Vietnam to boost power capacity in $136 billion plan

The plan will focus on renewable energy development and will add nuclear power to the mix for the first time, the government said in a statement.

The Southeast Asian country, a regional industrial hub, is seeking to ramp up its electricity generation capacity to support its fast-growing economy and meet its pledge for carbon neutrality by 2050.

Solar power will account for 25.3%-31.1% of the total installed capacity by 2030, while onshore and nearshore wind energy will account for 14.2%-16.1%, according to the plan, also known as PDP8, the government said.

Coal-fired power plants will account for 13.1%-16.9% of the mix, hydropower 14.7%-18.2% and plants using liquefied natural gas 9.5%-12.3%, it added.

The country aims to put its first nuclear power plants into operation between 2030 and 2035, with combined capacity of 4.0 GW-6.4 GW, the government said.

 It also targets to have 6 GW-17 GW of offshore wind energy between 2030 and 2035.

The revised ambitious targets for the power plan come after authorities flagged a retroactive change to preferential prices for producers of solar and onshore wind energy, which has caused concerns among investors.

To realise the targets, Vietnam would need a total investment of $136.3 billion for the 2026-2030 period, including $118.2 billion for new power plants and $18.1 billion for its grid, according to the statement.