Vietnam's Ambitious Power Play: A Renewed Push Towards Renewable Energy

Vietnam aims to significantly increase its power generation capacity to 183-236 GW by 2030, focusing heavily on renewable energy. The plan includes solar, wind, and nuclear energy to drive its growing economy towards carbon neutrality. This ambitious initiative demands a $136.3 billion investment by 2030.

Vietnam is set to boost its power generation capacity up to 236 gigawatts by 2030 from the current 80 GW, according to an amended national power development plan announced by the government. The strategy emphasizes renewable energy and introduces nuclear power as Southeast Asia's industrial hub drives towards carbon neutrality by 2050.

Solar power is projected to constitute 25.3%-31.1% of the capacity, while onshore and nearshore wind will contribute 14.2%-16.1%. Coal-fired plants are expected to make up 13.1%-16.9%, hydropower 14.7%-18.2%, and liquefied natural gas 9.5%-12.3% of the energy mix, the government detailed in its release.

First nuclear power operations are set between 2030 and 2035, along with a target for 6 GW-17 GW of offshore wind energy. Despite investor concerns over changing prices for solar and wind energy, the ambitious plan outlines a $136.3 billion investment requirement by 2030 to execute these energy goals.

(With inputs from agencies.)