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Vietnam's installed capacity exceeds 10GW in 2020

source:[Gravimetric blender]   release time:2021-04-23 09:01:48

As of January 4, 2021, according to the Vietnam Electric Power Group (EVN) report, Vietnam has installed more than 101,939 rooftop solar systems with a total installed capacity of more than 9.4GW. The government set last year to achieve the goal of installing 100,000 rooftop solar systems by 2025 has been completed ahead of schedule, and the Vietnamese market is full of opportunities.

In the first half of 2020, despite the outbreak of the epidemic and the national lockdown, the installed capacity of rooftop photovoltaic power in Vietnam continued to grow steadily, and the installation continued to accelerate in the third quarter, before an outbreak occurred in December.

Histogram of cumulative installed capacity of rooftop photovoltaic power in Vietnam from September 2019 to December 2020

As can be seen from the figure, as of the end of November 2020, Vietnam’s rooftop photovoltaic cumulative power generation capacity has reached an impressive 2.876GW, with monthly installations of approximately 851MW. Although most people predict that the amount of rooftop photovoltaic installations in December will be about a few GW, EVN will be connected to the grid at 6.708GW one month after the subsidy is valid.

From the perspective of Vietnam, according to the renewable energy statistics of the International Renewable Energy Agency (IRENA), the initial FIT policy triggered a boom in ground-based photovoltaic power stations. Based on the cumulative installed photovoltaic capacity of 106MW in 2018, the installation will be completed in 2019. A ground-based photovoltaic power station of about 5.317GW was installed. Vietnam’s installed photovoltaic capacity will exceed 10GW in 2020, and Vietnam will become the world’s top three photovoltaic markets in 2020, setting a record.

Along with the surge in China's photovoltaic product exports is the rise of emerging overseas photovoltaic markets, and the outbreak of the Vietnamese market in the past two years has become even more eye-catching. In 2019, Vietnam became the second exporter of China's photovoltaic products, and its exports accounted for a growth rate of more than 80% compared to 2018, surpassing India, a major exporter.

From now to 2030, Vietnam will need to invest about 10 billion U.S. dollars each year to meet the growing demand. With such high funding requirements, the government allows foreign capital to wholly own Vietnamese energy companies. Foreign investors can choose among the approved investment forms, such as 100% wholly foreign-owned, PPP model, etc.

According to MOIT data, during the period 2021-2024, the power shortage will gradually increase. There will be a power shortage of nearly 400 million kWh in 2021, and it will reach a peak of 13.3 billion kWh in 2023. The shortage will ease in 2024 and reduce to about 11 billion kWh.

There will be a shortage of electricity during 2021-2025. In order to reduce this risk, one of the solutions of the Vietnamese government is to promote the development of renewable energy, especially solar energy. Because of the rapid construction and short construction period of renewable energy power stations, Vietnam will start investing in the construction of a large number of power stations in 2021.[Gravimetric blender]