The consumption of energy increases with the rising of economic activity due to which countries are applying renewable energy.
FREMONT, CA: In the next few decades, ASEAN countries are predicted to be one of the world's growth centers. Energy is an essential aspect of economic activity, so there is a rise in energy consumption. Vietnam is no exception, and the country has implemented policies to introduce more renewable energy into its energy mix.
Renewable energy forecasting
While the coronavirus has directly impacted the leading countries' economies, the economy of Vietnam grew by 1.81 percent in the first quarter of 2020. In 2021, the economy is projected to recover fully up to 6.8 percent.
By the end of 2020, energy demand will increase by over 10 percent per year and 8 percent per year between 2021 and 2030. By 2030, they have embraced the Clean Energy Growth Plan with a prediction for 2050. The policy is widely aimed at encouraging the use of renewable energy sources and natural resources environmentally sustainable.
As a result, green energy ventures from foreign investors have increased in our country. At the end of 2018, it was announced that they had 121 solar power projects with an ability of 8,100 MW, and the authorities were concerned with 220 projects pending. The thriving business offers investors who have the right expertise and resources to invest in the country good opportunities. In the next decade, energy investors will expend about $150 billion to meet the growing electricity demand.
Solar and wind energy resources and prediction
The wind and solar power sectors are expected to enhance and cross 19.9 GW in Vietnam by 2030. They have set goals for developing renewable energy sources like solar, and shortly, they will steadily raise the percentage of renewable energy sources. Vietnam is an excellent place to invest in the solar sector as electricity demand is high, and the Vietnamese government is attempting to use renewable energy to address the climate emergency.
Two years after the FITS system launch, Vietnam might eventually become ASEAN's largest solar power installer. In addition, Vietnam decided to change from a FIT strategy to a competitive solar project bidding scheme to decrease solar generation expenses.
In the energy mix, solar power will play a significant role and help energy companies achieve environmentally sustainable energy resources. Vietnam plans to have a solar power capacity of 0.5 percent of national production by 2020, 3.3 percent by 2030, and 20 percent by 2050, according to a Solar Magazine report.
There has been a huge number of solar energy projects in Vietnam since the Vietnamese government introduced incentives for solar power investment projects such as decreasing the land-use taxes, land rent, and surface water.