Hanoi, May 17 (IANS): The Vietnamese government has approved a plan that needs $134.7 billion to reduce coal-fired electricity generation and improve the country's power grid by 2030.

The plan is aimed at ensuring Vietnam's energy security as the country is set to maintain an annual gross domestic product (GDP) growth rate of 7 per cent until 2030 while shifting toward carbon neutrality by 2050, reports Xinhua news agency citing local media.

Under the plan, coal-fired power output would drop to 20 per cent of power supply by 2030 from almost half now while the share of renewable energy in the country's power mix would be raised to between 67.5 and 71.5 per cent.

The plan showed Vietnam would double its power generation capacity to more than 150 gigawatts by 2030 from 69 gigawatts at the end of 2020.

Coal-fired power would account for 30.13 gigawatts or 20 per cent of the mix by 2030, followed by hydropower with 19.5 per cent, wind energy with 18.5 per cent and solar power with 8.5 per cent, according to the draft.

Under the plan, half of office buildings and homes in Vietnam would be powered by rooftop solar panels by 2030, and the country would also aim to export green energy with a target of 5-10 gigawatts by 2030.