Vietnam seeks Siemens Energy investment to bolster national energy security

Vietnam's Executive Deputy Prime Minister Pham Gia Tuc has called on Siemens Energy to expand its investment in the country to support national growth and energy transition. During a meeting with Siemens Energy Asia-Pacific Chairman and CEO Thorbjorn Fors, the Deputy Prime Minister highlighted Vietnam's goal of achieving double-digit GDP growth, which is expected to drive energy demand at a rate 1.4 to 1.5 times faster than GDP growth.

To address this rising demand, Vietnam is focusing on offshore wind, gas-fired power, and power transmission systems. The Deputy Prime Minister emphasized the importance of securing energy supplies, particularly for the southern region and Ho Chi Minh City, to prevent shortages.

As part of these efforts, the Hiep Phuoc LNG Power Plant project is being prioritized. Located near major load centers in Ho Chi Minh City and Dong Nai, the project aims to provide a significant power source before 2030. The first phase of the plant has a capacity of 1,200MW with a total investment of approximately 892.8 million USD. Construction is currently underway, with key infrastructure such as port upgrades and LNG storage tanks already in progress.