Energy industry needs $190B investment by 2030

Under the plan, which has been approved in a decision signed by Deputy Prime Minister Tran Hong Ha, the capital for energy projects will come from other sources than public investment capital.

The demand for land area serving the development of facilities and infrastructure in the energy industry is about 93,540 – 97,240 hectares in the 2021-30 period and about 171,410 – 196,760 hectares in the 2031-50 period, along with a sea surface area for offshore projects at about 334,800 hectares in 2030, and about 1.3-1.7 million hectares in 2050, it said.

The National Power Planning in the 2021-30 period with a vision to 2050 covers areas of oil and gas, coal, electricity, new and renewable energy with tasks ranging from basic investigation, exploration, exploitation, production, storage, distribution to use and other related activities.

Particularly, the planning aims to strongly develop offshore wind power in combination with other types of renewable energy (solar power, onshore wind power) to produce new energy (hydrogen, green ammonia) serving domestic demands and exports.

Renewable energy sources that produce new energy to serve domestic and export needs are prioritized and allowed for unlimited development on the basis of ensuring national defense, security, energy security and bringing high economic efficiency, becoming a new economic sector of the country.