Vietnam needs 141 billion USD to invest in electricity industry by 2030

The information was stated by Nguyen Tuan Anh, deputy director of the Department of Electricity and Renewable Energy under the Ministry of Industry and Trade at a workshop entitled “Facilitating investment capital in the electricity industry” held by the Vietnam Investment Review on April 8.

Tuan Anh noted that the electricity industry aims to become self-reliant and minimise dependence on foreign countries, particularly imported materials. Vietnam also looks to connect the power grid with neighbouring countries.

In addition, the country will gradually eliminate environmentally unfriendly power sources and replace them with renewable energy sources.

Tuan Anh added that the investment in renewable energy sources needs to be concretised quickly to ensure the implementation of the Government's commitments at the COP26 Conference on carbon neutrality by 2050.

“Investment demand of 14 billion USD per year in the 2021-2030 period has increased compared to 9 billion USD per year in the previous period, so Electricity of Vietnam cannot afford to mobilise such a large capital and it is necessary to call for investment from all economic sectors,” said Deputy General Director of the Electricity of Vietnam Nguyen Tai Anh.

To achieve the goal of capital mobilisation, experts emphasised the necessity to complete the competitive electricity market with transparent electricity prices to create an environment to encourage investment throughout the industry.

It is also important to improve mechanisms regarding ancillary services in the competitive electricity market and adjust the electricity price structure to match the integrated renewable energy system.