Currently, Vietnam's national power system has a total installed capacity of about 85,000 MW, including 16,700 MW of solar power, 5,900 MW of wind power, and 5,688 MW of small hydropower. These energy sources heavily depend on weather conditions and lack storage battery systems, resulting in unstable electricity production throughout the year, unlike coal, gas, and large hydropower plants with reservoirs.

From 2021 to 2023, the maximum system load capacity (Pmax) increased by an average of about 1,500 MW per year. However, in 2024, Pmax increased by 3,000 MW, reaching over 49,500 MW, equivalent to pre-COVID-19 growth levels. This highlights the need for new power sources to be added soon to meet the demands of economic development.

Several projects are underway, such as the Ialy Hydropower Plant expansion (360 MW), expected to be completed in Q4 2024, and the Hoa Binh Hydropower Plant expansion (480 MW), expected to be operational by mid-2025. Other major projects include the Quang Trach 1 Thermal Power Plant (1,403 MW) and the Nhon Trach 3 and 4 LNG Power Plants, which are expected to begin commercial operation in 2024 and 2025, respectively.

According to the Power Development Plan VIII, the total capacity of gas-fired power plant projects by 2030 is expected to reach 30,424 MW. However, many projects are still in the preparatory phase and face many challenges due to complicated procedures and lack of significant progress.

The energy sector is facing significant challenges in developing clean energy projects such as offshore wind power, onshore wind power, and solar power due to unclear policies and unattractive conditions for investors. To achieve the target system capacity of 150,489 MW by 2030, more attractive and breakthrough policies are needed to attract investment and effectively implement projects.

Huy Dinh compiled from baodautu.vn