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Vietnam’s Updated Power Plan Boosts Solar and Energy Imports

Vietnam is set to finalize its updated National Power Development Plan (PDP8) by the end of February, introducing major changes in electricity demand projections, renewable energy targets, and energy imports.

The Ministry of Industry and Trade (MOIT) has significantly revised power demand forecasts, projecting a 35% increase to 211.8 GW by 2030 and a further rise to 840 GW by 2050, aligning with the country’s economic growth and carbon neutrality goals.

A major shift in the plan includes tripling the solar power generation target. The initial target of 9 GW has been expanded to 34 GW by 2030, with solar expected to contribute 16% of total electricity supply, a significant increase from the current 5%. However, the previously planned 6 GW offshore wind capacity has been removed from the strategy. Meanwhile, onshore and nearshore wind power will expand by 7 GW, while hydropower will grow by 5 GW. Pumped-storage hydropower and energy storage systems will also see a sixfold expansion, reaching 15.25 GW.

Vietnam is also focusing on diversifying its energy sources through increased electricity imports. Agreements with China and Laos will boost power imports to 3,700 MW and 6,800 MW, respectively. These imports will primarily come from hydropower via cross-border transmission networks. Additionally, nuclear power is expected to enter the mix from 2030 onward, complementing the country’s renewable energy expansion.

This updated power strategy underscores Vietnam’s commitment to balancing energy security, economic growth, and sustainability as it moves toward carbon neutrality by 2050.