Vietnam has been active in boosting energy planning to achieve growth in renewable energy, according to Minister of Industry and Trade Nguyen Hong Dien.
The minister further said that to achieve the goal, the country has been reducing thermal electricity and developing gas-fired power in a rational manner.
As per the local reports, the minister said that it is a great challenge for Vietnam to deliver on its commitment to achieving Net Zero Emissions by 2050. However, he said that the country will "further boost the expansion of renewables, including solar, wind and wave energies, to balance and sustain all power resources."
The authorities are considering the "expansion of transmission grid and development of smart grids or energy storage systems will be useful for Vietnam."
As there is no room left for the growth of hydro-power and Vietnam doesn’t want the gas-fired electricity sector to develop too intensively, the country will further boost the expansion of the renewables, including solar, wind and wave energies, to balance and sustain all power resources, the minister stated.
The robust growth of the renewables in recent years has set the scene for a significant cut in power production cost, he added, noting that direct power purchase agreements also allow consumers to access low-cost electricity, and ease pressure on the national transmission system and national grid.