Vietnam has emerged as one of the most dynamic renewable energy (RE) markets in Southeast Asia, marked by impressive growth in solar and wind power. This paper aims to analyze key figures on renewable energy development in Vietnam, review legal and technical barriers, and assess the evolving policy framework towards achieving the national Net-Zero target by 2050. Between 2015 and 2021, solar capacity rose from under 100 MW to more than 18 GW, largely fueled by supportive Feed-in Tariff (FIT) policies under Decision No. 11/2017/QD-TTg and Decision No. 13/2020/QD-TTg. Wind energy also expanded, reaching about 4 GW by 2023. By 2024, renewables accounted for nearly 30% of national electricity capacity. However, challenges persist. Post-FIT uncertainty, delays in PDP8, grid congestion, and the lack of advanced storage or forecasting limit system flexibility. These issues hinder private investment, compounded by the absence of a mature carbon pricing framework. In response, Vietnam has shifted from FITs to competitive bidding schemes, with pilot auctions planned, while also drafting a carbon market framework to mobilize climate finance. The paper highlights that PDP8 (National Power Development Plan VIII), approved in 2023, sets ambitious goals: renewables to supply 47% of electricity by 2030. Policy adjustments now integrate carbon cost considerations, promoting sustainability. Furthermore, Vietnam is collaborating with international partners to enhance grid standards, develop recycling solutions for end-of-life solar panels, and apply ESG (Environmental, Social, and Governance) practices. The research provides a comprehensive overview of achievements, identifies bottlenecks, and evaluates future directions for Vietnam’s renewable energy sector, underlining its critical role in realizing the Net-Zero 2050 commitment.
Nguyen et al. (Fri,) studied this question.
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