Vietnam Braces for Electricity Crunch, Warns of Potential Shortages by 2030

According to a recent report by Vietnam's Ministry of Industry and Trade, the country is facing significant potential electricity shortages between 2027 and 2030. The projections show that in 2027, Vietnam will face a capacity shortfall of around 4,256 MW and an electricity deficit of 2.9 billion kWh. By 2030, this gap could widen to nearly 14,000 MW and more than 61 billion kWh.

The Ministry of Industry and Trade cited difficulties in arranging financing and securing turbines, as well as challenges in negotiating power purchase agreements and the high and volatile price of imported liquefied natural gas (LNG) as major obstacles for LNG-to-power projects. Despite this, some progress has been made on several projects, including the Block B gas-to-power chain and hydropower developments.

Phung Ngoc Lan, president and CEO of GE Vernova Vietnam, emphasized that LNG power projects involve large and complex infrastructure, requiring project development, financing, fuel infrastructure, equipment procurement, and grid connections to move forward in parallel. He also stressed the importance of timely investment and procurement decisions to ensure projects remain on schedule.

The Ministry warned that without stronger measures, many projects could miss their scheduled commercial operation dates under the revised power plan, potentially affecting Vietnam's energy security between 2028 and 2030.