A solar and wind power project in Ninh Thuan province (Photo: VNA) Hanoi (VNA) – Vietnam has shown the world itscapability to accelerate clean energy solutions, with the highest installedcapacity of solar power in Southeast Asia and the government’s commitment toboosting energy supply and strong public demand for improved air quality, the Malaysia-based Techwire Asia website said in an article on August 19.
Accordingto the tech news website, Vietnam recognises that thetransition to green energy has never been more urgent. As one of thefastest-growing economies in Southeast Asia, the country has demonstrated itsseriousness in pursuing the green energy transition especially when it comes toembracing solar power.
The article cited a World Bank’s report that said Vietnam now boasts the highest installedcapacity of solar power in Southeast Asia, generating 16,500MW at the endof 2020. Separate statisticsby the International Renewable Energy Agency (IRENA), showed thatVietnam, as of the end of 2020, was within the top 10 countries in the worldwith the highest capacity of solar energy installed.
The article said considering the country’s highsolar PV potential and its ambitious green energy goals come2050, Vietnam has all the means to become a regional and global leader inrenewables. It added that there is also a strong case for wind power projects as well,considering that the country has one of the bestwind resources in Southeast Asia, with an estimatedpotential of 311 GWs.
Market experts reckoned if Vietnam retainsits lightning pace of renewableenergy expansion from the last two years, it will further climb theranking, potentially surpassing countries like Australia and Italy in renewableenergy development and innovative energy solutions, according to the article.
It was of the view that the Vietnamese Government's commitment toboosting energy supply and strong public demand for improved air quality hasbeen important underlying drivers in this direction. Well-designedand executed supporting regulations and policies such asfeed-in-tariffs (FiT), tax incentives, and waiver of land lease are alsoconsidered the underlying factors driving renewable energy growth, especiallysolar, in the country.
The global consultancy company McKinsey saidwhile Vietnam’s current energy plan is ambitious, it can become better. Itconcluded that a renewables-ledpathway can unlock a plethora of opportunities for the country,including saving 10 percent of overall power costs, cutting down 1.1 GTs fewergreenhouse gas emissions, and others./.
