Vietnam Pivots to LNG Power Generation Amid Energy Security Concerns

The Vietnamese government is working to ensure energy security by supporting double-digit growth from LNG power generation. According to Deputy Director of the Electricity Department, Bui Quoc Hung, LNG is identified as a strategic transitional power source due to its ability to balance electricity supply and demand, support renewable energy sources, enhance system stability, and contribute to international commitments on Net Zero.

The Power Development Plan VIII aims to have a total LNG thermal power capacity of approximately 22,400 MW by 2030, accounting for about 15% of the total power generation capacity. However, actual implementation of LNG power projects has been slow due to difficulties.

Deputy Director Bui Quoc Hung suggested focusing on five groups of issues: creating stability in electricity contracts and mobilization mechanisms, synchronizing LNG infrastructure with power grid development, enhancing investor responsibility, ensuring compatibility with the energy transition process, and reviewing and classifying existing LNG projects according to their readiness level.

Associate Professor Tran Dinh Thien emphasized that the security of gas-fired power lies not only in a single plant but in the entire chain from extraction to pipelines. He also proposed revising policy metrics for power sources to account for factors such as hours and minutes of power outages and fluctuation levels.