Vietnam's Solar Energy Sector Attracts Foreign Investment
Vietnam's solar energy sector is experiencing significant foreign investment, driven by high electricity demand and government incentives. Recent projects include the largest solar power plant in Southeast Asia, inaugurated in March, and ongoing developments by multiple international firms, indicating a robust growth trajectory in renewable energy.
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The recent inauguration of the Dầu Tiếng solar power plant in Tây Ninh Province marks a key milestone in Vietnam's solar energy landscape, built at a cost exceeding VNĐ9.1 trillion (US$384 million). Various foreign investors, including Indian firms and Japan's Fujiwara, are actively engaging in the sector, contributing to a dynamic investment environment supported by government incentives like high feed-in tariffs.
However, challenges remain, including limited land availability and grid infrastructure issues, particularly in high-potential regions like Ninh Thuận and Bình Thuận. The government aims to escalate solar power capacity significantly, targeting 12,000MW by 2030, alongside an economic growth forecast of 6.5-7.5% annually.
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