Forecast: Total (Excluding Solid Biofuels) Renewable Energy in Vietnam

In 2023, the total renewable energy supply in Vietnam, excluding solid biofuels, stood at 8.13 units of total primary energy supply. This marks a modest year-on-year increase of 1.26% from the previous year. In analysis of recent trends, the renewable energy supply saw a significant decline in 2019 by 22.59%, followed by a recovery over the past few years with a more stable yet gradually increasing pattern. For instance, 2020 experienced a 13.39% rise, while subsequent years showed more tempered growth rates of around 1.3% annually.

Looking at a longer timeline, the Compound Annual Growth Rate (CAGR) over the past five years (from 2019 to 2023) was -1.82%, indicating a slight overall decline. Forecasts from 2024 to 2028 suggest a modest annual growth trend with a forecasted CAGR of 0.9% and an overall 5-year growth rate of 4.58%, showing a slow but positive trajectory for future renewable energy supply in Vietnam.

Future trends to watch for include potential government policy changes that could incentivize renewable energy production, technological advancements driving efficiency, and increasing investments in renewable infrastructure. These factors will be crucial in determining whether Vietnam can enhance its renewable energy output to meet growing energy demands and sustainability goals.