>> Remove obstacles to renewable energy projects
>> The realities and prospects of renewable energies in rural areas
| A wind power project in the central province of Ninh Thuan. |
| Photo : VNA/CVN |
Vietnam has considerable room for growth in the field of renewable energy. According to the National Electricity Plan VIII approved by the government in 2023, priorities focus on offshore wind energy (with a targeted capacity of 6,000 MW) and rooftop solar energy (2,600 MW) by 2030.
The International Renewable Energy Agency (IRENA) report highlights that Vietnam is the fastest growing country in renewable energy production in Southeast Asia. Between 2019 and 2023, these energies represented 55.6% of the country’s total electricity supply. This shows significant potential for development and investment opportunities in this sector.
Rooftop solar energy: a multifunctional solution
Vu Phong Energy Group, a pioneer in renewable energies in Vietnam since 2009, has already carried out and delivered more than 1,000 projects in the field of rooftop solar energy, both for businesses and individuals. Currently, the group focuses on solutions for industrial companies, allowing them to integrate clean energy sources through power purchasing cooperation models, without having to invest directly in infrastructure.
According to Pham Dang An, vice president of Vu Phong Energy Group, rooftop solar systems are comparable to a “arrow that hits multiple targets”. They not only reduce production costs, but also obtain certifications for the use of green energy, which are essential to meet growing environmental requirements.
| Solar energy system in a factory in Tan Phu Trung Industrial Park, Cu Chi district, Ho Chi Minh City. |
| Photo : VNA/CVN |
The National Electricity Plan VIII sets the objective that by 2030, 50% of Vietnamese office buildings and homes will be equipped with roof-mounted photovoltaic self-consumption systems. This opens up numerous opportunities for local and foreign companies wishing to get involved in this promising segment.
Offshore wind power: an Eldorado for investors
With its 3,000 kilometers of coastline, Vietnam is also seen as a “wind source” by investors. Dang Quôc Toan, Chairman and CEO of Asia Petroleum Energy Corporation, says offshore wind is the backbone of renewable energy in Vietnam, and could become as big or bigger a sector than oil and gas .
According to him, many international investors have already opened offices in Vietnam, and are ready to seize the opportunities offered by its fast-growing market.
International cooperation and energy transition
Stuart Livesey, board member of the European Chamber of Commerce in Vietnam (EuroCham), notes that Vietnam has made significant progress in its energy transition. Cooperation with Europe is particularly dynamic, notably thanks to initiatives aimed at simplifying administrative procedures and strengthening the legal framework to attract foreign investors.
A concrete example is Decree 80 on the Direct Power Purchase Mechanism (DPPA), which facilitates international investors’ access to the Vietnamese market.
Vietnam, which is among the fastest growing economies in Southeast Asia, sees the energy transition as a key lever to maintain sustainable economic growth. Efforts to achieve carbon neutrality by 2050 (net zero objective) are part of this dynamic.
Through a combination of government efforts, private sector initiatives and support from the international community, Vietnam can fully exploit its “gold deposit” of renewable energy for a sustainable economic and environmental future.
NDEL/VNA/CVN
