New preferential policies have encouraged both local and international firms to invest in renewable energy, according to authorities.
Vietnam Prime Minister has recently approved 15 wind power projects in Ninh Thuan Province, 12 of which have total registered capital of about VNĐ27.5 trillion (US$1.2 billion).
About 25 solar power projects have been added to the existing master plan, 18 of which have total registered capital of more than VNĐ27.8 trillion.
From now until 2030, Ninh Thuan Province is expected to attract further investment for wind power projects, with a total capacity of 1,429MW, and solar power projects, with the total power of 3,912MW.
To encourage more investment, Ninh Thuận Province has asked the Prime Minister and Ministry of Industry and Trade to instruct Electricity of Vietnam to emphasize the development of electricity transmission systems.
When construction of all renewable energy projects in the province is completed, these transmission systems will be crucially needed.
After the Government increased the electricity price to US$0,93/ kWh last June, about nine projects on renewable energy generation and distribution were registered by foreign firms each month, according to a report on renewable energy in Vietnam in 2018 by StoxPlus, a financial and economic information service provider in Vietnam.
Both local and international firms are interested in investing in the renewable energy sector, which is expected to grow by 23.2 percent between 2020 and 2030.
As of now, Vietnam has a total of 245 renewable energy projects which have been deployed in different stages.
If all projects are actually carried out, the amount of clean electricity generated should reach 23.2GW, which is more than 10 times the target set for total renewable electricity capacity by 2020, according to the national VII power plan.
Original source: Viet Nam News
Published on 13 July 2018
