Vietnam’s total electricity capacity has reached 78,300 MW, under which 26.5 percent is renewable energy.
According to the data of Electricity of Vietnam (EVN), the majority of renewable energy is developed by private investors.
The statistics show that, renewable energy output reached 29,87 billion kwh, or 13.2 percent of the total electricity output in the first 10 months of this year. It included solar electricity 22.65 billion kwh and wind power 6.91 billion.
It has been reported that this rate is higher than other countries like the US, France, China, Indonesia and Thailand.
As per the authorities, this is mainly because of the preferential solar and wind power prices applied in 2017-2021. The government’s FIT mechanism had attracted billions of USD of investment capital in renewable energy projects.
Upon ending of the policy, the total capacity of on-grid and rooftop solar power output was 16,500 MW, including 9,000 MW ground mounted and 8,000 MW rooftop solar power. It means that solar power investors during that period could expect good profits, a local report mentioned.
Meanwhile, there is no new mechanism for FIT price scheme for wind and solar after it expired in 2020 and 2021.
The new mechanism is expected as Vietnam has committed to reduce net emissions to zero by 2050.
