What should businesses and investors expect about the renewable energy industry in Vietnam in 2022? What are the key sectors that are playing key roles in Vietnam's renewable energy production? What are the growth drivers of the industry and Vietnam's prospects? Let's find out in this article.

The growth rate is the driving force for renewable energy development in Vietnam

According to the Asian Development Bank, with the hope of recovering from the pandemic, Vietnam is expecting GDP growth to be 6.5% in 2022. This requires more power generation and more investment to increase production and achieve the desired growth rate. And as Vietnam is striving to promote clean energy, shift to renewable energy has become an inevitable trend right now.

Vietnam's potential in the renewable energy industry

According to the World Bank, Vietnam currently has the most comprehensive installed solar capacity in Southeast Asia, with 16,500 MW generated by 2020 and is always in the top countries with large capacity in solar energy installation. With this potential along with the ambition to reach net zero by 2050 that Prime Minister Pham Minh Chinh spoke at the United Nations Climate Change Conference in 2021, this is an opportunity for Vietnam to become one of the leading renewable energy producers in the region.

In the production of renewable energy, the two energy sources that Vietnam focuses more on are wind energy and solar energy.

• Although wind power projects are not growing as prominently and rapidly as solar power, wind power development is being encouraged by the government to increase projects on the coast, offshore and in other areas that have strong wind.
• For solar power which mainly comes from rooftop solar power, from 2022 to 2030, rooftop solar power is predicted to account for about half of the total solar capacity in Vietnam.

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