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Specific policies needed for LNG power development: Insiders

The development of thermal power, including natural gas and liquefied natural gas (LNG), requires specific policies and mechanisms to attract investment as this industry plays a crucial role in ensuring the supply of electricity for the economy and promoting the energy transition, according to insiders.
Specific policies needed for LNG power development: Insiders ảnh 1Nhon Trach 3 and 4 gas power plants in the southern province of Dong Nai are national key projects under PDP VIII. (Photo: hanoimoi.vn)
Hanoi (VNA) - The development of thermalpower, including natural gas and liquefied natural gas (LNG), requires specificpolicies and mechanisms to attract investment as this industry plays acrucial role in ensuring the supply of electricity for the economy and promotingthe energy transition, according to insiders.

Assoc. Prof. Dr. Dinh Trong Thinh from the Vietnam Academy of Finance underlinedthe importance of having a specific roadmap for developing clean energy modelsin the future in the context that Vietnam's energy demand continues to increaseeach year, and the energy supply is becoming increasingly scarce.

According to Thinh, gas power sources can quickly connectto the national power grid. Additionally, they produce less CO2 emission.

The development of the LNG industry will help ensure energy security, protectthe environment, and maintain sustainable development, he added.

National Power Development Plan VIII for the 2021 - 2030 period with a visiontowards 2045 (PDP VIII) has outlined the constructionof 13 new LNG power plants with a total capacity of 22,400 MW by 2030, and twomore with a capacity of 3,000 MW by 2035.

So far, as many as 13 LNG power projects have beengiven in-principal approval for investment. Among them, five projects are inthe process of implementation.

Notable, NhonTrach 3 and 4 gas power plants inthe southern province of Dong Nai are national key projects under PDP VIII. They have been invested by the PetroVietnam PowerCorporation (PV Power), a subsidiary of the Vietnam Oil and Gas Group(PetroVietnam) with a total investment of 1.4 billion USD. With a combined capacityof 1,500 MW, they are the first LNG power projects in Vietnam.

Thinh stressed the necessity to address several issuesrelated to infrastructure and policy mechanisms to attract investment sourcesfor developing LNG power projects, saying that attention should be paid to conducting comprehensive planningof LNG import terminal projects to save resources and to promote economicdevelopment and the domestic LNG market’s development.

Vietnam needs to promptly perfect the legal framework as a basis for deployingthe construction and using infrastructure related to LNG, and ensure transparentand effective management, towards improving confidence of investors in thisindustry, he noted.

Regulations related to procedures and investment processes in the laws on investment, bidding, construction, environmental protection and planning must be reviewed and amended, he went on./.
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