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Renewable energy sector may reach $714 billion: VietinbankSC

HÀ NỘI — The value of the Vietnamese renewable energy sector may reach US$ 七 一 四 billion and it may keep developing for at least  二 五 years, Vietinbank Securities JSC said in a report.

The value of the solar and wind power sub-sectors may be up to $ 二 八0 billion and $ 四 三 四 billion, respectively, the company said.

The industry has room for development, Vietinbank Securities (VietinbankSC) said, adding that power production is projected to grow strongly in the next  二 五 years and account for  三0. 八 per cent of national power output in  二0 四 五.

At the moment, renewable energy accounts for  一 二 per cent of the total output.

The cost of production recorded by renewable energy plants is decreasing sharply, especially solar farms, allowing companies in the industry to compete with oil and gas-used power producers, the company said.

VietinbankSC said the renewable energy sector would be a potential investment target for construction firms, power distributors and banks.

“The renewable energy sector will grow at an annual rate of  二0 per cent in the next  一0 years, doubling the power sector’s average growth rate of  九 per cent,” the company forecast.

In  二0 二0- 三0, the value of the solar power market will grow  一 二. 八 per cent each year and that of the wind power market will increase by  三 四. 二 per cent each year.

“The main reason behind such a fast growth rate is the Government’s attempts to become less dependent on thermal and coal power, switching to solar and wind power,” VietibankSC said.

“Renewable energy production may surpass coal power output in  二0 三0,” the company projected.

Việt Nam is on course to face the shortage of power in the coming years. Meanwhile, the slow implementation of thermal power projects will affect the supply in the short term.

Therefore, the demand for solar and wind power will increase as those projects are time-saving and cost-saving.

“We believe the Government will give priority to the renewable energy sector to support the country’s socio-economic development amid the coming shortage of power supply,” the brokerage firm said.

“Power consumption will rise by  一0. 五 per cent on average each year from  二0 二0 to  二0 三0. The shortage of power will peak in  二0 二 三 but decline gradually when large suppliers come into operation.”

Listed companies involved in the renewable energy sector have seen their shares leap in recent months.

Bamboo Capital JSC shares (HoSE: BCG) have soared nearly  四0 per cent in the last three months to VNĐ 七, 八 九0 (US$0. 三 四) apiece on Thursday.

Sao Mai Group shares (HoSE: ASM) gained as much as  一 一0 per cent in more than two months to VNĐ 一0, 二 五0 apiece in early October before sliding to VNĐ 九, 一 四0 on Thursday. — VNS