Vietnam, aiming for net-zero emissions by 2050, is leading the transition to clean energy in Southeast Asia, according to The Economist.
The country has quadrupled its wind and solar power capacity since 2019. In the four years to 2021, the portion of electricity generated by solar in Vietnam increased from practically nothing to nearly 11%, a faster rate than almost anywhere else in the world, The Economist wrote in June.
"It is a bigger share than larger economies such as France or Japan have managed," the paper added.
Last year, Vietnam ranked eighth among 10 countries and territories in the Solar Power Leaderboard released by Visual Capitalist, an online publisher focusing on markets, technology, energy and the global economy.
The nation had by 2021 installed more than 100,000 rooftop solar systems with a total installed capacity of more than 9.3 gigawatts, according to state-run utility Vietnam Electricity (EVN), four years ahead of schedule set by the government in 2020, lifting Vietnam's solar output to 16 GW.
Consulting firm McKinsey noted in a report: "Vietnam enjoys enviable natural potential for wind capacity, with 3,000 kilometers of coastline and winds that blow from 5.5 to 7.3 meters per second (not accounting for seasonal variability). The biggest opportunity for massive wind-power generation sits offshore."
According to Global Wind Energy Council, an international trade association for the wind power industry, Vietnam is set to become South East Asia’s offshore wind leader over the next decade with a whopping 475 GW of offshore wind.
The country has attracted global producers of solar modules and panels, with major American, Canadian, and Chinese investors already present, as the tropical country is ramping up investment in solar and wind power.
For the first time, Vietnam was listed among the 50 countries and territories with over a tenth of electricity from wind and solar in 2021, according to the third annual report from Ember, an independent energy think tank that uses data-driven insights to shift the world from coal to clean electricity.
Vietnam boasted a nearly 76,620 MW power generation capacity at the end of 2021, according to EVN. Out of this, wind and solar energy made up 27% of capacity.