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(Bloomberg) — Vietnam is considering developing more coal-fired capacity to meet its power needs as the US-Iran war constrains supplies of liquefied natural gas.
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“Recent conflicts in the Middle East have impacted the supply of LNG, creating a need to strengthen energy security,” the country’s trade ministry said in a statement dated July 7. The government is proposing adjusting its current power development plan to add alternative sources of electricity, including “developing coal-fired power capacity on an appropriate scale,” the statement said.
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The potential move highlights how Asian nations are looking to diversify their power sources as LNG supplies remain choked and prices elevated. The conflict has severely disrupted deliveries via the Strait of Hormuz, the waterway through which a fifth of the world’s LNG passed before the war. Though maritime traffic picked up after last month’s interim peace deal, shipments are once more under threat after a string of attacks this week, including on a Qatari LNG tanker.
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Countries from South Korea to Bangladesh are leaning more on coal as a power source, while nations such as the Philippines are taking steps to speed up the development of renewable energy.
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While Vietnam only began importing LNG in 2023, the government has had ambitious plans for the super-chilled fuel to make up as much as 12% of its power mix by 2030. The Southeast Asian nation currently depends on the spot market to secure its LNG supplies, where prices are currently 70% higher than pre-war levels.
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Vietnam remains heavily reliant on coal, with more than half of its electricity generated from the fossil fuel in the first half of the year, according to state-owned utility EVN.
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—With assistance from Nguyen Dieu Tu Uyen and Stephen Stapczynski.
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