Current investment in Vietnam’s renewable energy sector has hit a record of US$778 million.
Foreign capital flowing into Vietnam’s green power projects has more than doubled since 2015 to a total of US$778 million, reports the Vietnam Economic Times. This amounts to an average of US$48 million per project, still less than half of the US$115 million that each non-renewable electric power facility receives.
The top category for investment is wind power, making up 74% of capital in the renewable energy industry with US$577 million. Solar and biomass energy follow in second and third places, having received US$137.38 million and US$59.2 million respectively.
Vietnam has one of the highest energy consumption rates in the world, according to a 2016 World Bank’s report. While most demand is currently met by coal-fired power plants, the country recently revised its national Power Development Plan to target the production of 18,000MW from solar and wind energy by 2030.
For the time being, however, Vietnam's solar power output remains minimal, while wind energy development is waiting for better pricing regulations from the government.
[Photo via Mekong Eye]
