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Vietnam plans to double its installed capacity by 2030 in its new power plan

Vietnam has unveiled its 8th Power Development Plan, in which the country aims to double its installed capacity by 2030, surpassing 158 GW (compared to 77 GW as of end-2021). About 19% of the capacity is expected to come from coal-fired power in 2030 (about 30 GW). Hydropower will be the second main source of energy, followed by gas-fired power and onshore wind.

Vietnam has also slightly lowered its offshore wind capacity target to 6 GW in 2030, from the 7 GW indicated in a December 2022 draft document. The country currently does not have offshore wind capacity.

The plan also comprises a vision to 2050, in which Vietnam expects to have a total power capacity ranging between 490 and 573 GW. The plan affirms that coal-fired generation will no longer be used by 2050.

The 8th Power Development Plan is aimed at helping Vietnam reach its goal of cutting greenhouse gas (GHG) emissions from power generation to 204-205 MtCO2 by 2030 and to 27 to 31 Mt by 2050, as well as ensuring all households gain access to electricity by 2030. The plan is also important to unlock the US$15.5bn of green-transition funds pledged to Vietnam under the Just Energy Transition Partnership (JETP) in December 2022.

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