Vietnam power plants’ capacity to hit 146,000 MW by 2030

The total capacity of power plants in Vietnam will reach 121,757-145,989 megawatts by 2030, with renewable energy accounting for 18-27%, according to the Ministry of Industry and Trade's latest draft power development plan VIII.

Coal-fired power will hold the biggest portion, at 20.6-29.8% (30,127-36,327 MW), the ministry said in its proposal sent to the government on November 11. The plan (PDP VIII) is for the 2021-2030 period, with vision to 2045.

It is followed by gas-fired and LNG-fueled power, 24.9-27% (30,330-39,430 MW); hydropower, 19.8-22.5% (27,353-28,946 MW); renewable energy (excluding hydropower, including solar, wind and biomass power), 18-27% (21,871-39,486 MW); and imported power, 3.3-3.4%.

By 2050, the total capacity of power plants will reach 368,461-501,608 MW, of which hydropower will make up 7.2-9.7%; coal-fired power, 0%; biomass/ammoniac-fired power, 5.1-7.8%; gas-fired power, 1.6-2.1%; LNG-fueled power, 4.2-4.9%; renewable energy sources, 54.9-58.9%; and imported power, 2.2-3%.

The ministry proposed allowing investors of solar power projects that have been completed or are pending a new pricing mechanism to continue implementing and putting them into commercial operation before 2030.

It is similar for projects/project segments that already have investors or are under construction; and those already having appraised basic designs, land recovery decisions/land lease contracts/land allocation decisions, equipment purchase and sale contracts, and power purchase agreements.

This group has a total capacity of 726.02 MW. These investors must absolutely comply with legal regulations on investment, land and construction; and offer electricity prices in line with regulations.

Under the draft, the sixth made so far this year, 27 projects/project segments without investors (over 4,136 MW) and 12 others (over 1,634 MW) that already have investors, receive in-principle approval, are in the stage of making feasibility studies or investment preparations, but yet to have land recovery decisions/land lease contracts/land allocation decisions will not be carried out in the 2021-2030 period.

Earlier, Prime Minister Pham Minh Chinh had requested more thorough considerations taken for the PDP VIII to ensure national energy security and interests are put first.

PDP III is a very important plan but also a difficult issue, especially in the context of many turbulences in the world's energy industry and energy transition due to geopolitical and geo-economic issues, rapid changes and development of energy technology, and Vietnam's international commitments to combating climate change, he said in a government conclusion issued in September.

According to the PM, the plan must be feasible to ensure sufficient electricity supply for production, business and people's daily life, with no power shortage in any situations. Electricity prices must be "reasonable and not higher than other countries in the region, especially those of wind and solar power".