Vietnam requires US$135 billion for power sources by 2023

HCMC – The Ministry of Industry and Trade has proposed a plan to implement the National Power Development Plan VIII, which outlines the need of substantial investments worth US$134.7 billion in the country’s electricity sector by 2023. In the 2021-2025 period, Vietnam aims to invest US$57.1 billion in electricity projects nationwide, with US$48.1 billion allocated for power generation and US$9 billion for power transmission. Looking ahead to the 2026-2030 period, an estimated US$77.6 billion will be needed, with US$71.7 billion designated for electricity generation and US$5.9 billion for transmission grids. The Ministry of Industry and Trade has recommended that the Government delegate specific responsibilities related to the National Power Development Plan VIII to various ministries and sectors. Other ministries and departments would be responsible for reviewing project progress, prioritizing investments, and assessing the development scale of various electricity sources, including wind power, solar power, hydropower, biomass power, waste-to-energy, and energy storage.