Vietnam needs extra 56 GW of renewables by 2030 to achieve net zero: report

By Quang Minh
Wed, June 19, 2024 | 12:19 pm GMT+7

Vietnam needs to develop an additional 56 gigawatts of renewable energy by 2030 to fulfill its net-zero emissions commitment 20 years later as the country phases out coal consumption, says a Danish government-backed report.

The sum will include 17 GW of onshore wind energy and 39 GW of solar energy, according to the “Pathways to Net Zero” report, the fourth biennial edition of Vietnam Energy Outlook Report, released on Wednesday.

Rasmus Munch Sørensen, adviser to the Vietnam-Denmark Energy Partnership Program, presents the “Pathways to Net Zero” report in Hanoi, June 19, 2024. Photo by The Investor/Quang Minh.

Rasmus Munch Sørensen, adviser to the Vietnam-Denmark Energy Partnership Program, presents the “Pathways to Net Zero” report in Hanoi, June 19, 2024. Photo by The Investor/Quang Minh.

With huge potential in solar and onshore and offshore wind power, Vietnam is well positioned to shift from fossil energy to renewables. The country can conduct green transition cost effectively and achieve the net-zero goal by 2050 by expanding renewables, electrify industries and transport, according to the report.

The authors warn that any delay in the green transition will lead to unnecessary costs due to increasingly severe impacts of climate change.

“To reach CO2 peak by 2030, new capacity in the power sector should primarily come from solar and wind before 2030,” it notes, arguing that renewables will soon be cheaper than fossil fuels across the globe and also be possible soon in Vietnam.

To ensure the energy transition, the report calls for a stable investment climate before 2030 and support for early investments in renewable energy with a focus on improving the regulatory framework.

For Vietnam to reach an ambitious goal of developing 84 GW of offshore wind power by 2050 in a net-zero scenario, Vietnam needs to issue a clear and predictable legal framework to lure big-ticket investments in this industry. The government can start by identifying locations for offshore wind installations, prepare port infrastructure, and enhance the transmission grid.

They also recommend that coal-fired power plants in the country, which is highly vulnerable to climate change, should be more flexible, so that their capacities can be reduced to give priority to greener energies while being an underlying backup source as storage solutions are deployed.

Also, LNG can play a critical role with large capacity additions towards 2050, but this form of energy is sensitive to higher prices.

They argue that co-firing of hydrogen, ammonia or biomass, Carbon Capture and Storage (CCS) on power plants are not cost-efficient.

They recommend investigating the role of nuclear in a system with high renewable share and further exploring potential for use of land for onshore wind and solar power. In addition, it is recommendable to develop standards and regulations to promote rooftop solar power connecting to the grid.

Addressing the launch of the report, Denmark Ambassador to Vietnam Nicolai Prytz called on Vietnam to take swift, robust and sustainable action to achieve the net-zero target. This will not only be critical in dealing with increasing energy demand but also in helping attract more foreign direct investment when access to renewables becomes more relevant in making investment decisions.

Denmark is committed to supporting Vietnam in this green transition, the diplomat affirmed.

Comments (0)
  • Read More
Vietnam's leading property developer Novaland sets sights on strong recovery in 2025

Vietnam's leading property developer Novaland sets sights on strong recovery in 2025

Novaland, Vietnam's leading property developer, is setting its sights on a strong recovery in 2025, with plans to issue nearly 7,000 land-use right certificates and accelerate handovers in the fourth quarter.

Companies - Wed, April 30, 2025 | 3:12 pm GMT+7

Vietnam's private lender Eximbank aims for 23.8% growth in 2025 pre-tax profit  

Vietnam's private lender Eximbank aims for 23.8% growth in 2025 pre-tax profit  

Eximbank, among the leading mid-sized banks in Vietnam, targets a consolidated pre-tax profit of VND5.2 trillion ($200 million), an increase of VND1 billion or 23.8% compared to 2024, marking the bank's record-high profit.

Banking - Wed, April 30, 2025 | 1:19 pm GMT+7

Japan's IHW eyes 2.5 ha, world-class hospital project in northern Vietnam

Japan's IHW eyes 2.5 ha, world-class hospital project in northern Vietnam

Japan's International Healthcare and Welfare Group (IHW) is keen on building a 2.5-hectare, world-class hospital in the capital city's North Hanoi Smart City area.

Industries - Wed, April 30, 2025 | 12:37 pm GMT+7

Vietnam's military-run telco giant Viettel builds one of Southeast Asia’s largest data centers

Vietnam's military-run telco giant Viettel builds one of Southeast Asia’s largest data centers

Military Industry and Telecoms Group (Viettel) has broken ground on a state-of-the-art data center in Ho Chi Minh City, set to become one of the largest in Southeast Asia and the first in Vietnam to have such a hyperscale capacity.

Industries - Wed, April 30, 2025 | 11:28 am GMT+7

Grand military parade, procession to celebrate Vietnam's 50th anniversary of National Reunification

Grand military parade, procession to celebrate Vietnam's 50th anniversary of National Reunification

A spectacular military parade and civilian procession took place along Le Duan Boulevard in District 1, Ho Chi Minh City on Wednesday to celebrate Vietnam's 50th anniversary of the Liberation of the South and National Reunification (April 30, 1975 - April 30, 2025).

Politics - Wed, April 30, 2025 | 11:05 am GMT+7

Vietnam PM requests more aircraft, LNG, agi import contracts with US in May

Vietnam PM requests more aircraft, LNG, agi import contracts with US in May

Prime Minister Pham Minh Chinh has requested relevant Vietnamese authorities to urgently negotiate and sign contracts in May for import of goods from the U.S., such as LNG, aircraft, medicine, and agricultural products, to ensure a sustainable trade balance.

Economy - Wed, April 30, 2025 | 10:25 am GMT+7

Vietnam Party chief's address at national celebration of liberation of South and national reunification

Vietnam Party chief's address at national celebration of liberation of South and national reunification

Party General Secretary To Lam delivered an address at Vietnam's celebration of the 50th anniversary of the liberation of the South and national reunification held in Ho Chi Minh City on Wednesday April 30.

Politics - Wed, April 30, 2025 | 9:32 am GMT+7

Property heavyweight Sun Group’s affiliate to build $491 mln opera house in Hanoi

Property heavyweight Sun Group’s affiliate to build $491 mln opera house in Hanoi

Sun City Limited Liability Company, an affiliate of Vietnam’s top real estate developer Sun Group, has received a preliminary in-principle approval from local authorities to build a VND12.75 trillion ($491 million) opera house in Hanoi.

Real Estate - Wed, April 30, 2025 | 8:00 am GMT+7

Australian scholar praises Vietnam’s remarkable 50-year transformation

Australian scholar praises Vietnam’s remarkable 50-year transformation

In 50 years since the national reunification (April 30, 1975-2025), Vietnam has transformed from war-devastated developing country to a peacetime country that has attained lower middle-income status, said Prof Carl Thayer.

Politics - Wed, April 30, 2025 | 8:00 am GMT+7

Malaysia remains 9th largest global exporter of high-tech products

Malaysia remains 9th largest global exporter of high-tech products

Malaysia successfully maintained its position as the ninth-largest exporter of high-tech goods out of 143 countries worldwide in 2023, the highest recognition it has achieved in the past decade, national news agency Bernama reported.

Southeast Asia - Tue, April 29, 2025 | 10:27 pm GMT+7

Swedish documentary about reunification to be screened on VTV

Swedish documentary about reunification to be screened on VTV

The documentary Victory Vietnam (Chiến Thắng Của Việt Nam), directed by Swedish filmmaker Bo Öhlén, will be screened on Vietnam Television (VTV) on April 30 - the Reunification Day.

Travel - Tue, April 29, 2025 | 8:36 pm GMT+7

Insights into Decision 768 amending Vietnam's power development plan VIII

Insights into Decision 768 amending Vietnam's power development plan VIII

Prime Minister Pham Minh Chinh on April 15 issued Decision 768 approving Vietnam's Amended National Power Development Plan VIII for 2021-2030, with vision to 2050. Anh Dang, a senior partner at Vilaf law firm, offers an insight into the principal amendments to PDP VIII.

Consulting - Tue, April 29, 2025 | 4:36 pm GMT+7

From loss to profit: steel maker SMC sees stock rally, avoids delisting risk

From loss to profit: steel maker SMC sees stock rally, avoids delisting risk

Vietnamese steel manufacturer SMC Trading Investment JSC (HoSE: SMC) has seen its stock price soar nearly 60% since early April after the company turned its 2024 loss into profit over bad debt provision reduction.

Companies - Tue, April 29, 2025 | 3:45 pm GMT+7

Dairy giant TH plans $234 mln factory in southern Vietnam

Dairy giant TH plans $234 mln factory in southern Vietnam

A subsidiary of Vietnam’s dairy giant TH true MILK plans to develop a VND6.07 trillion ($234 million) factory in the southern province of Binh Duong.

Companies - Tue, April 29, 2025 | 3:19 pm GMT+7

Engaging tours, activities available during five-day holiday

Engaging tours, activities available during five-day holiday

A long holiday is approaching and across the nation, cities and provinces have lots to offer tourists who want to travel or spend days doing activities with friends and families.

Travel - Tue, April 29, 2025 | 3:17 pm GMT+7

Int’l organizations lower Indonesia’s 2025 economic growth forecast

Int’l organizations lower Indonesia’s 2025 economic growth forecast

Several international organizations in April revised their economic growth forecasts for Indonesia, reflecting concerns over escalating global trade tensions and domestic fiscal challenges.

Southeast Asia - Tue, April 29, 2025 | 2:30 pm GMT+7