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Vietnam requires US$135 billion for power sources by 2023

By T. Dao

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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. This places the total investment capital required for electricity sources at US$134.7 billion by 2030.

Crucially, it is worth noting that all the investment capital for electricity projects will be sourced from avenues other than the State budget.

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.

The Ministry of Finance is proposed to lead the efforts in designing financial mechanisms and mobilizing funds for the development of the electricity sector.

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. Additionally, they would monitor critical electricity transmission grid projects.

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