Review of policies to support the development of renewable energy projects in Vietnam

Vietnam is a country with great potential for renewable energy, especially solar and wind energy. The adjusted Power Plan VIII sets great ambitions: by 2030, the total national power capacity will reach more than 183,000 - 236,000 MW, of which renewable energy (excluding large hydropower) will account for about 28 - 36% of the total capacity, reaching 74 - 75% by 2050[1]. The government is aiming to develop an additional 150,000 MW of renewable energy (RE) by 2035, equivalent to about 1,500 projects (with an average scale of 100 MW per project) with the main RE sources that Vietnam prioritizes for development including solar power (both concentrated and rooftop), wind power (onshore, nearshore and offshore), biomass power and waste-to-energy. To achieve this growth, Vietnam needs revolutionary changes in mechanisms and policies (supplements or adjustments). Researching, developing policies and strategies on renewable energy helps the country fulfill its commitments, contributing to keeping global temperature rise below 2°C. These policies not only help minimize the impact of climate change but also promote the trend of green economic development. Therefore, this article will provide an overview of current mechanisms and policies on renewable energy development in Vietnam. At the same time, reviewing the experiences of leading countries in energy development in the world such as European Union, China and USA to propose policy solutions to achieve the goal effectively and sustainably.