Ca Mau Thermal Power Plant, PetroVietnam's first achievement in the field of industrial power production (Photo: vneconomy.vn)

Over time, PetroVietnam has made important adjustments in its strategy for these sectors until 2030, with a vision to 2045.

The group aims to achieve a total installed capacity of 8,000–14,000 MW by 2030, of which, 5–10% will be renewable energy. By 2045, PetroVietnam’s installed capacity will have accounted for 8-10% of the total capacity of Vietnam’s power system, with renewable energy contributing 10–20% of the group’s installed capacity.

PetroVietnam considers industrial power production one of five core businesses in its overall development strategy, having invested in power projects since 2001, starting with the Ca Mau 1 and 2 thermal power plants. In 2007, the group established PetroVietnam Power Corporation (PV Power) and project management boards to oversee the construction and operation of power projects assigned by the Government. 

PTSC, a PetroVietnam's subsidiary, provides technical services on offshore wind power  for international clients. (Photo: vneconomy.vn)

As Vietnam’s second-largest gas-fired power producer and largest overall power producer, PetroVietnam is managing and operating four gas-fired power plants, three coal-fired power plants, and two hydropower plants with a total installed capacity of approximately 6,605 MW, accounting for around 8% of Vietnam’s total installed capacity and 10-12% of the nation’s total power output and contributing to Vietnam’s energy security, especially during the peak of dry season. 

To become a leading energy group in Vietnam and the region and align itself with new development trends, PetroVietnam is steadily improving its efficiency and professionalism in management, operation, production, and other business aspects of its power plants. 

As with industrial power production, PetroVietnam’s skilled workforce and expertise ensure that its power plants for renewable energy are safely implemented and operated. The group is actively researching and developing gas-fired power projects that prioritize domestic gas supplies and imported liquefied natural gas (LNG). 

PetroVietnam aims to develop renewable energy sources by leveraging existing infrastructure, with a focus on offshore wind and solar energy.   

Energy transition is both a goal and a mission for PetroVietnam, as it strives to become a powerhouse in the industrial power sector of the economy and a trailblazer for enterprises across other economic sectors, and a leader in the energy industry. 

Since 2019, PetroVietnam has been developing continuous and long-term plans and roadmaps for energy transition. The group and its subsidiaries have made thorough preparations for energy transition by producing and utilizing renewable energy sources as alternatives. It has also jointly held many scientific seminars to assess opportunities and prepare a workforce and infrastructure capable of implementing offshore renewable energy projects, a relatively new field for many countries. 

Implementing offshore renewable energy projects requires experience and expertise in designing and constructing marine facilities, but also substantial finance. PetroVietnam’s credit rating, which is on par with Vietnam’s sovereign credit rating, provides a strong foundation for securing project funding, allowing the group to access green finance, low-interest loans, longer grace periods and other incentives from governments and international financial institutions that support green and clean energy development.