Vietnam opens up investment opportunities in renewable energy

Updated: Apr 6

Vietnam aims to raise renewable electricity to 45 percent of the national power generation capacity by 2030.

For this, the country has created opportunities for both domestic and foreign firms, as it needs an investment worth up to 14 billion US dollars.

According to the Ministry of Industry and Trade, "the annual domestic power consumption would grow at 9 percent to keep up with the rapid economic development," a local report mentioned.

According to Hoang Tien Dung, head of the Electricity and Renewable Energy Authority under the MoIT, Vietnam has set a target that renewable electricity will account for 45 percent of the national power generation capacity by 2030.

A local report mentioned, "The implementation of the power source and grid development program will cost an estimated 14 billion USD, so Vietnam needs the participation of businesses, especially those from the US, in resources and technology sharing."

Vietnam Chamber of Commerce and Industry (VCCI) has introduced its Green Index initiative with support from the USAID to promote environmental institutional reform and environmentally-friendly investment activities.

Experts are of view that to boost investment attraction in the sector, Vietnam needs a long-term strategy. Many investors have expressed support for increasing the use of solar and offshore wind power.

During a recent Vietnam Business Forum, "representatives from many domestic and foreign business associations operating in Vietnam suggested the government continue to develop renewable energy, improve energy efficiency, and promote battery and hydrogen-based energy storage," a report mentioned.

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