electricity of this type will be generated. By 2050, the share of gas in the electricity mix will reach 15.7%. The use of coal for electricity generation will cease by 2050.

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