Deputy Prime Minister Trinh Dinh Dung asked the Ministry of Industry and Trade to speed up power projects as well as buying more electricity from Laos.

Deputy Prime Minister Trinh Dinh Dung (right) speaks at a meeting on July 11

Dung said at a meeting on July 11 that ensuring the national energy security was an urgent task as they were facing difficulties in fundraising, legal framework, and environmental protection. 45,000 MW will be generated this year. The total power needed in 2020 will reach 65,000 MW and 129,000 MW in 2030.

Deputy Minister of Industry and Trade Hoang Quoc Vuong said Vietnam would need an additional 5,000-7,000 MW each year. A USD10bn investment each year is a huge challenge with just a small number of power firms and difficulties in calling for foreign investment.

"The power output is sufficient for now but in the next few years, it will come short and our economy, as well as daily lives, will be affected," he said.

All power projects and planning must be reviewed. Vietnam should set up solar and wind power projects and the authorities must have policies to call for investment. In the coming time, Vietnam will speed up on-going projects, focus on renewable energy and make plans to buy electricity from Laos.

There are four power plants with FDI investments built under the build-operate-transfer framework. Four other projects are being negotiated but the estimated output is not enough for the 2021-2025 period. Vuong said Vietnam was having to import coal and electricity and wasting it. Developing renewable energy is the right path but financial capacity for businesses and the public alike are limited.

"Energy development is a huge project but local firms' ability is limited. We need breakthrough solutions and policies to meet demand," Vuong said.

Also during the meeting, the Ministry of Industry and Trade was asked to speed up state-owned firms reform, especially loss-making firms, and have plans to develop local support and car-making industries.

Dtinews