What do you know about the solar power sector in Vietnam? The solar power sector is a sector that contributes to providing solar power system installation services, especially in Vietnam, where a massive of solar irradiance is exposed in an entire year’s time. The approach of the solar energy industry has reduced a significant carbon footprint in buildings and factories, resulting in sustainability among businesses and enterprises and overall country’s living standards.
Facts about the green energy industry in Vietnam
In Vietnam, more businesses nowadays are willing to restrain unconventional sources of energy and actively obtain more solar energy for their factories’ production and business activities.
According to IRENA, the renewable energy industry has contributed to Vietnam’s market and exaggerated the installation scale between 2020 and 2022. During the COVID-19 pandemic, many companies suffered from the stagnation of overall economic development and maintained the survival of businesses. The National Insitute of Finance stated that 86% of enterprises were influenced negatively and 58% of the drastic downturn of the consumption market. Hence, there was a conversion to purchasing renewable energy systems to avoid businesses being grounded to a halt, as solar energy can be seen as a cost-effective primary electricity source.
The potential of the solar power market
The scope of solar panel installation in Vietnam is greater than the average global capacity of a solar panel installation with the same installed area (Vn Economy, 2023). Besides, there are more enterprises in Vietnam’s market in 2022, with 30.3% of newly established companies compared to the annual growth of new opening businesses in 2021. According to Mordor Intelligence, the energy consumption market is expected to grow more than 8% annually in the next seven years. The Vietnamese government unveiled a USD 135 billion energy policy in May 2023, calling for installing photovoltaic (PV) panels on half of the nation’s residential rooftops under a net-metering program. In eight years, the government aspires to export electricity. Thus, it is predicted to become the leading sector in the future as the transition has been occurring at a fast pace.
The reasons behind the burgeoning consumption of solar power
The need for clean energy sources is that after the COVID-19 pandemic, the demand for electricity to produce and supply in factories is higher as most companies strive to return to the pre-pandemic level of business development. In addition, companies are concerned that the booming demand will severely impact climate change. Therefore, clean energy sources have become one of the crucial decisions, especially solar power systems or solar rooftop installation, to reach their optimal efficiency. Solar rooftop installation is beneficial in providing a colossal amount of electricity. Nevertheless, it will also cool down the factories and buildings, saving budget and excessive energy in the long run, availing from tax exemptions and reductions, hindering CO2 emissions, and more. These advantages of solar power to companies will escalate brand awareness for taking social responsibility seriously in the community.
There are plenty of benefits gained from photovoltaic panel systems. However, the entrepreneurs should decisively choose and cooperate with the most applicable collaborator to consult and conduct suitable green energy solutions. Asia Green Energy can be your reliable collaborator! On behalf of Asia Green Energy, we commit to be one of your trustworthy partners who will resolve all the hurdles that your businesses and factories are facing:
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