Vietnam, once regional renewables beacon, loses shine to neighbours
(Eco Business, 4 Apr 2023) A political firestorm has engulfed clean energy permitting, future plans are in limbo and project developers are cutting manpower in the country that holds some 70 per cent of renewables capacity in Southeast Asia.
The market buzz around renewables is growing in Southeast Asia.
In Thailand, the authorities are mulling another round of clean energy tenders just months after an earlier tranche was oversubscribed by three times. Developers are flocking to the Philippines after it allowed full foreign ownership of projects end-2022.
Meanwhile, solar panel builders are considering Indonesian bases after Singapore businesses signed a US$38 billion deal to develop big projects there. Several of the manufacturers will be expanding from existing factories in Vietnam.
All this is happening while Vietnam, the de-facto renewables frontrunner in Southeast Asia that houses almost 70 per cent of the region’s installed solar and wind power capacity, has been stuck in governance limbo for some two years and counting. Its policy plan for the power sector this decade has still not been finalised, while fresh rounds of auctions and pricing plans that would spur new solar and wind projects are nowhere on the horizon.
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Eco Business, 4 Apr 2023: Vietnam, once regional renewables beacon, loses shine to neighbours