Data from Rystad Energy show that last year, Australia's solar power output grew four times from 600 Mwac to 2.7 Gwac while Vietnam increased 400 times, from 10 Mwac to 4 Gwac.
More than 60% of Vietnam's solar power output belongs to new projects integrated into the national grid in June 2019 when investors try to complete before June 30 to receive tax incentives. Rystad specifically stressed the time to complete the average solar power project in Vietnam is 275 days, a speed that is considered extremely fast.
Vietnam News Agency (VNA) has cited data of the Vietnam Electricity Corporation (EVN), showing that the country has 82 solar power projects with a total capacity of 4,460 MW already connected to the national grid. . This means that solar power currently accounts for 10% of the country's total electricity output. In addition, about 13 projects are being completed with a total capacity of 630 MW, expected to be put into operation later this year.
Solar power output of Vietnam and Australia
"Not many experts can predict Vietnam's solar power output beyond Australia in the middle of the year. Vietnam's solar power development capacity surpassed our most positive prediction scenario." Rystad Energy analyst David Dixon admitted.
In the second half of 2019, Australia will have an additional 800 megawatts of solar power, bringing the total to 3.5 Gwac but even lower than Vietnam.
This number really surprised many people because the array of solar power in Australia has grown long ago but is stuck in political controversies. Meanwhile, this market is still growing in Australia with clean energy capacity increasing since 2016.
In Vietnam, solar energy has just been implemented 2 years ago and has only received tax incentives from April 2017.
With more than 4 GW of solar power, Rystad rated Vietnam as a "solar power in Southeast Asia". Indeed, a series of the largest solar power projects in Southeast Asia will be put to use in Vietnam such as Sunseap and InfraCo Asia projects with a total output of 168 MW, the factory of B Grimm Poweer with 420 MW, BIM and Ayala projects with 250 MW.
Solar power project in Vietnam