Renewable energy sources are forecast to account for 48% of the total electricity generation capacity in Vietnam by 2035, compared with 57% in 2023, according to GlobalData’s power capacity and generation database. GlobalData uses proprietary data and analytics to provide a complete picture of Vietnam’s renewable energy market in its Vietnam Power Market Outlook to 2035 report. Buy the report here.
Of all renewable energy sources, the share of wind power generation capacity is forecasted to change from 8% in 2023 to 19% in 2035.
The share of solar PV power is expected to reach 13% in 2035, compared with a 26% share in 2023. Biopower is forecast to account for 0.88% share of Vietnam’s total electricity generation capacity, in 2035, as against 0.79% share in 2023.
In terms of capacity additions, the total renewable energy capacity is expected to see 46162.77 MW of additions in Vietnam during the forecast period while the non-renewable energy segment is likely to see 63580 MW of additions.
CAGR growth of key renewables in Vietnam
Renewable generation capacity in Vietnam is expected to reach 72GW in 2035 at a CAGR of 6% during 2023-2035.
Wind power is expected to record highest growth rate of 15.51% by 2035, followed by biopower with 8%. Other renewable energy sources such as Solar PV and hydro are estimated to have growth rates of 4% and 2% respectively.
CCS plants in pipeline in Vietnam
A total of seven carbon capture and storage (CCS) plants are expected to be developed in Vietnam by the end of 2035.
For more detailed analysis of the renewable energy market in Vietnam, buy the report here.
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