Page 33 - Ebook HTKH 2024

3.2. Vietnam: Rapid Development and Emerging Green Initiatives
Vietnam, a developing country, is another case in the context of green economic
growth. Over the past decade, Vietnam has experienced rapid economic growth, which
has led to increased energy consumption and environmental pressures. The country has
historically relied on coal for a significant portion of its electricity, contributing to rising

carbon emissions, which has led to increased energy consumption and environmental
degradation, particularly due to its reliance on coal for electricity generation.
In response, Vietnam has begun to pivot towards greener economic practices,
notably through the expansion of renewable energy. The country has emerged as a
regional leader in solar power development, driven by favorable policies and
investments. This growth in renewable energy has helped Vietnam reduce its
dependency on coal and lower its carbon intensity, which is crucial given its
vulnerability to climate change impacts.

However, Vietnam's green economic growth is still in its early stages, and the
country faces considerable challenges in fully transitioning to a sustainable economy.
Furthermore, Vietnam's rapid urbanization and industrialization have put significant
pressure on its natural resources and environmental quality, necessitating a more
integrated approach to green growth. Vietnam has begun to pivot towards greener
energy sources, driven by both domestic policies and international support. The

Vietnamese government has set ambitious targets for renewable energy, aiming to
increase the share of renewables in its power mix to 15-20% by 2030 and 25-30% by
2045. Solar and wind power have seen rapid growth, with Vietnam becoming one of the
leading countries in Southeast Asia for solar energy capacity. Vietnam faces challenges
and opportunities in transitioning to a green economy. With its fast-paced urbanization
and industrialization, Vietnam's commitment to green growth is critical for sustainable
development.

Source: Energy Profile Viet Nam (2024)
Tier 1: Renewable Energy: Vietnam has made significant progress in renewable

energy, particularly solar and wind power. The government's favorable policies and

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