According to Decision No. 1509/QD-TTg, issued on May 30, 2025, the Government has released a detailed implementation plan for the Revised Power Development Plan VIII (PDP VIII). This plan aligns with the strategic direction and national power development approach outlined in the revised PDP VIII under Decision No. 768/QD-TTg (April 15, 2025). 1) Compared to the original master plan, which set broader capacity targets, this implementation roadmap offers clearer timelines, project-specific milestones, and grid connection solutions. 2) It also further specifies privatization with expected 70% of the sector capex coming from private investors.
We expect this plan to benefit oil & gas stocks (PVS, GAS), renewables stocks (HDG, REE, PC1, GEX, TV2), and thermal stocks (POW) with specified near-term projects listed in Figure 8. This also support VIN Energo.
- We have a BUY rating (target price of VND39,000/share) for PVS, which benefits from Vietnam’s project to electricity export to Singapore and Malaysia, Vietnam’s offshore wind power pipeline of 6,000 MW, as well as nuclear power development.
- GAS (BUY, target price of VND74,200) stands to benefit from substantial rising LNG adoption. We forecast LNG consumption to increase 11x in the next five years.
- HDG (BUY, target price of VND33,700/share), has the highest additional near-term capacity approved in Revised PDP VIII (~210 MW), followed by GEX/REE with 129/80 MW.
- PC1 (BUY, target price of VND25,800/share) is the first and foremost beneficiary of rising investments in transmission infrastructure (USD18bn, +74% vs old PDP VIII) as well as expanding wind power capacity.
- We have a BUY rating for REE (target price of VND80,800/share), which is the earliest beneficiary of the new wind power mechanism with its Duyen Hai wind power (48 MW) project to come online late this year.
- POW (OUTPERFORM, target price of VND14,800/share) may benefit from the investment approval for its potential LNG-fired plants, including LNG Quang Ninh (1,500 MW, 30% stake, under land clearance), LNG Vung Ang III (1,500 MW, POW is conducting pre-FS), and LNG Quynh Lap (1,500 MW, asking for investment approval).
- Additionally, we have an OUTPERFORM rating for GEX (target price of VND25,800/share) and a MARKET PERFORM rating for TV2 (target price of VND32,200/share).
Detailed schedule of expected commercial operation dates (COD) for each power plants across the 2025–2030 period:
- Solar power: The master plan targets to more than triple capacity from 17,000 MW to ~60,000 MW by 2030. The execution plan specifies 24,690 MW from detailed projects while the remaining capacity may come from rooftop solar.
Figure 1: Additional capacity from solar power by 2030F (MW)
Region/Province | Capacity (MW) |
Northern | 8,719 |
Son La | 3,315 |
Yen Bai | 1,680 |
Others | 3,724 |
Central | 12,431 |
Dak Lak | 3,314 |
Ninh Thuan | 2,148 |
Others | 6,969 |
Southern | 3,539 |
Total | 24,690 |
Source: Decision 1509, Vietcap
- Onshore and nearshore wind power : The revised PDP VIII adds 15,956 MW of approved onshore wind capacity—bringing the total additional capacity to over 30,900 MW. With this increase, the 2030 target of 32,048 MW is now more within reach, especially as the central region sees a significant boost in new project approvals.
Figure 2: Additional capacity from onshore & nearshore wind power by 2030F (MW)
Region/Province | Capacity (MW) | |
Approved from Old PDP VIII | Additional in Revised PDP VIII | |
Northern | 3,724 | 2,008 |
Lang Son | 1,414 | - |
Dien Bien | 300 | 779 |
Others | 2,010 | 1,229 |
Central | 6,577 | 9,456 |
Gia Lai | 1,011 | 849 |
Dak Lak | 862 | 985 |
Ha Tinh | 700 | 1,605 |
Others | 4,003 | 6,017 |
Southern | 4,649 | 4,492 |
Soc Trang | 1,143 | 988 |
Tra Vinh | 633 | 1,402 |
Others | 2,873 | 2,102 |
Total | 14,949 | 15,956 |
Source: Decision 1509, Vietcap
- Offshore wind power remains at 6,000 MW in the revised PDP VIII.
Figure 3: Additional capacity from offshore-wind power by 2030F (MW)
Development Area | Projects | Capacity (MW) |
North Region 1 | North 1.1 | 500 |
North 1.2 | 500 | |
North 1.3 | 500 | |
North Region 2 | North 2 | 500 |
North Region 3 | North 3 | 500 |
South Central 1 | South Central 1.1 | 500 |
South Central 1.2 | 500 | |
South Central 1.3 | 500 | |
South Central 2 | South Central 2 | 500 |
South Region 1 | South 1 | 500 |
South Region 2 | South 2 | 500 |
South Region 3 | South 3 | 500 |
Total | 6,000 | |
Source: Decision 1509, Vietcap
- LNG-fired power is expected to scale up from 2028, with huge capacity additions from 21 LNG-fired power plants to reach 22,500 MW by 2030. Below are 15 projects to come on line over 2025-2030. This positions LNG as an important transitional fuel in the national energy mix.
Figure 4: Additional capacity from LNG-fired power by 2030F (MW)
Projects | Capacity (MW) | Expected COD |
LNG Quang Ninh | 1,500 | 2028-2029 |
LNG Thai Binh | 1,500 | 2028 |
LNG Quang Trach II | 1,500 | 2028 |
LNG Hai Lang Phase I | 1,500 | 2028-2029 |
Nhon Trach 3 & 4 | 1,624 | 2025 |
LNG Hiep Phuoc Phase I | 1,200 | 2028 |
LNG Long An I | 1,500 | 2028-2029 |
BOT Son My I | 2,250 | 2028 |
BOT Son My II | 2,250 | 2028 |
LNG Bac Lieu | 3,200 | 2025-2030 |
LNG Nghi Son | 1,500 | 2028 |
LNG Ca Na | 1,500 | 2028 |
LNG Quynh Lap | 1,500 | 2028 |
LNG Hai Phong Phase I | 1,600 | 2030 |
LNG Hiep Phuoc Phase II | 1,500 | 2025-2030 |
Total | 25,624 |
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Source: Decision 1509, Vietcap
- Domestic gas-fired power: Capacity to nearly double to 15,000 MW via 10 projects using gas feedstock from Block B, Blue Whale, and Bao Vang gas fields.
Figure 5: Additional capacity from domestic gas-fired power by 2030F (MW)
Projects | Capacity (MW) | Expected COD | Note |
O Mon I Thermal Power | 660 | 2025–2030 | Uses Block B gas. |
O Mon II Thermal Power Plant | 1050 | 2027–2028 | |
O Mon III Thermal Power Plant | 1050 | 2028–2030 | |
O Mon IV Thermal Power Plant | 1050 | 2028 | |
Dung Quat I CCGT | 750 | 2030 | Uses Blue Whale gas, synchronized with the upstream schedule of the Blue Whale gas-to-power project chain. |
Dung Quat II CCGT | 750 | 2030 | |
Dung Quat III CCGT | 750 | 2030 | |
Central Region I CCGT | 750 | 2025–2030 | |
Central Region II CCGT | 750 | 2025–2030 | |
Quang Tri CCGT | 340 | 2025–2030 | Uses Bao Vang oil gas field, synchronized with upstream schedule. |
Total | 7,900 |
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Source: Decision 1509, Vietcap
- Coal-fired power is set to see a modest capacity increase of ~20% to 31,055 MW from five projects.
Figure 6: Additional capacity from coal-fired power by 2030F (MW)
Projects | Capacity (MW) | Expected COD |
Na Duong II Thermal Power Plant | 110 | 2026 |
An Khanh – Bac Giang TPP | 650 | 2027 |
Vung Ang II Thermal Power Plant | 1330 | 2025 |
Quang Trach I Thermal Power Plant | 1403 | 2025 |
Long Phu I Thermal Power Plant | 1200 | 2026 |
Total | 4,693 |
|
Source: Decision 1509, Vietcap
- Hydropower: Most of the additional capacity comes from pumped storage hydropower (~66%), followed by large hydropower (~31%), with key projects such as Hoa Binh and Ialy MR. This reflects a clear focus on pumped storage to support grid stability.
Figure 7: Additional capacity from hydropower by 2030F (MW)
Power types / Projects | Capacity (MW) |
Large Hydropower plant | 2,958 |
Hoa Binh MR Hydropower plant | 480 |
Ialy MR Hydropower plant | 360 |
Others | 2,118 |
Small Hydropower plant | 319 |
Pumped Storage Hydropower plant | 6,277 |
Bac Ai PSP | 1,200 |
Phuoc Hoa PSP | 1,200 |
Dong Phu yen PSP | 900 |
Others | 2,977 |
Total | 9,554 |
Source: Decision 1509, Vietcap
Figure 8: Energy stocks and potential to benefit from Revised PDP VIII
Ticker | Projects | Capacity (MW) | COD |
PVS | Directly benefit from the export of electricity to Singapore and Malaysia (PVS as the main EPC contractor). | >2,000 | 2033 |
Potential direct benefit from other offshore wind pipeline (PVS well-positioned to capture this backlog as it is the only local EPC contractor with proven offshore wind expertise). | 6,000 | N/A | |
Directly benefits from providing technical services for Ninh Thuan 2 nuclear power plant project (PetroVietam is the investor). | 2,000 – 3,200 | 2030-2035 | |
Renewable energy industrial hub. | N/A | N/A | |
Indirectly benefits from the guidance of four gas-fired power plants to use gas from the Block B project. This supports the progress of Block B upstream developments, where PVS is providing M&C services. | • O Mon I: 660 • O Mon II: 1,050 • O Mon III: 1,050 • O Mon IV: 1,050
| We expect Block B first gas by mid-2028. With the respective COD of 2028/28/29/28.
| |
Indirectly benefits from the guidance of five combined cycle gas turbine power plants to (CCGT) use gas from the Blue Whale project. This supports the progress of Blue Whale upstream developments, where PVS is poised to provide M&C services. | • Dung Quat I: 750 • Dung Quat II: 750 • Dung Quat III: 750 • Mien Trung I: 750 • Mien Trung II: 750
| We expect Blue Whale first gas by 2033. | |
GAS | LNG-fired capacity expansion, LNG usage . Benefits from development of Block B and Blue Whale. |
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HDG | Phuoc Huu Wind Farm (Ninh Thuan). | 50 | 2023-2025 |
Binh Gia Wind Farm (Lang Son). | 80 | 2027 | |
Loc Binh 1 Wind Farm (Lang Son). | 50 | 2029 | |
Le Thuy 3 Wind Farm (Quang Binh). | 30 | 2030 | |
REE | V1-5 & V1-6 Phase II Wind Farm. Stands to benefit from a 3x increase in solar power (vs old PDP VIII) with its floating solar as well as DPPA implementation (with up to 25% of national power demand eligible to participate).
| 80 | 2026 |
PC1 | The first and foremost beneficiaries of rising investments in transmission infrastructure (USD18bn, +74% vs old PDP VIII). New wind capacity. |
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GEX | Near-shore wind farm (Soc Trang). | 129 | 2029 |
TV2 | Consultancy contract of nuclear power. |
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POW | LNG Quang Ninh (Quang Ninh). | 1,500 | 2028-2029 |
LNG Vung Ang III (Ha Tinh). | 1,500 | 2031-2032 | |
LNG Quynh Lap (Nghe An). | 1,500 | 2028 | |
Ca Mau 3 . | 1,500 | 2031-2035 |
Source: Decision 1509, Vietcap
Further privatization for the power sector
This implementation plan confirms the total investment demand outlined in the Revised PDP VIII. The total investment required for the development of the power source and grid system by 2030 is estimated at approximately USD136bn. For power generation projects, the majority of investment—approximately USD118.2bn—is expected to come mainly from non-State capital sources. The plan targets around USD91bn (~76%) of this amount to be mobilized through private sector mobilization while the remaining 24% will come from State investment. In contrast, grid infrastructure expansion, which requires about USD18.1bn, will rely more heavily on public funding. Approximately USD13bn (~71%) of this amount is projected to come from State investment.
Further details for electricity export and nuclear power projects
By 2035, the export capacity to potential markets such as Singapore, Malaysia, and several other regional partners could reach between 5,000 and 10,000 MW, with a minimum target of 10,000 MW maintained through 2050.
To support electricity export activities and the development of new energy sources, the Ministry of Industry and Trade has identified the central and southern regions as key areas, with an expected export capacity ranging from 5,000 to 10,000 MW.
PVS is positioned to benefit from Vietnam’s offshore wind export strategy. Vietnam is advancing over 22,000 MW of offshore wind capacity, with 5,000–10,000 MW designated for electricity export. PVS is set to benefit directly from more than 2,000 MW as the main EPC contractor in one export project, having signed a joint development agreement with Sembcorp to supply power to Singapore and Malaysia (PVS may also participate as an investor or developer, this depends on the project’s profitability). This project targets COD in 2033, with feasibility studies by 2026 and FID by 2027. Beyond this project, the broader 22,000 MW pipeline offers further upside. PVS is currently the only local EPC contractor with proven offshore wind expertise and is ranked among the top in APAC.
Additionally, PVS is preparing to enter nuclear energy services, aligning with Vietnam’s long-term energy roadmap. As a PVN subsidiary, PVS aims to provide at least 50% of the local technical services for Vietnam’s first nuclear projects, following the Government’s assignment of PVN as one of the two main investors.
Regarding nuclear energy, the Ninh Thuan 1 and 2 nuclear power plants are each planned to have a capacity of 2,000 to 3,200 MW, with operations expected to commence between 2030 and 2035.
Figure 9: Projected capacity from nuclear power
Projects | Capacity (MW) | Expected COD | Note |
Ninh Thuan 1 Nuclear Power Plant | 2,000 – 3,200 | 2030–2035 | State-invested |
Ninh Thuan 2 Nuclear Power Plant | 2,000 – 3,200 | 2030–2035 | State-invested |
Source: Decision 1509, Vietcap
The establishment of renewable power industrial hubs
The MoIT has proposed the establishment of two inter-regional renewable energy industrial and service hubs. Accordingly, the northern hub would be located in provinces such as Hai Phong, Quang Ninh, and Thai Binh. Similarly, the southern hub is expected to be situated in areas including Ninh Thuan, Binh Thuan, Ba Ria - Vung Tau, and Ho Chi Minh City.
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