From last mid-December to January 2020, I had been working with a group of experts to conduct a preliminary study on the energy efficiency market in Vietnam. The streets were booming with foreigners, reflecting the global interest in the country’s high economic potential, not least since the China and the U.S. trade war. This was different (as far as I can recall) from the impression that I received in 2014, when I first visited the country as a junior greenhouse gas researcher.
Below are some facts about Vietnam:
- Vietnamese economy is expected to grow approximately at 6.5% per annum
- Vietnam’s electricity generation is highly dependent on hydro (45%), coal (34%) and natural gas (20%) (Source: IEA)
- The country became a net energy importer in 2015, primarily increased coal imports
- Energy efficiency level is quite low, lots of potential to save energy use
Some other interesting facts (could be biased) that I heard/saw in Vietnam:
- Streets are still overloaded with motor cycles fuming emissions
- Solar power generation business was hot until recently, exploiting the government’s 20-year feed-in-tariff (FIT) scheme that ended in 2019. (The scheme was extended in Jan 2020)
- Expect to have long delays in government administration processes as their admin system is still highly dependent on exchanging paper document
- Though a communist country, the government seemed (at least to us) to abstain from intervening the market
- Foreigners are not permitted to open a banking account, unless they reside in the country
Although organized very poorly, I hope posting this will allow me to slowly adapt a habit of writing. I will try to write more about Vietnam’s energy efficiency market in the next post.
If you find any wrong facts in the posting, please help me to fix it by leaving it in the comment section! Any other comments are welcomed.