Sunny investment outlook for Vietnam’s solar power

09:15 | 28/10/2019 Industry

(VEN) - In recent years, Vietnam has become a focus of many world-leading solar power firms and is likely to continue attracting additional investors in the future.

sunny investment outlook for vietnams solar power

To Ngoc Son, deputy director of the Asia-Africa Market Department under the Ministry of Industry and Trade, said at the Vietnam Solar Power Expo 2019 held on September 25-26 by Neoventure that there are 82 solar power projects across the country with total capacity of 4,460MW, accounting for 10 percent of total power production. In addition, some 13 other projects are being completed and will begin operations in late 2019, adding 630MW to the country’s total output.

Vietnam, the hottest destination for solar power investment in the Asia Pacific region, has had 3GW of solar projects installed since the feed-in-tariff (FiT) rate of 9.35 US cents per kWh took effect on June 30, with more than 1GW of solar power installation for yearly growth.

To further enhance sustainable development of renewable energy, the Ministry of Industry and Trade submitted a draft decision to the prime minister for consideration, based on Prime Ministerial Decision 11/2017/QD-TTg on mechanisms for encouragement of solar power development in Vietnam. Given that Decision 11 providing for the FiT of 9.35 US cents per kWh was in effect only until June 30, 2019, a draft decision would provide a new FiT program for solar power projects in Vietnam.

To Ngoc Son said the government has also issued many policies to support the growth of the solar energy sector in order to turn solar power into a spearhead industrial sector, advising businesses to make full use of this opportunity. He stressed the need for businesses to prioritize green and sustainable development orientations.

Markus Lu, sales director for the Asia-Pacific region at the GCL System Integration Technology Co., Ltd., said Vietnam’s energy demand is huge and constantly growing, making renewable energy development vital. Currently, the company provides panels for Vietnam’s solar power projects with total grid-connection volume of nearly 700MW. He expressed his hope that the Vietnamese government would issue more supportive policies for investors in the future, such as lower taxes on imported components and devices used for solar power development.

Vincent Chan, regional manager of Clenergy, said there is still room for the growth of renewable energies in Vietnam. He added that the expo was an opportunity for businesses to introduce their products and seek investment opportunities in Vietnam.

As a distributor of solar power products and solutions in the Vietnamese market, Phan Ngoc Anh, director of the Alena Energy Co., Ltd., said Growatt is a world-leading manufacturer of cost-effective photovoltaic high efficiency inverters. Each inverter has a green leaf, symbolizing green energy. Growatt’s inverters have outstanding features, which are integrated the latest technology and used directly.

Phan Ngoc Anh said the company brought its best products to the expo to introduce them to customers and seek solar power cooperation opportunities with domestic and foreign businesses.

The Vietnam Solar Power Expo 2019 drew 48 exhibitors and more than 300 businesses. The event was an

opportunity for participating firms to share experience and expand partnerships.

Nguyen Huong