VIETNAM Trends and Developments Contributed by: Adam Moncrieff and Thuy Huynh, Orrick
Orrick, Herrington & Sutcliffe LLP 88 Market Street #47-03 CapitaSpring Singapore, 048948 Singapore Tel: +65 6990 8404 Email: adam.moncrieff@orrick.com Web: www.orrick.com
Revised PDP8 signals Vietnam’s ambition The Revised PDP8 is the planning foundation for Viet- nam’s next wave of electricity generation projects. It increases the level of capacity Vietnam expects to need by 2030 and gives renewables, storage and flex- ible capacity a much larger role than in the original plan, which was introduced in 2023. The capacity numbers are large. The revised plan con- templates total power plant capacity serving domestic demand of around 183 GW to 236 GW by 2030. Solar capacity is planned to reach approximately 46 GW to 73 GW, while onshore and nearshore wind is planned at around 26 GW to 38 GW. Battery energy storage systems, which were previously marginal in the plan- ning framework, are now targeted at around 10 GW to 16.3 GW by 2030. The Revised PDP8 also recognises biomass and waste-to-energy as part of the genera- tion mix, with planned capacity of approximately 2.3 GW by 2030, reflecting growing policy interest in waste management and circular economy objectives. Hydrogen is referenced in the broader energy planning framework as a future fuel source and energy carrier, but actual targets and a dedicated regulatory pathway for hydrogen-to-power remain at an early stage. Gas remains important. LNG-to-power capacity is planned at around 22.5 GW, while domestic gas-fired capacity remains a material part of the mix. Pumped storage hydropower is also given a larger role, and imports from Laos and China are expected to con- tribute more to energy security. Nuclear power has returned to the planning framework, with 4 GW to 6.4 GW associated with the Ninh Thuan nuclear power
Trends and Developments in Vietnam Energy transition has become a practical challenge
Vietnam is entering the next stage of development of its power sector. The country has strong industrial demand, a large manufacturing base, rising urban consumption and a growing number of data centres, electric vehicle infrastructure providers and other energy-intensive users. Electricity supply is now a very real issue for capital-intensive investment, production schedules and corporate sustainability commitments. The policy direction is clearer than it was several years ago. The revised National Power Development Plan VIII approved under Decision No 768/QD-TTg dated 15 April 2025 (“Revised PDP8”), Politburo Resolution No 70-NQ/TW dated 20 August 2025 on ensuring national energy security to 2030, with a vision to 2045 (“Resolution No 70”), and National Assembly Resolu- tion No 253/2025/QH15 dated 11 December 2025 on mechanisms and policies for national energy devel- opment for 2026–2030 point towards a larger, more diverse and more market-based electricity system, with stronger support for renewables, LNG, domestic gas, battery storage, direct power purchase agree- ments (DPPAs) and transmission investment. The question is no longer whether Vietnam wants new power investment; it is whether Vietnam can move from policy documents to attracting and seeing bank- able, grid-connected and private sector financed new- generation power project assets.
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