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September 29, 2020

Vietnam requires $133.3bn in power investment by 2030

Vietnam will need an investment of $133.3bn in its power industry to meet its increasing electricity demand, according to a government report.

Vietnam will need an investment of $133.3bn in its power industry to meet its increasing electricity demand, according to a government report.

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Reuters reported that the country will require $96bn for the construction of new power generating facilities and $37.3bn for expanding its power grid.

Between 2021 and 2025, the country’s power demand is forecast to rise by 8.6% per year. Between 2026 and 2030, this rise would decrease to 7.2%.

Currently, Vietnam’s total installed power capacity stands at approximately 56GW. Over the next ten years, the $133.3bn investment would increase the country’s energy capacity to 138GW.

Vietnam’s Ministry of Industry and Trade has reportedly started preparing a new master power development plan. The ministry will send this to the government for approval next month.

The initial power plan draft will focus on the development of renewable power generating assets such as wind and solar facilities, as well as liquefied natural gas power. At the same time, it would gradually reduce dependency on coal-fired power plants.

The Government of Vietnam estimates the country would need to import around 1.2 million tonnes (Mt) of LNG and 35.1Mt of coal annually for power by 2025.

By 2030, this would increase to 8.5Mt of LNG and 45Mt of coal.

Vietnam has used almost all of its viable hydropower capacity, while oil and gas production has peaked. The country has already shelved plans to build nuclear power plants in 2016.

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Free Report
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Delve into the renewable energy prospects for Morocco

In its new low greenhouse gas (GHG) emission strategy to 2050, submitted to the United Nations (UN), the Ministry of Energy Transition and Sustainable Development (MEM) of Morocco suggested to raise the share of renewable capacity in the country’s total power installed capacity mix to 80%.   Morocco currently aims to increase the share of renewables in total power capacity to 52% by 2030. The new strategy plans to increase the share of renewable capacity to 70% by 2040 and 80% by 2050.  GlobalData’s expert analysis delves into the current state and potential growth of the renewable energy market in Morocco. We cover: 
  • The 2020 target compared to what was achieved 
  • The 2030 target and current progress 
  • Energy strategy to 2050 
  • Green hydrogen 
  • Predictions for the way forward  
Download the full report to align your strategies for success and get ahead of the competition.   
by GlobalData
Enter your details here to receive your free Report.

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