Vietnam’s power sector remains dominated by fossil fuels, with close to 56% of current installed capacity being coal, gas, or oil-based. Coal accounts for around 46% of Vietnam’s electricity mix, making it the largest generation source. Hydropower represents the second-largest share of installed capacity. It amounts to over 30% of the country’s electricity mix in 2019. Meanwhile, just under 19% of capacity is based on gas. Though the country has tried to attract renewable energy developers since 2011, Vietnam’s renewable energy market only took off in 2018. Today, wind and solar are the principal drivers of growth in the country’s power sector. According to IRENA, between 2017 and 2019, Vietnam deployed over 5.5 GW of solar, amounting to over 10% of the power mix. By the end of 2020, the country’s solar capacity reached 16.5 GW. Additionally, the government of Vietnam is looking to install 12 GW worth of onshore and offshore wind by 2025.
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