Renewable electricity generation, excluding hydroelectricity in Vietnam, has shown steady growth since 2013. In 2013, it stood at 0.12 Units of Electricity Production. Upon reaching 2023, it grew to 0.15 Units. The annual year-on-year growth varied modestly with some fluctuations, ranging from -5.31% in 2013 to 2.32% in 2023. Over the last five years, from 2018 to 2023, the compound annual growth rate (CAGR) averaged at 1.6%, indicating moderate yet consistent growth. The forecast from 2024 to 2028 expects an average annual growth rate of 1.6%, sustaining the positive trend observed in the previous decade.
Future trends to watch for include:
- Technological advancements in solar and wind energy.
- Government policies favoring renewable energy investments.
- Private sector involvement in renewable projects.
- Global trends toward carbon neutrality influencing local initiatives.