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29 February 2024

Vietnam looks to more than double power generation capacity by 2030

Photo: Reuters

By Reuters

Vietnam will more than double its power generation capacity over the next decade to support a fast-growing economy, new guidelines for a national energy development strategy show.

The Southeast Asian nation aims to boost capacity to 125-130 gigawatts (GW) by 2030, from about 54 GW now, the Communist Party's powerful decision-making politburo said in a document this month.

The strategy is "aimed at ensuring national energy security, and sufficiently supplying power for fast and sustainable socio-economic development," it added.

Vietnam, one of Asia's fastest-growing economies, will have to battle severe power shortages from 2021 as demand outstrips construction of new power plants.

It will raise the proportion of renewable energy to 15% to 20% by 2030, while trying to cut reliance on coal for electricity production, the strategy document showed. Coal now accounts for about 38% of capacity.

The strategy calls for oil refineries to meet at least 70% of domestic demand for refined petroleum products. Vietnam will also develop infrastructure to be able to import 8 billion cubic metres of liquefied natural gas annually by 2030.

Vietnam will seek foreign and domestic private investment to help develop new power plants, and speed the privatisation of state-owned power companies.

On Friday, the government said Vietnam would generate more electricity from coal and oil this year to bridge an expected gap in hydropower output, hit by lack of rain.