Vietnam’s power sector needs $150 bln boost by 2030 -World Bank official

Published onNovember 29, 2018

Power-hungry Vietnam, one of Asia’s fastest-growing economies and a production hub for global companies such as Samsung Electronics, needs to raise up to $150 billion by 2030 to develop its energy sector, according to a World Bank official. Vietnam has been struggling to develop its energy industry due to a lack of state funds. The Southeast Asian country’s hydropower potential has almost been fully exploited, oil and gas reserves are running low, and Vietnam recently went from a net exporter to net importer of coal. “The financing requirements of the sector have been huge,” World Bank country director Ousmane Dione said in a speech to Vietnamese government officials and energy partners on Monday, a copy of which was reviewed by Reuters on Tuesday. “Since 2010, the sector invested about 80 billion dollars in generation, transmission and distribution and between now to 2030 another 150 billion dollars needs to be raised,” said Dione, who added that electricity demand in Vietnam will grow by about 8 percent a year for the next decade.