Page 59 - Ebook HTKH 2024

Renewable energy utilization is crucial for Vietnam's sustainable economic
growth, offering several key benefits:

Firstly, it helps combat environmental pollution. Compared to fossil fuels like coal
and oil, renewable energy resources create fewer emissions and cause less
environmental damage than traditional energy such as coal and oil. This is particularly
important for Vietnam, which faces severe pollution issues affecting air, soil, and water
due to rapid development and long-term resource depletion. By embracing renewable
energy, Vietnam can protect its environment for current and future generations.
Secondly, it enhances energy security. By reducing reliance on imported energy,
Vietnam can strengthen its energy independence. The country’s extensive river network,

3,260 km coastline, and numerous large islands in Truong Sa provide ample
opportunities for developing different types of renewable power, including solar,
hydropower, and wind energy. Harnessing these inexhaustible resources will decrease
fossil fuel consumption, preserve national resources, and create a diverse energy
21
supply .
Thirdly, it creates more job opportunities and faster economic development. The

renewable energy industry generates a wide range of employment opportunities
worldwide, from system design and manufacturing to installation, maintenance, and
green technology research. This creates jobs for engineers, technicians, laborers, project
managers, and other professionals. Additionally, the renewable energy industry fosters
economic growth by establishing new income streams and supply chains, potentially
boosting regional economies.
Fourthly, it reduces operational and production expenses. While initial

investments in renewable energy infrastructure can be substantial, ongoing operational
and maintenance costs are often lower than those of traditional energy sources. This can
lead to decreased expenses for businesses and households, promoting savings and
investments in other economic sectors. Unlike fossil fuel-based production, renewable
energy-based activities have significantly lower input material costs, resulting in
long-term cost savings and potentially lower product prices.

Lastly, it promotes innovation and technological advancement. The development
of renewable energy necessitates advancements in technology and production processes.
Vietnam can leverage this opportunity to cultivate high-tech industries and improve its
global competitiveness.
2. Vietnamese policies to promote the development of renewable energy
resources
In recent years, Vietnam has become one of the industrial and manufacturing bases
among the Association of Southeast Asian Nations (ASEAN). There is a higher
emphasis on adopting a balanced approach between economic development and
environmental protection. Such an approach is critical for developing countries such as
Vietnam because Vietnam is found to be highly vulnerable to climate change which is

21 Hoàng Đình Hiệp (2024), “Phát triển kinh tế bền vững ở Việt Nam: Vai trò của năng lượng tái tạo”,
https://www.quanlynhanuoc.vn/2024/04/09/phat-trien-kinh-te-ben-vung-o-viet-nam-vai-tro-cua-nang-luong-tai-tao/

51