July 22, 2020 Read More →

Vietnam taking lead in promoting renewable policies in Southeast Asia

Vietnam Investment Review:

With its strong commitment to reducing CO2 emissions and with a healthy investment outlook, Vietnam has been deemed by industry insiders to be the most exciting renewable energy market in Southeast Asia. The country set a goal for installed solar capacity to 12 gigawatts, and to 6GW of wind capacity, by 2030 in alignment of the national Power Development Plan VII (PDP7) for the period of 2016 -2030 with a vision to 2030, but it will not stop there as targets to deploy total renewable power capacity is expected to increase in brand new power master plan (PDP8) for 2021-2030, with a vision towards 2045 .

Speaking at recent conference on sustainable renewable energy development, Deputy Minister of Industry and Trade Hoang Quoc Vuong remarked that rapid economic development has seen a surge in demand for energy, posing great challenges at a time when primary sources like coal, oil, and gas are exhausted in the context that many coal-fired projects under PDP7 are behind schedule. 

According to recent data by state-run Electricity of Vietnam (EVN), solar generation in the first quarter of 2020 surged by 28 times to 2.3 billion kilowatt-hours on year; among that, 91 solar farms with total capacity of 4,550 megawatts connected the grid.

“This is an impressive achievement that validates the government’s step-by-step approach to market development and the ability of domestic and international developers to mobilise capital for scalable renewable energy portfolios,” remarked Michiel Vriens, energy analyst from the Institute for Energy Economics and Financial Analysis. “It also highlights the ability of modular renewable projects to deliver much-needed capacity more rapidly than large-scale baseload fossil fuel projects that require large expenditures on associated infrastructure.” 

[Nguyen Thu]

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