Energy landscapes in Asia and other regions are currently undergoing a transformation aimed at increasing the share of clean energy sources. This article analyzes and forecasts the electricity demand in Vietnam, examining existing constraints that necessitate the shift from coal to renewable energy sources. The rapid economic growth in Vietnam is driving a substantial surge in electricity demand, projected to reach 124 thousand MW by 2030 according to the National Electricity Plan, positioning Vietnam second in Southeast Asia. This surge poses a significant challenge to national energy security, given the impracticality of effective coal mining in the country and the imperative to develop renewable energy sources. Anticipating the changes in Vietnam’s energy mix by 2050, this study foresees a substantial reduction in dependence on coal production. Government investment and green energy investment funds such as JETP are strategically directed towards renewable energy sources, including solar, wind, biomass, hydrogen energy, and efficient energy storage technologies. Consequently, this research substantiates the viability of an energy transition from coal to green energy in Vietnam. The article presents an assessment of the rate of replacing coal with renewable energy sources, taking into consideration various scenarios for economic development, energy consumption growth, and the utilization of renewable energy sources.

The world economy is developing rapidly, and many countries in the world are facing pressure of energy demand due to economic development. Vietnam is one of the countries that has advantages in solar energy development, so it plans to develop renewable energy in the structure of the energy balance. The article analyzes the policies of a number of countries in the world that have significantly developed the field of solar energy (USA, Germany, Japan) or have some similarities with Vietnam (China, Thailand, Australia). Based on the results of the analysis, we develop recommendations for a strategy for sustainable development of the solar energy sector in Vietnam.

An analysis of the renewable energy sources potential in Vietnam has shown that the energy balance in the context of energy transition can be transformed and include solar, wind, hydrogenation, as well as biomass energy production. The purpose of the study is to develop a methodological approach to a comprehensive feasibility study of renewable energy sources, considering their competition, and substantiate the prospects for developing low-carbon energy in Vietnam. The subject of the study is various technical, economic, social, and environmental parameters of renewable energy sources. A methodology has been developed for a comprehensive feasibility study of renewable energy sources, including the statistical data collection and analysis, basic technologies analysis, and the hierarchy method for predicting the energy balance structure. It has been established that, according to the technical characteristics, small hydroelectric power plants and biomass-based generation are the most mature and efficient, solar generation is the least expensive and most effective type according to economic indicators, all types of renewable energy are comparable and supported by the public according to environmental criteria, and biomass energy production significantly loses, while other types of generation are comparable. The study results showed the role of renewable energy sources in Vietnam’s energy strategy and priorities in their development in terms of the competitiveness of various types of renewable energy sources. The study results can be used to plan the energy balance structure and select government support measures for the energy sector.

In recent years, the importance of solar energy has increased worldwide due to its environmental friendliness and efficiency. Vietnam, as a country with great potential for the development of solar energy, has been actively investing in this industry. However, in order to make informed decisions on the allocation of investments, a comprehensive economic assessment of large solar power plants (SPPs) facilities is required. The article presents an analysis and assessment of the development efficiency of some large SPPs in Vietnam. The study aims to assess the competitiveness of solar energy to attract investment from power companies. The research method is through the assessment of the economic indicators LCOE (Levelized Cost of Energy), CAPEX (Capital Expenditure), CAPEX per megawatt (Capital Expenditure per Megawatt), NPV (Net Present Value), PI (Profitability Index) and multi-criteria assessment MCDA (Multi-Criteria Decision Analysis) method of large SPPs in Vietnam. The study found that the projects with the highest rate of return (according to the PI index) and the projects with the highest scores according to the multi-criteria best choice analysis (using the MCDA method) are different, which allows investors to draw lessons for investment selection and the government to make decisions. The solar power plants with the highest PI coefficients are Phu My solar power plant (1.19) and Hoa Hoi solar power plant (1.17), however, according to the MCDA method, the power plants that bring the greatest benefit are Trung Nam Thuan Nam solar power plant (4.78) and Dau Tieng 1,2,3 solar power plant (4.56), although their PI indices are quite modest.