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revenue is expected to show a compound annual growth rate (CAGR 2024-2029) of
22.88%, resulting in a market volume of US$2,704.24 million by 2029.

Tier 3: Biomass from Energy Crops: Vietnam has the potential to develop biomass
energy from crops, but sustainability concerns must be addressed through research and
regulation. Ensuring sustainable practices is crucial to prevent adverse environmental
impacts.
As an agricultural country, Vietnam has great potential for the use of agricultural
waste such as straw, rice husk, bagasse, and manure to produce electricity, heat, and
fertilizer. Biomass energy production is estimated at 23 million tons per year, accounting
for about 30% of the total potential, equivalent to 15 million TOE (tons of oil

equivalent).

Source: Energy Profile Viet Nam (2024)
Wood and forest by-products account for the majority of biomass in Vietnam,
accounting for about 40% of the total potential, equivalent to 20 million TOE. Wood is
used to produce electricity, heat, and biofuel. The remainder of the total biomass
energy potential comes from urban waste.
Vietnam's commitment to reducing carbon emissions is reflected in its Nationally
Determined Contributions (NDCs) under the Paris Agreement, where it has set targets
for reducing greenhouse gas emissions and increasing forest cover. However, challenges

remain, particularly in balancing economic growth with environmental sustainability.
Industrialization and urbanization continue to put more pressure on natural resources,
and enforcement of environmental regulations can be inconsistent.
4. Recommendations to enhance sustainable economic growth
4.1. For Canada
Boost renewable energy investments: Continue to invest in the research,
development, and deployment of advanced renewable energy technologies.
Strengthening the grid infrastructure and integrating energy storage solutions will

enhance the reliability and efficiency of renewable energy systems.
Promote electric vehicle adoption: Strengthen incentives for consumers and
businesses to adopt electric vehicles, including subsidies, tax breaks, and investments in
charging infrastructure. Encouraging the development of a domestic EV manufacturing
industry will also create jobs and stimulate economic growth.

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