Electricity in Vietnam in 2023/2024

Electricity consumption in Vietnam over the past year, from August 2023 to July 2024, reflects a diversified energy landscape where fossil fuels play a dominant role, accounting for just over half of the electricity generation. Coal alone constitutes nearly half of the entire electricity production, underscoring a significant reliance on fossil energy. In contrast, low-carbon energy sources contribute to close to half of the electricity mix, with hydropower leading the charge at almost a third of the total. Solar energy provides nearly a tenth, followed by gas and wind, which contribute lower but still notable shares. This balanced yet fossil-fuel-heavy mix highlights both the potential for and the need to expand cleaner energy options to meet future energy demands sustainably.

Suggestions

To increase low-carbon electricity, Vietnam could look to successful examples from countries with similar or diverse energy profiles. France demonstrates remarkable leadership in clean energy with its significant reliance on nuclear power, generating nearly two-thirds of its electricity from this source. Closer to Vietnam's experience, Denmark has capitalized on wind energy, achieving almost 60% electricity generation from this clean technology. Vietnam stands to gain from these examples by considering the expansion of both wind and solar power, which aligns with Denmark's success, and by exploring nuclear energy options, taking a leaf from the book of countries like Slovakia and Ukraine. These nations have demonstrated that a strong commitment to clean, low-carbon strategies can lead to substantial reductions in fossil fuel dependency, contributing to both energy security and climate protection.

History

The history of low-carbon electricity development in Vietnam reflects mixed progress punctuated by significant advances and setbacks. In the early 2000s, gradual growth in hydropower was evident with consistent positive increases, peaking in 2011 with a substantial boost of roughly 13 TWh. However, this trajectory was disrupted in 2015 and 2019 when hydropower generation witnessed significant declines. The subsequent decade saw a shift towards diversifying low-carbon sources, marked by the rapid expansion of solar energy—particularly around 2021, where a robust increase of over 15 TWh was recorded. Meanwhile, wind energy also began to play a role by 2022, introducing more diversity into Vietnam's low-carbon landscape. Continuous support for these clean energy sources will ensure Vietnam effectively harnesses its abundant natural resources while reducing its carbon footprint, ultimately moving towards a more sustainable and environmentally friendly energy future.

Electricity Imports and Exports

Balance of Trade

Data Sources