Dang Hoang An, Vietnam’s Deputy Minister of Industry and Trade said: “Vietnam will need investment of between $8 billion and $14 billion a year through to 2030 to develop new power plants and expand its grid.” Of this, 75 per cent would be spent on new power plants, with priority given to renewable sources. The remaining 25 per cent would be spent on grid expansion.
An said that Vietnam will seek to raise funds from private investors for the new projects. He said that the country, which pledged to become carbon neutral by 2050, will raise its offshore wind capacity to 7 GW by 2030 and to 65 GW by 2045, while cutting the proportion of coal in its energy mix. He said: “Vietnam will not add new coal-fired power plants to its master power development plan and will only continue coal projects that are under construction until 2030.”