Energy sector development needs $133 bln by 2030

By Dat Nguyen   September 28, 2020 | 08:02 pm PT
Energy sector development needs $133 bln by 2030
Workers fix power issues in District 7, Ho Chi Minh City. Photo by VnExpress/Thanh Nguyen.
Vietnam needs $133.3 billion over the next decade for building new power plants and expanding the grid to meet the growing demand for electricity.

It includes $96 billion for the former and $37.3 billion for the latter, according to the tentative 2021-2030 energy plan released on Monday.

Demand for electricity is forecast to remain high with annual growth rates of 8.6 percent in 2021-2025 and 7.2 percent in 2026-30, it said. It was 10.5 percent during the last 10 years.

The total generation capacity is set to rise 2.5 times by 2030 to 138 gigawatts.

Of the nearly 80 GW increase, wind and solar power will contribute about 30 GW, while the rest will come from coal-, gas- and LNG-fired plants and other sources.

To fully meet electricity demand, 8.5 million tons of liquefied natural gas and 45 million tons of coal will have to be imported over the next decade.

By 2030 the country will also have imported two GW of electricity from China and five GW from Laos.

The Ministry of Industry and Trade is finalizing the energy plan and will submit to the government next month.

The country has faced some major problems in recent years like delays in construction of coal-fired plants and rapid expansion of renewable energy, especially solar, overloading the national grid.

The ministry has warned of power shortages starting next year.

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