Mission, challenges, and prospects of renewable energy development in Vietnam

ABSTRACT

Energy is the lifeblood of modern economies as the latter is fueled by the energy demand for everyday life production and consumption. Dubbed as the period of “green economic development,” the 21^st-century witnesses new development and extraordinary advances in technologies to produce energy generating from endless sources of renewable energy found in the natural environment. Driving by the fossil fuels depletion rate forecast over the next 100 years and the dire warnings on the projected impact of climate change, Vietnam has identified energy security and sustainable energy development as indispensable elements in the country’s strategic path toward sustainability in the coming century. With the issuance and adoption of a strategic orientation for sustainable energy development through 2030 and vision to 2045, the Vietnamese government has demonstrated their commitment on priorities in ensuring national energy security, providing stable, high quality, and affordable energy supply for sustainable socio-economic development, improving livelihoods, and contributing to the protection of the natural environment. Developing in harmony among sub-sectors with synchronous and intelligent infrastructure, the renewable energy industry has reached a new level among regions around the world. The paper presents opportunities, potentials, challenges, and goals of renewable energy development in Vietnam. With comprehensive analysis and review of renewable energy forms in the period of 2020 through 2030, the authors aim to create a basis for proposing policy and economic solutions for timely and effective implementation of national energy policy goals set for 2030 and vision to 2045.

KEYWORDS:

• Renewable energy
• opportunities
• challenges
• development strategies
• visions