Report predicts Vietnam poised for renewables boom

Published onMay 16, 2019

Wind and solar power are poised for a significant rise in Vietnam and will hit 19.9 GW by 2030, according to a new report. The study from analytics firm GlobalData predicts a compound annual growth rate (CAGR) of 22.4 per cent for currently untapped non-hydropower renewables in the country, which it attributes to a change in government policies. The report highlights that, with Vietnam’s coal reserves depleting, the government is looking to expand the energy mix away from fossil fuels. Power industry analyst Anchal Agarwal said: “In Vietnam, market development of renewable sources such as wind and solar is in nascent stage. Hydropower potential is nearly exploited; in contrast, wind, and solar expansion potentials are high and to a great extent untapped.