Electricity in Vietnam in 2023/2024

In Vietnam, over the period from August 2023 to July 2024, electricity consumption has been highly reliant on fossil fuels, with fossil energy accounting for more than half at 57%. A significant portion, nearly 49%, comes from coal, while gas contributes around 8%. On the cleaner, low-carbon side, Vietnam is generating 43% of its electricity from hydropower, solar, and wind sources. Of this, hydropower makes up almost 30%, solar about 9%, and wind just under 4%. While the low-carbon segment is substantial, the predominance of fossil fuels, particularly coal, highlights the urgent need for a shift toward cleaner energy sources to combat air pollution and climate change.

Suggestions

Vietnam can benefit greatly by increasing its low-carbon electricity generation, looking to successful examples from other nations. France, Slovakia, and Ukraine have shown that nuclear energy could provide a stable and significant source of clean electricity, with France leading at 67%. For countries with geographical similarities to Vietnam, regions like Denmark and Ireland are noteworthy for their wind energy usage, providing 61% and 34% of electricity, respectively. Moreover, Uruguay and Greece have excelled in integrating solar and wind energy, showing the potential for Vietnam to capitalize on its sunny and windy conditions. By focusing on investments in both nuclear and wind power, Vietnam can significantly reduce its reliance on fossil fuels aligned with global sustainability goals.

History

Historically, Vietnam has seen notable shifts in its low-carbon electricity generation, primarily through hydropower since the early 2000s. Significant increases occurred in 2001 (3.7 TWh), and again from 2011 through the following years, including a massive jump in 2017 of 22 TWh. However, these gains were met with occasional declines, like the 17 TWh drop in 2019. Solar and wind have added new dimensions to low-carbon generation, particularly in recent years, with a surge in solar power by 15.4 TWh in 2021 and wind power adding 5.8 TWh in 2022. Hydropower remains volatile yet crucial, as seen with its 6.4 TWh increase at the tail end of the period. This diverse yet fluctuating landscape highlights the potential for a more consistent and expanded low-carbon strategy focusing heavily on nuclear and renewable investments.

Electricity Imports and Exports

Balance of Trade

Data Sources