Transition of solar power policy to match market mechanism
• According to the Revised Power Plan VIII, solar power is positioned to become one of the main sources of electricity generation in the national system, targeting 26% of installed capacity by 2030 and increasing to 32% by 2050.• Investment in solar energy is being promoted based on two key drivers: (1) contributing to Vietnam’s Net Zero emissions commitment and (2) the declining cost of solar power development and generation, making it increasingly competitive with conventional energy sources.
• After the period of FIT-based price support, the Ministry of Industry and Trade has gradually reduced the solar power purchase price and started using pricing as a tool to guide regional development and encourage the adoption of new technologies, such as energy storage systems.
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