HCMC – The Ministry of Industry and Trade has proposed postponing offshore wind power development until after 2030, shifting away from an earlier goal of achieving 6,000 megawatts (MW) within the next five years.
Speaking at a meeting on February 19, Minister of Industry and Trade Nguyen Hong Dien cited high development costs as a key factor in the decision.
Under the current National Power Development Plan VIII, offshore wind power capacity was expected to reach 6,000 MW by 2030. However, no projects have been approved for investment or implementation so far. The revised plan now proposes postponing offshore wind development until after 2030, with a new target of 17,000 MW by 2035.
In the meantime, Vietnam will prioritize expanding onshore and nearshore wind power over the next five years, aiming for a capacity of 27,791-34,667 MW, about 15% higher than the current plan.
The Government has set a GDP growth target of at least 8% for this year, with ambitions to reach double-digit growth in the 2026-2030 period. To meet rising energy demands, total power generation capacity for domestic needs is projected at 183,291-236,363 MW by 2030, representing an 18-54% increase compared to the current plan.
Under the adjusted plan, coal-fired power capacity is expected to increase by 928 MW by 2030 compared to the original plan, reflecting updates to existing thermal power plants. Meanwhile, domestic gas-fired power capacity remains unchanged at 10,861 MW.
The Government has also proposed postponing certain delayed LNG power projects beyond 2030. Over the next five years, LNG power capacity is projected to reach 8,824 MW, a reduction of 13,576 MW from the original target.
Hydropower, renewable energy, and battery storage will see significant expansion. Medium and large-scale hydropower is set to reach around 21,100 MW, an increase of 1,600 MW, while small-scale hydropower will grow to 13,500 MW, up by 5,400 MW.
Solar power, including large-scale and rooftop installations, is forecast to expand by 25,867-52,825 MW, bringing total capacity to 46,459-73,416 MW. The rapid deployment of solar energy is seen as a crucial measure to meet electricity demand in 2026-2027.
For the Ninh Thuan nuclear power project, two planned plants are expected to have a total capacity of 6,000-6,400 MW, with completion by 2030 and operation between 2030 and 2035. By 2050, Vietnam plans to expand nuclear power with an additional 4,500-5,000 MW in the north of the nation and 3,000 MW in the central region, primarily using small modular reactors (SMRs).
Total investment in the 2026-2030 period is estimated at US$136-172 billion, with US$118-148 billion allocated for power generation and US$18-24 billion for transmission infrastructure.
