Vietnam solar energy costs 'lowest' in Southeast Asia
Vietnam has the lowest “levelized” cost of solar energy in Southeast Asia, the International Renewable Energy Agency (IRENA) says in its latest major energy-transition publication.
The levelized cost of energy (LCOE) is a measure of the average net present cost of electricity generation for a generator over its lifetime. It is used for investment planning and to compare different methods of electricity generation on a consistent basis.
Vietnam’s LCOE from solar is $0.046/kilowatt-hour, IRENA says, adding that most other ASEAN nations have figures between $0.05/kWh and $0.075/kWh.
The IRENA publication, “Renewable Energy Outlook for ASEAN: Towards a Regional Energy Transition,” emphasizes the dominant role that will be played by solar energy in a net zero world.
The Abu Dhabi-based organization has updated the analysis it produced in 2016 about the 10 ASEAN countries to map a route to net zero in the region by mid-century.
It estimates that a net-zero need of 64 gigawatts to 73 GW per year of new solar energy generation is needed in Brunei, Myanmar, Cambodia, the Philippines, Indonesia, Singapore, Laos, Thailand, Malaysia and Vietnam.
Starting this year, Indonesia, Vietnam and Thailand would need to add 24.2 GW, 17.9 GW and 11.2 GW per year, respectively. At the other end, Brunei would have to contribute just 70 MW annually.
Vietnam Electricity (EVN) data shows Vietnam’s total capacity of operational wind and solar projects accounts for nearly 27% of the total installed capacity, including 16,545 megawatts of ground and roof solar power, and 4,126 MW of wind power.
“While ASEAN has ambitious renewable energy goals in the near-term, the region needs to think and plan for the long-term,” the report says.
“It has a unique opportunity to develop a sustainable energy system based on renewable energy resources that can support recovery and development while addressing climate change mitigation and adaptation strategies, and accomplishing energy security, universalization and affordability goals.”
The authors of the report, jointly written by the ASEAN Centre for Energy, an inter-governmental regional body, concluded solar will become the dominant force among new power generation capacity by mid century, even in the most pessimistic business-as-usual scenario, which presumes backsliding in environmental ambitions.
In terms of the energy transition required to deal with climate change, the study says the ASEAN nations must have installed 241 GW of solar generation capacity this decade, at a cost of $156 billion, and can then spend $1.08 trillion to reach 2,100 GW of solar in a 90%-renewables energy system by 2050, or $1.25 trillion for 2,400 GW across the 10 countries for an all-clean-power grid.
The year 2050 is also the year Vietnam seeks to reach carbon neutrality via its clean energy transition process. Its net-zero emissions target provides renewable energy businesses with abundant scale opportunities in the decades to come.
The 128-page study, published last week, estimates the ASEAN nations will need about 11 million tons of green hydrogen by 2050, to be used in heavy industry, shipping fuels, and to balance out all that solar, along with grid-scale batteries.
According to the report, Southeast Asia is lagging the sort of progress witnessed in other parts of the world when it comes to hydrogen strategies.
Another potential energy transition opportunity for the ASEAN nations lies in exploitation of the raw materials critical to renewables and electric vehicles (EVs), the study says. Indonesia is a big supplier of the world’s nickel and copper and the Philippines also has a big slice of both markets. Vietnam, Malaysia, and Myanmar have substantial rare earth element deposits, the report adds.
IRENA is an intergovernmental organization mandated to facilitate cooperation, advance knowledge, and promote the adoption and sustainable use of renewable energy.
- Read More
Vietnam central bank resumes selling gold after 1-month hiatus
The State Bank of Vietnam (SBV), the country's central bank, on Monday announced that it will reactivate the sale of SJC-branded gold bars to meet market demand.
Banking - Mon, November 18, 2024 | 4:02 pm GMT+7
Vietnam 2nd biggest market of Thai giant Central Retail in Jan-Sept
Thailand’s leading retailer Central Retail earned a revenue of THB37.99 billion ($1.09 billion) in Vietnam in the first nine months of this year, up 0.9% year-on-year.
Companies - Mon, November 18, 2024 | 4:00 pm GMT+7
Singapore firm to invest in $19.7 mln garment factory in central Vietnam
Singaporean-based HGQ ASIA Pte., Ltd will pour nearly VND500 billion ($19.7 million) into building a garment factory in the south-central province of Binh Dinh.
Industries - Mon, November 18, 2024 | 2:23 pm GMT+7
IP developer KBC to raise $236 mln to restructure debts, augment capital
Kinhbac City Development Holding Corporation (KBC), a leading industrial real estate developer in Vietnam, will offer 250 million shares to 11 investors for more than $6,000 trillion ($236.4 million) to restructure its debts.
Companies - Mon, November 18, 2024 | 2:17 pm GMT+7
Vietnam's chemical giant Vinachem targets $500 mln trade turnover with Brazil in 2030
Vietnam’s state-run chemical group Vinachem and Brazil’s major trading firm Oceanside One Trading LLC say they will strive to boost their bilateral trade to $500 million in 2030.
Companies - Mon, November 18, 2024 | 12:32 pm GMT+7
Vietnam may welcome more FDI from US allies in Trump 2.0: broker
More companies from U.S. allies and elsewhere may move more production facilities to Vietnam in the second term of Donald Trump as U.S. President, given the expected intensification of U.S-China trade tension, according to KB Securities Vietnam (KBSV).
Economy - Mon, November 18, 2024 | 12:19 pm GMT+7
Vietnam PM asks Brazil's aerospace giant Embraer to help with air logistics development
Vietnam seeks to build an air logistics center and plans to collaborate with Brazil’s aerospace giant Embraer for the task, says Prime Minister Pham Minh Chinh.
Companies - Mon, November 18, 2024 | 10:45 am GMT+7
Singapore-domiciled TAEL Two Partners struggles to divest from Vietnam taxi operator Vinasun at loss
Singapore-headquartered fund TAEL Two Partners has planned to divest entirely from Vietnamese taxi operator Vinasun at a heavy loss after more than a decade of investment.
Finance - Mon, November 18, 2024 | 10:19 am GMT+7
Vietnam's opportunity in a shifting global EVs market
The global electric vehicle boom presents numerous opportunities for Vietnam's economy, supported by leading technology suppliers like Bühler Group.
Companies - Mon, November 18, 2024 | 10:00 am GMT+7
Vietnam, Brazil elevate bilateral ties to strategic partnership
Vietnam and Brazil issued a joint statement on elevating their bilateral relations to a Strategic Partnership in Rio de Janeiro on Sunday (local time) on the occasion of Prime Minister Pham Minh Chinh’s ongoing trip to the Latin American nation to attend the G20 Summit and join bilateral activities.
Politics - Mon, November 18, 2024 | 8:11 am GMT+7
The Investor to host seminar on removing legal bottlenecks for infrastructure, property investment
A seminar themed “Removing legal bottlenecks for infrastructure and property investment” will be organized by The Investor in Hanoi on Tuesday.
Economy - Mon, November 18, 2024 | 7:52 am GMT+7
State-owned housing developer HUD has new chairman
Dau Minh Thanh, chief of the Ministry of Construction (MoC) Office, has been appointed chairman of the ministry’s Housing and Urban Development Corporation (HUD).
Companies - Sun, November 17, 2024 | 9:34 pm GMT+7
Vietnam private lender LPBank reports $394 mln profit in 10 months
Hanoi-based Loc Phat Vietnam Joint Stock Commercial Bank, or LPBank, logged an after-tax profit of VND10 trillion ($394 million) in the first 10 months of this year, said its leadership at the EGM on Saturday.
Banking - Sun, November 17, 2024 | 3:30 pm GMT+7
Vietnam stock market unlikely to experience further steep declines in next sessions: experts
The probability of continued sharp falls in the Vietnamese stock market over the next sessions is relatively low, barring unexpected geopolitical turbulences that could cause significant volatility, according experts.
Finance - Sun, November 17, 2024 | 1:30 pm GMT+7
Taiwan’s Cooler Master gets nod for $125 mln additional investment in northern Vietnam
Taiwan-headquartered Cooler Master, a global computer hardware giant, especially in cooling devices, will invest an additional $125 million in the northern province of Bac Ninh, according to a project report.
Industries - Sun, November 17, 2024 | 10:00 am GMT+7
Vingroup’s hospitality arm Vinpearl becomes public company as part of listing plan
Vinpearl JSC, a hospitality subsidiary of conglomerate Vingroup, has completed its registration as a public company, the State Securities Commission of Vietnam (SSC) said on Friday.
Companies - Sun, November 17, 2024 | 9:00 am GMT+7