Vietnam to boost power capacity in $136 billion plan

Vietnam aims to raise its total installed power generation capacity to a range of 183 to 236 gigawatts by 2030, up from more than 80 GW at the end of 2023, the government said late on Wednesday, citing details of an amended national power development plan.

The plan will focus on renewable energy development and will add nuclear power to the mix for the first time, the government said in a statement.

The Southeast Asian country, a regional industrial hub, is seeking to ramp up its electricity generation capacity to support its fast-growing economy and meet its pledge for carbon neutrality by 2050.

Solar power will account for 25.3%-31.1% of the total installed capacity by 2030, while onshore and nearshore wind energy will account for 14.2%-16.1%, according to the plan, also known as PDP8, the government said.

Coal-fired power plants will account for 13.1%-16.9% of the mix, hydropower 14.7%-18.2% and plants using liquefied natural gas 9.5%-12.3%, it added.

The country aims to put its first nuclear power plants into operation between 2030 and 2035, with combined capacity of 4.0 GW-6.4 GW, the government said.

 It also targets to have 6 GW-17 GW of offshore wind energy between 2030 and 2035.

The revised ambitious targets for the power plan come after authorities flagged a retroactive change to preferential prices for producers of solar and onshore wind energy, which has caused concerns among investors.

To realise the targets, Vietnam would need a total investment of $136.3 billion for the 2026-2030 period, including $118.2 billion for new power plants and $18.1 billion for its grid, according to the statement.

By Khanh Vu & Francesco Guarascio – Reuters – April 17, 2025