According to estimates, by 2050, the implementation of Vietnam's Power Development Plan VIII (PDP8 )will require over 500 billion USD of investment for power generation and grid development. Experts agree that a significant portion of this funding needs to be sourced from the private sector, including international resources.

Power Development Plan VIII promote the green transformation of the energy sector

Released in May, the national electricity development plan (PDP8) for the period 2021-2030, with a vision until 2050, is considered a crucial legal framework. PDP8 will create new opportunities for sustainable energy development in Vietnam, aligned with the trends of green and circular economies.

Several foreign green energy companies have recognized the development potential in Vietnam and have invested in solar and wind power projects. Companies from countries like France and Norway are seeking opportunities to develop offshore wind projects in Vietnam.

Developing Green Energy in Vietnam Leveraging International Resources

Although GreenYellow, a French energy transition partner, has only been operating in the Vietnamese market for slightly more than three years, it now handles over 100 projects with a total capacity of nearly 200 MW. The company believes that high electricity consumption demand and government regulations encouraging renewable energy development are the major reasons that make the Vietnamese energy market appealing.

Ms. Vu Kim Thanh, Head of Commercial, North at GreenYellow Vietnam, emphasized that the government has established specific mechanisms to encourage the development of renewable energy systems and also encourages private enterprises to invest in power projects. This creates an important positive point to attract companies like GreenYellow Vietnam to continue investing and expanding their business operations in Vietnam.

Vietnam is also one of the few countries benefiting from global climate funds and existing financial mechanisms. Through the Fair Energy Transition Partnership program, Vietnam has reached agreements with partners committing to mobilize over 15 billion USD within 3 - 5 years to support the green transition and build green infrastructure.