Vietnam to Diversify Energy Generation

Prime Minister Pham Minh Chinh affirmed Vietnam's priority on diversifying energy resources, focusing on clean and renewable energy.
October 15, 2021 | 08:05
Vietnam to Diversify Energy Generation
Prime Minister Pham Minh Chinh. Photo: Internet

Vietnam has accelerated the diversification of energy resources, with a focus on clean and renewable energy, Prime Minister Pham Minh Chinh said in a recorded speech at the 4th Russian Energy Week that is taking place in Moscow from October 13-15.

As a country experiencing high economic growth in ASEAN and hit hard by climate change, Vietnam has been aware of the significance of energy restructuring towards raising the ratio of renewable energy in tandem with the economical, efficient, and sustainable use of energy. Hence, Vietnam is drawing up a planning scheme on national electricity development for 2021-2030 with a vision towards 2045, which sets three major orientations in energy restructuring, reported VNA.

The plan will focus on the diversification of energy resources. To that end, Vietnam has issued many mechanisms promoting the development of wind, solar and biomass power, as well as electricity from solid waste. The country has also reduced coal thermal electricity production, while boosting the development of gas-fired thermal power.

Vietnam to Diversify Energy Generation
A wind farm in Binh Thuan province. Photo: VNA

In an effort to improve economical and effective energy usage, the country has rolled out the National Energy Efficiency Program for 2019-2030, the PM said.

Regarding Vietnam-Russia ties, Vietnam has always treasured the historic relationship, which includes the cooperation in energy that has borne fruit over the past decades. Oil and gas collaboration is an important pillar of the Vietnam-Russia comprehensive strategic partnership, he affirmed.

Vietnam will further consolidate its institutions, policies, and laws to support the energy sector, promote public-private partnership, and create optimal conditions for enterprises from Russia and other countries to operate in energy in Vietnam, the PM continued.

PM Chinh’s speech has been appreciated by delegates at the event, according to VNA.

Initiated by the Russian Government in 2017, the Russian Energy Week is an important forum for discussions on development and international cooperation in energy. The event attracts many world leaders from countries, international organizations and major businesses in energy.

Vietnam to spend $10-11.5 bln a year on power sector

Vietnam looks to spend $10-11.5 billion a year between 2021 and 2030 on electricity generation and transmission, according to the latest draft of the Power Development Master Plan VIII.

The Ministry of Industry and Trade estimates in the plan that Vietnam would need $99.32 - 115.96 billion for developing electricity generation and transmission in the ten-year period. On average, $8.57- 10.15 billion a year would be needed for power generation and $1.36 - 1.44 billion a year for grid development, according to VNExpress.

The master plan aims to incentivize investment in renewable projects. Specifically, 11.9 - 13.4 percent of total electricity output by 2030 will be generated from renewables, mainly solar and wind energy, and the number will raise to 26.5-28.4 percent from 2045. Gas-fired power generation will also be tapped further.

Vietnam to Diversify Energy Generation
Duyên Hải Thermalpower Plant in Trà Vinh Province. Photo: VNA/VNS

Spending for electricity generation and transmission will cost $12 - 15.2 billion annually between 2031 and 2040.

Several coal-fired electricity projects yet to be supported by localities will be ceased. Domestic and imported coal will be fully utilized to power existing stations.

Regarding power generation capacity, the plan sets out two scenarios in accordance to demands from economic growth in the period of 2021-2045. Specifically, Vietnam's total capacity will reach 130,371 megawatts by 2030 and 261,951 megawatts by 2045 in the first scenario, or 143,839 megawatts by 2030 and 329,610 megawatts by 2045 in the second.

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