Vietnam's power project development requires $135 billion by 2030

Vietnam's power project development requires $135 billion by 2030

According to a proposal submitted by the Ministry of Industry and Trade, Vietnam is projected to require an investment of US$113-135 billion for the development of power plants and grid projects between now and 2030. The majority of this estimate, 88%, will be allocated to power plant development, while the remaining portion will be dedicated to grid projects. The government’s approval is necessary to initiate these projects.

Among the proposed projects is a 514-kilovolt grid connecting Quang Binh Province with Hung Yen Province, with an estimated cost of $1 billion. Prime Minister Pham Minh Chinh has instructed Vietnam Electricity to commence the development of this project, aiming for it to be operational by June of next year, a year ahead of the original schedule. This grid project is expected to double the capacity for electricity transfer from the southern to the northern regions, thereby reducing shortages.

The Power Development Plan 8 (PDP8) for the period of 2021-2030 will require approximately 86,500 hectares of land and 111,600 hectares of sea. A draft of the PDP8 indicates that Vietnam aims to more than double its power generation capacity to 158 GW by 2030, compared to 69 GW at the end of 2020. The draft also highlights that power plants utilizing domestic gas and imported liquefied natural gas (LNG) will form the primary source of the country’s power generation mix, accounting for 37.33 GW or 23.6% by 2030.

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