Vietnam Seeks WB’s Support for Power Development Plan of $10B/Year

Vietnam is seeking support from the World Bank (WB) to develop the power sector, which may require about $10 billion a year, a government leader said. Vietnamese Deputy Prime Minister Trinh Dinh Dung made the statement at a meeting with Regional Director of WB’s Infrastructure Department in the East Asia and Pacific region Ranjit Lamech and WB Country Director for Vietnam Ousmane Dione in Hanoi on December 20. The capital will be used for the country’s target of adding 8,000 megawatts to the power generation capacity annually. Vietnam expects to receive WB’s support in capital mobilization, technical assistance, and framework building to ensure power supply for the country’s economic growth, Mr. Dung said. For their parts, the two WB’s executives congratulated Vietnam for the outstanding development in the power sector recently, especially in renewable energy. WB suggests that Vietnam needs policies to lure more investment into the sector while studying measures to quicken major power projects. At the same time, the country has to unclog the power grid congestion, which has limited the operation of renewable energy plants. WB has been supporting Vietnam in the energy sector since 1995. It has financed Vietnam $3.92 billion in 12 programs and projects in power generation, rural electrification, power distribution, and transmission. Currently, the bank has continued extending its financial support for a number of power projects in the country. (VietnamNews, baochinhphu.vn, thoibaonganhang.vn, bnews.vn, vietnambiz.vn, hanoitimes.vn, news.chinhphu.vn, en.nhandan.org.vn, netnews.vn, en.vietnamplus.vn)