Vietnam – Asia’s green energy powerhouse

Which country could become Asia’s green energy powerhouse? Vietnam.

According to TechWire Asia, a tech news media, Vietnam has demonstrated to the world its ability to accelerate clean energy solutions and capabilities.

Vietnam recognizes the urgency to transition to green energy and as one of the fastest-growing economies in Southeast Asia (SEA), the country has proved its seriousness in doing so.

According to a World Bank’s report, Vietnam has the highest installed capacity of solar power in SEA as of end 2020. And based on statistics by the International Renewable Energy Agency (IRENA) Vietnam ranks in the top 10 countries in the world for solar energy capacity. 5 of the 10 top countries are in Asia.

Looking at its high solar potential and ambitious green energy goals for 2050, Vietnam is on its way to becoming a regional and global leader in renewables, including wind power.

Experts believe if Vietnam continues in its ‘lightening pace’ of renewable energy expansion as they have in the last 2 years, they can surpass countries like Australia and Italy in capabilities and innovative solutions.

The government of Vietnam’s commitment to boosting energy supply and strong public demand for improved air quality has been important underlying drivers in this direction. Well-designed and executed supporting regulations and policies such as feed-in-tariffs (FiT), tax incentives, and waiver of land lease are also considered the underlying factors driving renewable energy (RE) growth, especially solar, in the country.

Vietnam is the 2nd largest electricity consumer in SEA and has one of the fastest-growing levels of energy demand of 6% annually.

At NAOS International, our Senior Consultants have been actively supporting Renewable Energy & Infrastructure firms in hiring their leadership team as they expand across emerging markets in Asia Reach out to us to find out more.

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