Vietnam's prime minister approved a long-awaited power plan for this decade that needs $134.7 billion of funding for new power plants and grids, the government said late on Monday, in a move that may help unlock billions of dollars of foreign investment.
The plan, known as PDP8, is aimed at ensuring energy security for the Southeast Asian country while it begins the transition from its current heavy reliance on coal to becoming carbon-neutral by mid-century.
to Vietnam in December by the Group of 7 nations and other wealthier countries. Half of the funds will come from the public sector and the rest from private investors. One diplomat from the G7 donors' group told Reuters on Tuesday the approval was an important step, necessary to unlock funding for renewable projects, especially offshore wind. It was however not completely in line with G7 goals, the diplomat added, as the country will still heavily rely on coal this decade.
The industry ministry, which prepared the document, said in a statement late on Monday that, under the plan, half of office buildings and homes in Vietnam would be powered by rooftop solar panels by 2030. The country would also aim to generate green energy for exports, with a target of 5-10 gigawatts by 2030.A draft of the PDP8, dated May 10 and seen by Reuters, showed the plan would more than double the country's power generation capacity to 158 GW by 2030 from 69 GW at the end of 2020.
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