(VOVWORLD) - Vietnam is making rapid strides in shifting from fossil fuels to clean energy in the post-COVID-19 world, according to a recent article posted on the website asiatimes.com.
 A solar power station owned by Da Nhim-Ham Thuan-Da Mi joint stock company (Photo: Ngoc Ha/ VNA) |
It said economic growth and FDI inflows have led to a huge surge in demand for energy in Vietnam. With limited domestic power sources, in recent years Vietnam has shifted towards renewable energy, mainly solar and wind energy, the article noted.
According to Fitch Ratings, solar energy last year accounted for 24% of Vietnam’s total energy output.
Asiatimes.com quoted Frederick Burke, Managing Director of Baker McKenzie/Vietnam, as saying that Vietnam has hit a home run in terms of solar energy, and it is way above its original power development target.
Obbon Thiracahi, senior analyst for corporates at Fitch Ratings, said many energy giants have come to Vietnam because there are many opportunities for investment.