Vietnam’s electricity output forecast to rise to 950 billion kWh by 2045

Vietnam’s electricity output is forecast to rise to 950 billion kWh by 2045 to meet the growing demand for economic expansion.

Vietnam’s electricity output forecast to rise to 950 billion kWh by 2045 hinh anh 1

Vice President of the Vietnam Energy Association Nguyen Van Vy gave this estimate at a forum on solutions to develop renewable energy held in Hanoi on October 28.

Development of clean and renewable energy is an irreversible trend around the world, changing the structure of the energy sector. Many countries around the world have urgently developed and implemented policies to promote renewable energy with a long-term vision, investing in human resources, technology and finance-credits towards building a low carbon economy.

Vietnam has many favourable conditions to develop different renewable energy sources. The annual average number of sunshine hours in the North ranges from 1,500-1,700 hours and up to 2,700 hours in the South Central provinces. Solar radiation density varies between 3,000 and 5,000 kCal/m2/day.

The Earth Win Map estimates more than 39 percent of Vietnam’s land area has an average annual wind speed of over 63/s at an altitude of 65m and 8 per cent of the land area has an average wind speed of over 7m/s, which is suitable for large wind power stations.

According to Vy, as Vietnam’s economy continued growing quickly, demand for primary energy sources is expected to increase by 4.6 per cent per year, from 105 MTOE (million tonnes of oil equivalent) in 2020 to 321 MTOE by 2045.

Over the past 10 years, electricity production has increased by more than 2.3 times, from 101.4 billion kWh in 2010 to nearly 235 billion kWh in 2019. Vietnam’s electricity output is forecast to continue rising, at an average rate of 5.6 percent per year from 245 billion kWh in 2020 to 950 billion kWh by 2045.

“Although the rate of fossil fuel use in electricity production is forecast to decrease, fossil fuel sources (coal and gas) still account for a large proportion. This will put great pressure on exhausted natural resources, and the increasing demand for fuel imports for electricity generation will greatly affect climate change and energy security,” Vy said.

“Therefore, the development of renewable energy should be paid higher attention for rapid development in the future.”

 

The Politburo’s Resolution No. 55-NQ/TW on Vietnam’s national energy development strategy to 2045, issued in February this year, has set a target for renewable energy to account for about 15-20 percent of total electricity supply by 2030 and 25-30 percent by 2045.

To achieve these goals, the Ministry of Industry and Trade has advised and submitted to the Prime Minister for promulgation mechanisms to encourage the development of wind power, biomass power, power generation from solid waste and solar power.

Such policies include support mechanisms for purchasing biomass, solar and wind power, incentives for corporate income tax, import tax, VAT tax and land-use tax.

Data from the Ministry of Industry and Trade (MoIT) showed by the end of September, the installed capacity of wind power reached 485MW, solar power 5,829MW, biomass power 169MQ.

Ending September, electricity generated from wind power reached 630 million kWh, solar power 7,274 million kWh, biomass power 303 million kWh, accounting for 4.4 percent of total electricity output nationwide.

As for rooftop solar power, by mid-October more than 57,000 systems have been installed with a total capacity of 1,747MWp.

Do Duc Quan, deputy director of MoIT’s Department of Electricity and Renewable Energy, said the orientation in the future will focus on developing policies, transmission infrastructure and system operation regulations.

“In terms of policies, large-scale renewable energy projects will apply the bidding mechanism following which a selected developer will be the one offering the lowest electricity price from ground-mounted and floating solar power projects,” Quan said.

According to him, the bidding mechanism will take more time but be more fair and transparent for investors, ensuring harmony between the number of renewable energy power projects and capacity of transmission grids./.VNA

 
 

Other News

.
Trinh Van Quyet’s transaction canceled, securities accounts blocked
Trinh Van Quyet’s transaction canceled, securities accounts blocked
BUSINESSicon  12/01/2022 

An unreported transaction made by Trinh Van Quyet, Chair of FLC Group, worth VND1.6-1.8 trillion on January 10 has been canceled as he did not report the deal.

Vietnam first Southeast Asian country to earn over US$1 billion from exports to Hungary
Vietnam first Southeast Asian country to earn over US$1 billion from exports to Hungary
BUSINESSicon  12/01/2022 

Vietnam has become the first Southeast Asian nation to earn over 1 billion USD from exporting goods to Hungary and the European country’s leading exporter from this region since 2000, according to the Ministry of Industry and Trade.

Vietnam has 683,600 operational firms: economic census
Vietnam has 683,600 operational firms: economic census
BUSINESSicon  12/01/2022 

As of December 31, 2020, Vietnam counted 683,600 operational enterprises, up 35.3 percent from 2016, the 2021 economic census revealed.

Hanoi to welcome launch of 26,000 apartment units in 2022: C&W Vietnam
Hanoi to welcome launch of 26,000 apartment units in 2022: C&W Vietnam
BUSINESSicon  12/01/2022 

Around 26,000 apartment units are expected to be launched in Hanoi in 2022, signaling a vibrant outlook for the segment, according to real estate service provider Cushman & Wakefield (C&W) Vietnam.

Laos top recipient of Vietnam’s overseas investment
Laos top recipient of Vietnam’s overseas investment
BUSINESSicon  12/01/2022 

Laos has been the largest recipient of Vietnam's overseas investment so far, with 209 projects totalling 5.1 billion USD in registered capital, Minister of Planning and Investment Nguyen Chi Dung has said.

Top 5 commodity brokers in Vietnam revealed
Top 5 commodity brokers in Vietnam revealed
BUSINESSicon  12/01/2022 

The five companies holding the largest commodity brokerage market shares in Vietnam sustained their positions in 2021, according to the Mercantile Exchange of Vietnam (MXV).

VN auto market grows slightly in 2021
VN auto market grows slightly in 2021
BUSINESSicon  12/01/2022 

Vietnam’s automobile market recorded slight growth in 2021, data from manufacturers showed.

Vietnamese billionaire sells shares without necessary report
Vietnamese billionaire sells shares without necessary report
BUSINESSicon  11/01/2022 

The State Securities Commission (SSC) has released a notice about a stock transaction without a report from Trinh Van Quyet, President of FLC Group.

Vietnam's tourism revives, starts again from scratch
Vietnam's tourism revives, starts again from scratch
FEATUREicon  12/01/2022 

The market is completely new after Covid-19. All players, small and large, will be at the starting point. Those who have a good start will obtain more market share.

Distressed by Covid-19, wind power developers want FIT to be extended
Distressed by Covid-19, wind power developers want FIT to be extended
FEATUREicon  12/01/2022 

Unable to have commercial operation date (COD) prior to November 1, 2021, many wind power investors have fallen into dilemma.

Telecom providers launch Mobile Money service
Telecom providers launch Mobile Money service
BUSINESSicon  11/01/2022 

Telecommunications isn't the booming industry it once was, thanks to the mobile market becoming saturated in recent years. This shift is forcing telecom providers to look for "new spaces" - one of which is Mobile Money.

Vietnam aims for 8% export growth this year
Vietnam aims for 8% export growth this year
BUSINESSicon  11/01/2022 

Although much of the economy was impacted by the fourth wave of COVID-19 in 2021, Viet Nam’s imports and exports reached a record of nearly US$670 billion, an increase of almost 23 per cent from 2020.

Vietnam coffee industry targets US$6 billion export value in 2030
Vietnam coffee industry targets US$6 billion export value in 2030
BUSINESSicon  11/01/2022 

The Viet Nam Coffee and Cocoa Association has targeted a coffee export turnover of US$5-6 billion in 2030, doubling the export value at present.

Three border crossings to reopen in Quang Ninh
Three border crossings to reopen in Quang Ninh
BUSINESSicon  11/01/2022 

China will resume customs clearance at three border crossings in Quang Ninh Province from January 11, according to the Ministry of Industry and Trade.

Largest-ever support package to strengthen farmers
Largest-ever support package to strengthen farmers
BUSINESSicon  11/01/2022 

The Government has just submitted a support package of VND350 trillion (US$15.43 billion) for socio-economic recovery and development to the National Assembly.

Treasures hidden in forests, bring high profit to farmers
Treasures hidden in forests, bring high profit to farmers
BUSINESSicon  11/01/2022 

Ngoc Linh ginseng lives under the canopy of old forests, with a forest coverage level of 70-80 percent and temperature of below 25oC. Businesses are now joining forces with locals to grow Ngoc Linh ginseng there.

Home-appliance distributors bargain products away, shut down after incurring big losses
Home-appliance distributors bargain products away, shut down after incurring big losses
FEATUREicon  11/01/2022 

Home appliance distributors have had a tough year 2021 because of Covid-19.

Real estate market anxiously awaits new regulations
Real estate market anxiously awaits new regulations
FEATUREicon  10/01/2022 

The National Assembly this morning began discussing the amending of eight laws.

Some hotels manage to survive the pandemic
Some hotels manage to survive the pandemic
FEATUREicon  11/01/2022 

Going digital, using staff for multiple tasks, and opening new businesses, hotels have been struggling to survive the second year of the pandemic.

Tet online sales kick off one month before Tet
Tet online sales kick off one month before Tet
FEATUREicon  10/01/2022 

Everything now can be purchased online, from food for Tet parties to smartphones.

 
 
 
Leave your comment on an article

OR QUICK LOGIN