Vietnam's new installed capacity may reach 4GW in 2020

    Vietnam contributed 5.4GW of new installed capacity. Although the old version of the FIT electricity price policy expired on June 30 last year, the relatively open investment environment and high-quality return on investment ratio enabled Vietnam’s large-scale ground-based power plant to have an approved capacity of 8.93GW, of which approximately 4.5GW was successfully connected to the grid and put into use at the end of June 2019. In other words, there is still solar photovoltaic system 4.43GW of ground-based power stations that are expected to receive the latest FIT tariff subsidies.

    In April 2020, the Vietnamese government announced the latest FIT tariff rate. According to the new MoIT No. 13, the on-grid tariff for commercial ground photovoltaic projects put into operation before December 31, 2020 is 0.0709 US dollars/kWh, and rooftop photovoltaics are 0.0838 USD/kWh, the on-grid electricity price for floating solar projects is USD 0.0769/kWh. Despite the impact of the COIVD-19 epidemic in the first half of the year, especially the second quarter, the performance of the Vietnamese market is still outstanding, becoming one of China’s main export markets for photovoltaic modules and inverters. In addition to the continuous increase of large-scale ground power stations, 2020 The growth rate of household photovoltaics and industrial and commercial distribution has accelerated significantly. Photovoltaics interviewed a number of people in charge of sales and project development in the Vietnamese market. They said that the new installed capacity of photovoltaics in Vietnam this year is around 3.5-4GW.

    From January to July, 547.8MW of rooftop photovoltaics were added, and more than half were industrial and commercial rooftop systems

    In the first five months of this year, the Vietnamese market added 274MW of rooftop photovoltaics. As of the end of July 2020, the total installed capacity of rooftop photovoltaics reached 925.8MW. And this figure was still 378MW at the end of 2019, which means that from January to July this year, Vietnam added 547.8MW of rooftop photovoltaics. More than half of the capacity is composed of industrial and commercial rooftop photovoltaic systems.

    Due to higher electricity price subsidies and actual electricity demand, industry and commerce have become a hot spot for photovoltaic development in Vietnam this year. Many industrial roof owners are also eager to try. Some developers have already invested and developed rooftop solar projects with related companies. The general market analysis believes that by 2030, the total installed capacity of rooftop photovoltaics in Vietnam will reach more than 4GW, of which industrial and commercial projects will account for 95% of the market. The Vietnam News Agency quoted data from the Vietnam Electric Power Group EVN in a news report in January 2020, saying that it is expected that the total installed capacity of rooftop photovoltaics across the country will reach the milestone of 2GW by the end of 2020.