Solar energy in Vietnam has grown rapidly since 2018, supported by Chinese finance and technology (Image: Alamy)
June 30, 2021
Vietnam has been a Southeast Asia solar success story. It went from having barely any generation in 2018 to a quarter of its total installed capacity being solar – a 100-fold increase in two years.
This rapid growth is mainly down to the Vietnamese government’s feed-in tariff which provides a guaranteed above-market price for renewable energy producers; other incentives signed off in 2017 in an attempt to pivot away from lagging fossil fuel projects; and cheaper solar panels, some of which are assembled domestically.
Around 99% of the installed solar panels in Vietnam come from China. At the same time, China is one of the few countries that still lends Vietnam money to build coal plants.
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