Robust Growth Amidst Government Initiatives
Report Ocean unveils a comprehensive analysis of the Vietnam Solar Energy Market for 2023-2032, projecting a robust growth rate at 7.3% CAGR. Key drivers include government initiatives, particularly the National Power Development Master Plan (PDP VII).
Steady Growth Despite Pandemic Challenges
Despite the challenges of the COVID-19 pandemic, Vietnam’s solar energy market has flourished. The nation’s commitment to renewable energy, coupled with investment in solar projects, remains a driving force for the industry’s upward trajectory.
Government’s Strategic Focus on Renewable Energy
Vietnam’s government showcases a strong commitment to renewable energy development. With an emphasis on producing 30% of power from renewable sources by 2030, the government aims to generate 29% of electricity from solar, wind, and other renewable sources.
Dominance of Photovoltaic (PV) Systems
The Vietnam solar energy landscape sees the dominance of Photovoltaic (PV) systems. This segment, spearheaded by companies like Sharp Energy Solutions Corporation and Tata Power Solar Systems Ltd., contributes significantly to the country’s solar capacity growth, outperforming neighboring countries in Southeast Asia.
Source：businesswire.com
