Renewable energy is set to grow big time in Vietnam: renewable energy unrelated to hydropower will grow 22.4 per cent between 2019 and 2030, according to a new GlobalData report.
Entitled “Vietnam Power Market Outlook to 2030, Update 2019 – Market Trends, Regulations, and Competitive Landscape”, the report found that the South Asian country would produce almost 20 gigawatts from renewables in 2030.
The government is investing in green energy because the country’s coal reserves are running low, the report said.
“In Vietnam, market development of renewable sources such as wind and solar is in nascent stage,” said GlobalData Analyst Anchal Agarwal.
Agarwal projected that wind, solar, and biomass would increase from 7 to 10 per cent of the country’s portfolio of green energy by 2030. Hydropower now accounts for more than 40 per cent of Vietnam’s power generations. Coal accounts for almost 39 per cent and gas is around 16 per cent.
The country needs around $8 billion to meet its power needs. Raising that money won’t be easy – low prices and slow progress on infrastructure projects are a problem in Vietnam – but Agarwal said the Vietnamese government is working hard to meet its people’s needs.
“In spite of certain roadblocks, investment is happening in the country’s renewable power sector,” said the analyst. “Vietnam is trying to reduce its dependence on fossil fuels for electricity generation and more emphasis is given to the development of solar, wind and other renewable resources.”
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