Vietnam PM wants solar, wind power prices down

Prime Minister Pham Minh Chinh has requested relevant stakeholders to work together to cut down solar and wind energy prices in Vietnam as they are higher than in other countries.

He made the request during a work trip to the southern province of Bac Lieu Sunday.

“It is important to review renewable energy investments in the country, especially prices, to ensure the harmony of interests among investors, the state, and people,” the government leader noted.

Vietnam has over the past few years issued mechanisms and incentives to promote the development of renewable energy, but the prices are higher than in other nations and than electricity generated from other sources.

The PM said today’s renewable energy technologies have become advanced compared with previous periods, therefore electricity generated should be more cost-effective. Otherwise, the government has to continue to provide state-run power-purchasing units with subsidies.

State utility Vietnam Electricity (EVN) has put huge investments into the national electricity transmission network, therefore private-sector investors are free from such investment, Chinh noted.

In Bac Lieu, he said the southern coastal province was among the localities with great potential to develop renewable energy. In addition, he urged it to promote green and sustainable economic development. The leader suggested the Mekong Delta province utilize its strengths to boost high-tech agriculture, tourism, and services.

Investors and Bac Lieu must also consider the circular economy model, developing wind energy along with hydrogen production, agriculture, and aquaculture farming, the PM said.