Vietnam stands out as a renewable energy center of Southeast Asia, so this has attracted the attention of large investors in the Indo-Chinese country. Here, in this article, we will mention some reasons that the World Bank has statistically given why Vietnam has the capacity for solar energy.
Let’s explore more about this remarkable energy improvement in Vietnam!
Vietnam currently has Southeast Asia’s most complete installed solar power capacity, with 16,500 megawatts (MW) generated in 2020. In addition, the Indo-Chinese country was included among the top 10 nations worldwide, with the largest installed solar power capacity in 2020.
As a result of this power of Vietnam’s photovoltaic solar power and the ambitious green energy targets for 2050, the country has every opportunity to become a world leader in renewable energy.
Renewable energy makes giant strides in Vietnam
Market analysts believe that if Vietnam continues its rapid expansion in renewable energy, it will rank much higher, surpassing Australia and Italy in developing such alternative sources and creative solutions.
There is also a compelling reason to establish wind power projects in Vietnam, as it’s been proven to have some of the region’s most considerable wind resources with a potential of 311 gigawatts.
Vietnam’s climate and topography make renewable energy, particularly wind, a vital investment prospect.
Experts attribute Vietnam’s vast wind resource to the country’s long and narrow geographical form, consisting of more than three thousand kilometers of coastline with a mixture of hills and mountains.
Vietnam has recently seen phenomenal growth in solar energy, which is just the beginning of the country’s excellent energy transition away from coal. The country’s solar photovoltaic capacity increased from 86 MW in 2018 to about 16,500 MW in 2020.
Sustainable progress: Wind power flourishes in Vietnam
Sustainability strategies are becoming more common among companies and a key point for investors who demand stricter environmental criteria from companies they invest in. But ensuring change across the entire industrial supply chain is a challenge in every corner of the world.
Renewable energy will be an excellent opportunity for foreign investors
Solar power on Vietnam’s rooftops could account for nearly half of Vietnam’s total solar capacity by 2030. This shows a favorable environment for producing this energy and calls all the attention of foreign investors to contribute to the Vietnamese economy. It should also be noted that in recent years, Vietnam has been an international star for tourism that has gained tremendous popularity among travelers.
The Vietnamese government wants to achieve all the legal framework on environmental criteria and grant green credit, that is, a loan for consumption, investment, production, and business needs, without causing ecological risks.
Interested in learning more about this in person?
Visiting Vietnam can be an enriching adventure to learn more about the renewable energies implemented by this country. We invite you to check out iVisa, where you can find all the information you need to get your Vietnam eVisa.