Vietnam prioritizes renewable energy

Renewable energy development is one of Vietnam's priorities, aiming to gradually reduce dependence on traditional energy sources in order to protect the environment and promote sustainable growth, Deputy Minister of Industry and Trade Cao Quoc Hung said at an international workshop in Hanoi on Tuesday.

Vietnam's power generation must triple by 2030 to meet the country's anticipated economic growth of between 6.5% and 7.5%, Deputy Minister Hung told the workshop co-organized by the Vietnam Energy Association and the UK Embassy in Hanoi.

Vietnam boasts abundant renewable energy resources. By 2030, we will be able to generate 8,000 MW of hydropower; 20,000 MW of wind power; 3,000 MW of biomass power; and 35,000MW of solar power, Hung said.

To encourage renewable energy, the Ministry of Industry and Trade has initiated policies to advance its development, including the Freed-in-Tariff Measure, credit and tax incentives, and land lease reduction. By 2018, Vietnam had 8 wind power plants and 10 biomass power plants.

Source: VOV5