Vietnam is set to have over 1GW of installed wind capacity by 2021, up from 327MW currently, according to a new report from the Global Wind Energy Council (GWEC).
The report – ‘Market Update on South East Asia – Insights on Vietnam’ – also considers the south-east Asian country’s market outlook up to 2030.
GWEC chief executive Ben Backwell said: “South-east Asia has all the fundamentals in place to become the next big wind power market.
“GWEC Market Intelligence’s new report shows that Vietnam is the country with one of the highest potentials in the region for both onshore and offshore wind, with 1GW expected to be installed by 2021.
“The country’s 3000km coastline has some of the best resources for both onshore and offshore wind, and it is the only country in the region that has developed offshore wind, with 99MW already installed.”
GWEC Asia director Liming Qiao said: “Changes in local policies are giving the industry renewed momentum and creating significant opportunities for the wind energy market to grow in Vietnam and the south-east Asia region as a whole.
“With a favourable feed-in-tariff and ambitious renewable energy targets up to 2030, it is clear that the government is ready to make the shift to clean energy.
“However, coal continues to be the dominant source of energy for the south-east Asia markets, and we must overcome roadblocks like project financing and bankable PPAs to continue expansion within the region.
“We are looking forward to working together with all the stakeholders in the region through our new South East Asia Task Force to develop the right regulatory frameworks and overcome these roadblocks to ensure that the true benefits of wind power can be realised in the region.”
The report was released at GWEC’s Vietnam Wind Power 2019 event in Hanoi.