Vietnam is overhauling its energy plans, targeting 16% solar energy by 2030—three times its previous aim. The revised strategy, anticipated to be finalized soon, emphasizes large solar farms while scrapping offshore wind projects due to high costs. With the economy poised for substantial growth, Vietnam's power generation demand is projected to exceed 211 gigawatts by 2030. However, challenges remain with an old electricity grid unable to accommodate the rapid solar expansion, and an increase in coal imports further complicates its energy landscape.
"This reflects both an overall increase in potential power demand by 2030 and the fact that LNG (or liquefied natural gas) projects are not on track to be completed by 2030," said Giles Cooper, a partner at the international law firm Allens based in Hanoi who specializes in energy policy.
"It was like the market almost stopped," said Dimitri Pescia, of Berlin-based thinktank Agora Energiewende.
Vietnam is set to become one of the world's top five coal importers, displacing Taiwan, according to the International Energy Agency.
Large solar farms are cheaper and easier to build, which is why Vietnam is shifting focus from offshore wind to solar energy generation.
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