Vietnam Shifts Energy Strategy: Leviathan of Change

Vietnam has updated its energy plan, reducing targets for gas and offshore wind, while increasing reliance on coal and renewables. Nuclear plants will join the mix by 2035. The adaptation follows challenges in domestic and international gas supply, aiming to meet a high electricity demand.

Vietnam is recalibrating its energy strategy for the decade, lowering targets for gas and offshore wind projects while boosting coal and other renewable sources to meet growing power demands. This adjustment is outlined in a draft document unveiled by the industry ministry, which highlights Vietnam's evolving energy landscape.

The revised plan, still subject to changes, reveals that Vietnam will not have offshore wind projects this decade, pushing the initial 6-gigawatt target back to 2035. This shift reflects industry sentiment and expected domestic gas supply challenges, affecting electricity generation capacity plans.

The plan, aimed at mitigating power shortages during peak demand seasons, is part of Vietnam's broader effort to secure energy amid international negotiations regarding LNG imports, particularly with the U.S. The country will gradually introduce nuclear power by 2035, reflecting its strategic diversification in the energy sector.