The competition possibility between renewable energy and fossil energy in Vietnam in the future

Abstract

With high economic growth, Vietnam is now witnessing an increasing energy demand, having much potential for renewable sources such as wind energy, solar energy or biomass energy. The nation is heavily dependent on fossil energy sources such as coal and oil. This situation raises concerns about both energy security and the environment. Therefore, a question arises if Vietnam can develop renewable energy to solve energy demand, energy security and reduce climate change impacts as committed. This article analyses a considerable potential for renewable energy sources (especially wind and solar energy). The analysis also indicates competitiveness between these renewable energy sources compared to the traditional energy sources that Vietnam is dependent on, especially when there are policies to encourage the development of renewable energy and limit emissions. This article proposes some recommendations to develop renewable energy sources, with an overview of replacing fossil energy in Vietnam.