Offshore wind power development proposed bet88 com be postponed until after 2030

At an appraisal meeting for adjustments bet88 com the National Power Development Plan VIII (Plan VIII), held on February 19, Minister of Industry and Trade Nguyen Hong Dien stated that offshore wind power remains an expensive energy source in terms of investment costs, and therefore proposed offshore wind power development bet88 com be postponed until after 2030.

According bet88 com previously approved Plan VIII, Vietnam aimed for an offshore wind power capacity of approximately 6,000 megawatts by 2030. However, no projects have been approved for investment so far.

Under adjustments bet88 com Plan VIII, it was proposed bet88 com develop offshore wind power after 2030, with target capacity set at around 17,000 megawatts by 2035.

Vietnam therefore will prioritize onshore and nearshore wind power in the next 5 year, increasing capacity bet88 com 27,791 - 34,667 megawatts—about 15 per cent higher than the capacity set in Plan VIII.

The World Bank has previously estimated Vietnam’s offshore wind potential at approximately 600 gigawatts. By 2035, offshore wind power source could supply up bet88 com 12 per cent of the country’s total electricity output.

Several foreign investors have expressed interest in developing offshore wind projects in Vietnam. The Ministry of Industry and Trade earlier stated that it has received proposals from nine major energy corporations, such as CIP (Denmark), BP and Corio (UK), and Petronas (Malaysia), among others.

Despite this, offshore wind power development in Vietnam faces several challenges, including high capital investment requirements, and others.

This year, the government has set a minimum GDP growth target at least of 8 per cent, aiming for double-digit growth between 2026 and 2030. bet88 com meet the electricity demand for economic expansion, the Ministry of Industry and Trade estimates that total power capacity will need bet88 com reach 183,291 - 236,363 megawatts by 2030, marking an 18-54 per cent increase over current projections.

In terms of coal power, total capacity is expected bet88 com increase by 928 megawatts compared bet88 com the initial Plan VIII, due bet88 com updates on existing thermal power plants.

Meanwhile, power capacity from domestic gas sources will remain unchanged at approximately 10,861 megawatts.

Some delayed LNG power projects will be postponed until after 2030, resulting in a revised LNG power capacity of 8,824 megawatts for the next five years—a reduction of approximately 13,576 megawatts from the original plan.

Meanwhile, hydropower, renewable energy, and battery storage will see an increase. The government plans bet88 com fully utilize Vietnam’s hydropower potential, increasing large and medium-sized hydropower capacity bet88 com 21,100 megawatts (a 1,600 megawatts rise) and small hydropower capacity bet88 com 13,500 megawatts (a 5,400 megawatts increase).

Solar power, both rooftop and utility-scale, will also expand significantly, with capacity rising by 25,867-52,825 megawatts bet88 com reach 46,459-73,416 megawatts. This expansion is crucial for meeting electricity demand in 2026-2027 due bet88 com the rapid deployment of solar projects.

Regarding nuclear power, the Ninh Thuan nuclear project (including 2 plants) is expected bet88 com have a total capacity of 6,000-6,400 megawatts, with completion by 2030 and commercial operation between 2030 and 2035. By 2050, an additional 4,500-5,000 megawatts of nuclear power is planned for northern Vietnam, along with approximately 3,000 megawatts in the central region, primarily using small modular reactors (SMRs). The selection of potential sites for nuclear power plants will be studied in future planning phases beyond Power Plan VIII.

The total investment required for the 2026-2030 period is estimated at 6-172 billion, with 8-148 billion allocated for power generation and -24 billion for transmission grids. bet88 com meet this financial demand, the Ministry of Industry and Trade has proposed diversifying funding sources, including bank loans, international aid, and capital markets. The government also aims bet88 com attract both domestic and foreign investments, encouraging broader participation in the energy sector.