As Vietnam’s largest gas-fired electricity producer, PV Power is set to play a pivotal role in the country’s energy landscape. According to the National Power Development Plan VIII, LNG gas-fired electricity is projected to account for over 14.9% of the total capacity of the national power generation system by 2030 in order to ensure a stable, safe, and sufficient power supply. In the coming years, PV Power aims to leverage its strengths in gas-fired electricity while focusing on energy transition to fulfill its mission of environmental protection, solidify its leadership in this domain, and expand LNG gas-fired electricity projects.
A prime example of PV Power’s modernization efforts is the Project on Nhon Trach Power Plant 3 and 4 which employs state-of-the-art technology and has a combined capacity of 1,500 MW and an investment of approximately $1.4 billion. Another significant project is the Quang Ninh LNG Power Project, which has a designed capacity of 1,500 MW. By 2035, PV Power aims to achieve a total capacity of 5,760–9,560 MW, with annual electricity output projected at 30–47 billion kWh and an average annual growth rate of 3–4%.
By 2025, PV Power plans to invest in a variety of renewable energy projects, including rooftop solar, reservoir solar, and wind power, with a capacity of approximately 55 MW. In the next 10 years, PV Power aims to add 1,000 MW of renewable energy, with 800 MW operational. In order to ensure sustainable growth PV Power is committed to adopting advanced, energy-efficient, and environmentally friendly technologies across all operations in alignment with national policies and guidelines from the Vietnam Oil and Gas Group (Petrovietnam).
PV Power also aims to promote the last technology in investing in new power plants, prioritize the development of renewable energy, transition to cleaner fuels and alternative fuels and promote advanced emission-reduction technologies to support Vietnam’s overarching goal of achieving net-zero emissions.
In November 2024, PV Power launched a pilot electric vehicle (EV) charging station project, marking its entry into the clean energy sector. This initiative is part of a long-term strategy to promote sustainable transportation and reduce environmental pollution. Beyond establishing EV charging stations, PV Power envisions developing a nationwide network of advanced, efficient charging facilities. PV Power’s Development Strategy determines that building charging facilities would open new business opportunities. Following a two-year pilot phase, the company plans to evaluate the project’s outcomes and scale the network to include 1,000 additional charging stations by 2035.
On November 4, PV Power Renewable Energy Joint Stock Company (PV Power REC), a subsidiary of PV Power, signed a cooperation agreement with PVA Energy Solutions Joint Stock Company and 60 Hertz Company. This partnership focuses on applying information technology and artificial intelligence (AI) to accelerate renewable energy development in Vietnam.
In the coming time, in addition to LNG projects that address immediate electricity demands, PV Power is diversifying into renewable energy sectors such as solar, wind, biomass, waste-to-energy, and pumped storage hydropower. Concurrently, the corporation is exploring new fuel production projects, including green hydrogen and ammonia, to gradually replace fossil fuels in thermal power plants, furthering Vietnam’s sustainable energy transition.
Through these initiatives, PV Power demonstrates its commitment to environmental stewardship, innovation, and sustainable growth, setting a benchmark for Vietnam’s energy sector.
(VOV World)
