Forecast: Renewable Power Generation in Vietnam

The data on renewable power generation in Vietnam shows a tremendous growth trajectory. Starting at a modest value of 0.001 Exajoules in 2013, the sector witnessed a dramatic increase especially from 2018 onwards. In 2023, renewable power generation stood at 0.43 Exajoules, marking a year-on-year increase of 30.58%. Over the past two years (2021-2023), the growth rate has been substantial with an annual average increase (CAGR) of 127.54% over the last five years.

Unprecedented growth was observed during 2018-2020 with year-on-year variations often exceeding 100%, reflecting strong investment and policy support. The forecast indicates continued but slightly moderated growth, with renewable power generation expected to reach 0.88 Exajoules in 2028, representing a forecast 5-year CAGR of 11.13% and an overall growth rate of 69.5%.

Future trends to watch for include advancements in renewable technologies, policy changes favoring green energy, and increased foreign investments. Additionally, market dynamics such as demand fluctuations and global economic conditions will play crucial roles in shaping the renewable energy landscape in Vietnam.