Forecast: Renewable Power Generation in Vietnam

Since 2013, Vietnam's renewable power generation has exhibited significant growth, particularly notable over the past decade. In 2023, actual renewable power generation reached 25.3 Terawatthours. The annual variation reached an impressive 723.6% in 2019, marking a substantial leap in renewable capacity. This was followed by robust growth rates in subsequent years, including an almost 130% increase in 2020 and a consistent, double-digit rise until 2023. The last two years showed a promising yet slightly tapered expansion with a 35.79% rise in 2022 and a 26.22% increase in 2023. Over the last five years, Vietnam’s renewable energy sector has experienced an average growth rate (CAGR) of 119.2%.

Looking forward to 2028, forecast data predicts a continued positive trend with a 5-year CAGR expected to be 10.89%. By 2028, the renewable power generation is projected to reach 51.19 Terawatthours, indicating a 67.66% growth from 2023.

Future trends to watch for include:

• Government policies and incentives to support renewable energy development.
• Technological advancements in renewable energy sources such as solar and wind power.
• Investment trends from both domestic and international stakeholders in Vietnam’s renewable energy sector.
• Integration of renewable energy into the national grid and potential infrastructural enhancements.