Power Development Plan 8 is a significant step towards greater energy security and reliability and achieving Vietnam’s net-zero 2050 goals
HOUSTON, May 22, 2023 /PRNewswire/ — Energy Capital Vietnam (ECV), the project development and holding company established as a platform for direct investment into the energy and infrastructure sectors in Vietnam, applauds the approval of PDP8 by the Vietnamese government led by Prime Minister Pham Minh Chinh.
Vietnam is undergoing an economic renaissance primarily driven by the influx of Western manufacturing. This rapid growth has created a tremendous need and opportunity for infrastructure development in the country, particularly in energy generation, road, and port development.
PDP8, developed by the Ministry of Industry and Trade, will more than double Vietnam’s power generation capacity to 150 GW by 2030 from the 69 GW in use in 2020. Gas is poised to become Vietnam’s primary power source by 2030, supplemented by renewable energy, offering an improvement over coal in terms of its environmental impact. This puts Vietnam’s declared net-zero carbon by 2050 goals within reach.
“We are delighted that Prime Minister Chinh has approved PDP8,” said David Lewis, Chairman and CEO of Energy Capital Vietnam. “PDP8 is the result of the Vietnamese government’s dedication and hard work to ensure energy reliability and energy security as the manufacturing sector continues to grow in the country. PDP8’s focus on low-carbon, reliable energy sources is a recognition of the desire of the Vietnamese people for a healthier environment and a net-zero future. This plan should be applauded worldwide and seen as an open door for foreign investment to help achieve Vietnam’s growth goals.”
ECV is developing large, integrated multi-phase LNG power projects to support Vietnam’s energy transition. It has also developed a comprehensive and repeatable approach to decarbonizing LNG power in Vietnam. Working alongside US and international clean energy experts, ECV has developed a solution to enable emissions reduction through a portfolio of domestic, high-quality carbon offset projects.
“Working with our financial partners, including Maius, to bring the Mui Ke Ga power project to fruition,” continued Lewis. “ECV is dedicated to providing Vietnam with practical, high quality solutions to significant infrastructure challenges.”
Energy Capital Vietnam (ECV) is a Houston, Texas-based project development and holding company established as a platform for direct investment into the energy and infrastructure sectors in Vietnam.