The Vietnamese government has recently given the go-ahead to a plan aimed at developing renewable energy sources for electricity production, including the installation of rooftop solar panels on residential and commercial buildings.
The primary objective of the plan is to ensure energy security within the nation and meet the growing electricity demand in Vietnam, thereby supporting socio-economic development. The government anticipates an average annual GDP growth of approximately 7% from 2021 to 2030.
As per the plan, it is projected that by 2030, 50% of office buildings and residential houses will utilize self-generated rooftop solar power for their own consumption. However, the surplus electricity produced will not be sold to the national power grid.
In addition to promoting rooftop solar, the plan encompasses the development of new power sources and grids. The estimated cost for implementing this comprehensive plan is around US$134.7 billion.
Vietnam has been making significant progress in its transition towards renewable energy in recent years. To support this transition, the Just Energy Transition Partnership (JETP), an initiative of the G7, has pledged to provide Vietnam with initial funding of approximately US$15.5 billion from public and private sources.
This partnership aims to address the challenges Vietnam has faced in the solar power sector, particularly due to limitations in its grid capacity, which led to the abrupt halt of the solar energy boom between 2018 and 2020.
Moreover, Vietnam has benefited from the Global Energy Alliance for People and Planet's efforts to accelerate the adoption of clean energy and improve access to it. Priority programs include supporting the implementation of battery energy storage systems (BESS) in Vietnam.
