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The Vietnamese government has just approved a new power development plan (PDP8) to transform the country’s energy sector and help it achieve its long-term goal of reaching net zero by 2050.
The finalised plan is considered a vital step in unlocking funding for renewable energy projects. It outlines the US$134.7bn (£107.2bn) investment required to transform Vietnam’s energy production and provides insight into the opportunities for foreign energy firms in this market.
The G7 group of nations has already approved funds of US$15.5bn, reported Royal HaskoningDHV.
PDP8 is intended to ensure energy security, prioritising the development of renewable energy. It will see the wide-scale modernisation of infrastructure and introduce new and sustainable production methods to the country.
The plan will more than double Vietnam’s power generation capacity, from 69GW at the end of 2020 to 150GW by 2030. The government hopes to achieve carbon neutrality by 2050.
Royal HaskoningDHV is anticipating opportunities to contribute to projects designed to make the shift from fossil fuels to renewable energy. Ironically, it expects one of the major growth areas to be in the development of import terminals for liquid natural gas (LNG), a non-renewable fossil fuel.
“LNG is the cleanest non-renewable energy resource currently available and plays a key role in energy transition,” the company said in an online statement. “Over the last 20 years, we’ve helped plan and design marine facilities for more than 100 LNG terminals using the latest digital technologies and our in-depth knowledge of engineering and local markets.”
The company already has a strong presence in Vietnam with more than 200 staff located there since 1985. In recent years, Royal HaskoningDHV has been involved in several major infrastructure and energy projects, including the LNG import terminals at Son My, Ca Na and Thi Vai, a petrochemical refinery at Nghi Son and a number of wind farms and container terminals.
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