According to experts, the dominant energy technology in the future will be energy storage devices, solar panels, clean hydrogen and wind energy.

Steep reduction of feed-in-tariff (FIT) is believed to derail investment in new and planned wind projects in Vietnam.

The Ministry of Industry and Trade (MOIT) has proposed continuing the FIT (feed in tariff) for wind power, but lowering the tariff by 20 percent, causing concern among wind power developers.

Across the first half of 2020, the government approved an additional 91 wind energy projects, onshore and offshore, with a total capacity of over 7GW.

Input costs for both solar and wind power in Vietnam fell respective 75% and 30% in 2012-2017.

Following a proposal by 10 provinces, the Ministry of Investment and Trade (MOIT) wants to extend the deadline for FIT (Feed in Tariff) application because many wind power projects cannot become operational prior to the given date.

Work on construction of the Dong Hai 1 wind power plant, second phase, began in Long Dien Dong commune, Dong Hai district of the Mekong Delta province of Bac Lieu on October 10.

Around 10 gigawatts of offshore wind power could be in operation in Vietnam by 2030, according to studies carried out by the Danish Energy Agency and the World Bank.

Thailand’s Banpu and its power business arm Banpu Power (BPP) have joined forces to acquire El Wind Mui Dinh, an onshore wind farm in the south-central province of Ninh Thuan, in a deal worth $66 million.

In order to ensure transparency and stability in the selling price of wind power, EVN opposes the Ministry of Industry and Trade's proposal to extend the deadline on the current feed-in tariff (FiT) scheme for wind power projects

Around 12,000 MW of wind power has been added to the national power development plan, which has raised concern about the overloading of the transmission grid.

The first solar panel, which was invented by French physician Alexandre Edmond Becquerel in 1839, has become a significant watershed for the energy sector in the future. 

Provincial authorities are responsible for choosing investors and implementing the newly added projects.

Statistics show that the electricity demand is growing at a rate three times higher than that of the electricity output supplied to the market. 

The investment in renewable energy is increasing as fossil fuels, including coal, petroleum and natural gas, cannot meet the increasing demand for energy in Vietnam and the world as a whole given the rapid population growth. 

Vietnam contains one of the highest potential for wind power in the region, as it is endowed with high wind speeds particularly in the offshore or near-shore areas.

The Ministry of Industry and Trade has written to the Government proposing extending feed-in tariffs (FITs) for wind power projects until the end of 2023.

Instead of rushing to build wind and solar power plants as seen a year ago, investors now have no other choice but to wait.

The Mekong Delta city of Can Tho on April 21 launched a project on promoting low-carbon transformation in the energy sector for the 2020-2030 period and with a vision to 2050.

While Vietnam’s wind investors are in a race to reap incentives before the November 2021 deadline hits, concerns remain that a boom in solar power projects will lead to a reduction in capacities.