Power demand forecast on the rise in Vietnam

At a power conference titled “Electrify Vietnam,” taking place from March 28 to 29 in HCMC, Anh noted that Vietnam has successfully increased its electrification rate to almost 99% to date, with power prices being more reasonable compared with those offered in neighboring countries.

The country is in need of more power to supply the fast growing industries, the rising number of urban projects and the development of traffic systems.

Accordingly, the country will require 60,000 megawatts of electricity in 2020, over 90,000 megawatts in 2025 and almost 130,000 megawatts in 2030 to provide a secure and affordable supply of energy to the local people and businesses.

To meet the rising demand for power, the Government recently revised a development plan to increase the power volume generated from renewable resources, such as solar and wind energy.

Also, the Government has continued to seek responsible and sustainable investments that not only help secure the country’s future but are also sensitive to the environment.

The country requires further investment from private investors to fully tap the potential of the local power sector, serve energy exports and upgrade power infrastructure projects.

Addressing the event, Datuk Dr Abdul Aziz S. A. Kadir, chairman of Confexhub Group, stated that a country’s economic growth is strengthened by various factors, and one of the most prominent factors is having a stable supply of power.

Vietnam currently produces over 170 billion kilowatt hours of commercial electricity, mostly from fossil energy sources such as coal and gas alongside hydropower, he said.

To meet the fast-growing power demand, Vietnam must increase capacity by 6,000 megawatts annually with a total investment of US$143.5 billion, excluding privately financed build-operate-transfer power-generation projects, he added.

Bearing the theme “Electrifying Vietnam through Sustainable Energy Plans,” the event, held for the first time, aims to create a platform for updating potential investors in the field on new directives, investment policies and the market potential of the energy and power sector in Vietnam.