Vietnam needs US$8-US$14bil power investment a year through 2030, says minister


HANOI, Aug 13 (Reuters): Vietnam will need investment of between US$8 billion and US$14 billion a year through to 2030 to develop new power plants and expand its grid, its deputy industry minister had said this week.

Of the amount, 75% would be spent on new power plants, with priority given to renewable sources, and 25% on grid expansion, Deputy Minister of Industry and Trade Dang Hoang An said in a statement.

He said the country will seek to raise funds from private investors for the new power projects, without elaborating.

Vietnam, a regional manufacturing hub, needs to increase its installed power generation capacity by around 10% a year to support its fast-growing economy and population.

An said Vietnam, which pledged last year to become carbon-neutral by 2050, will raise its offshore wind capacity to 7 gigawatts (GW) by 2030 and to 65 GW by 2045, while cutting the proportion of coal in its energy mix.

"Vietnam will not add new coal-fired power plants to its master power development plan, and will only continue coal projects that are under construction until 2030," An said.

The ministry last month asked the government to remove future coal projects with a combined capacity of 14.12 GW from the master power development plan that is being drafted.

Under the latest draft of the master power development plan, Vietnam's total installed power generation capacity would be raised to 121 GW by 2030 and to 284 GW by 2045, from 76.6 GW at the end of last year, according to state media. - Reuters

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Vietnam , Power Investments , Billions

   

Next In Aseanplus News

Asean News Headlines as at 9pm on Thursday (Oct 6)
Six killed, many injured as vehicle overturns in Myanmar
Philippines undertaking ‘transformational reform’ of justice system: Remulla
Jail for member of syndicate that cheated Iras of S$722k in GST fraud
Sokha trial calls witnesses, next hearing may extend to full day
Man who allegedly stole bra on cruise ship can face trial in Singapore: Judge
Vietnam hails new flight routes, works to facilitate entry of foreigners
Thai PM orders probe into 'horrifying' nursery mass shooting
'A time to help': Indonesians ran to aid of fleeing fans in stadium stampede
M'sians can now nominate themselves to contest GE15 for PKR, says Rafizi

Others Also Read