Vietnam’s power generation must triple by 2030 to meet the country’s anticipated economic growth of between 6.5% and 7.5%, Deputy Minister Hung told the workshop co-organized by the Vietnam Energy Association and the UK Embassy in Hanoi.
“Vietnam boasts abundant renewable energy resources. By 2030, we will be able to generate 8,000 MW of hydropower; 20,000 MW of wind power; 3,000 MW of biomass power; and 35,000MW of solar power,” Hung said.
To encourage renewable energy, the Ministry of Industry and Trade has initiated policies to advance its development, including the Freed-in-Tariff Measure, credit and tax incentives, and land lease reduction. By 2018, Vietnam had 8 wind power plants and 10 biomass power plants.