Vietnam approves expanded list of strategic energy projects to meet rising power demand

Prime Minister Pham Minh Chinh has approved a sweeping update to the country’s portfolio of national important and priority energy projects, marking one of the most comprehensive revisions to the sector’s development roadmap in recent years.

The new list, issued under Decision 2634/QD-TTg signed by Deputy Prime Minister Bui Thanh Son on Tuesday, outlines major projects overseen by the State Steering Committee for national important programs and key energy projects. The decision replaces an earlier portfolio issued in April 2024.

The updated list covers 32 power projects, including 21 thermal power plants, nine hydropower projects, and two offshore wind developments. It also features seven LNG storage facilities, seven gas-to-power chains, and dozens of transmission lines and substations.

The list also includes the expansion of the Dung Quat Oil Refinery and three regional renewable-energy industrial hubs in Ho Chi Minh City, the central province of Khanh Hoa, and the south central-southern region, including a high-voltage subsea cable manufacturing center to support offshore wind projects.

Key power-generation additions include LNG-fired power plants in Quang Ninh, Hai Phong, Hung Yen, Nghi Sơn, Quang Trach, Hai Lang, Ca Na, Bac Lieu, and Long An. One of them is the 4,800 MW Hai Phong LNG project by Vinenergo, a subsidiary of Vingroup (HoSE: VIC).

The update also features hydropower expansions at Tri An, Tuyen Quang, Ban Chat, Lai Chau, and Son La. Offshore wind projects include developments in the south-central offshore zone and an export-oriented wind complex supplying Singapore and Malaysia.

The LNG infrastructure program comprises storage sites integrated with LNG-to-power plants in Quang Ninh, Thai Binh, Nghi Son, Hai Lang, Ca Na, Bac Lieu, and Vung Ang.

Notably, the Ninh Thuan nuclear power plants 1 and 2 in Khanh Hoa province are included in the list.

The Ministry of Industry and Trade has been assigned to review and revise the list as needed, based on shifts in electricity demand, grid readiness, and investment conditions.

The updated list will guide the work of the State Steering Committee established in November, headed by Deputy PM Bui Thanh Son, which is responsible for inter-ministerial coordination and expediting preparation and execution of priority energy projects.

Vietnam’s fast-growing industrial sector continues to drive strong power demand. Under the revised eighth Power Development Plan (PDP VIII), commercial electricity consumption is forecast to grow 7.2-8.2% annually in 2026-2030, reaching 500-558 billion kWh by 2030. Peak load is projected at 89.7-99.9 GW, reflecting the scale of new capacity required to support GDP growth targeted at around 10% a year.