(VOVWORLD) -Vietnam is making rapid strides in shifting from fossil fuels to clean energy in the post-COVID-19 world, according to a recent article published by the website asiatimes.com.
It said economic growth and FDI inflows have led to a huge surge in demand for energy in the country.
In the context of limited domestic power sources, in recent years, Vietnam has shifted towards development of renewable energy, mainly solar and wind energy, the article noted.
According to Fitch Ratings, solar production last year accounted for 24% of Vietnam’s total energy output.
Asiatimes.com quoted Frederick Burke, Managing Director of Baker McKenzie/Vietnam, as saying that Vietnam has hit a home run in terms of solar energy, and it is way above its original power development plan target.
Obbon Thiracahi, senior analyst for corporates at Fitch Ratings, said many energy giants have come to Vietnam because there are many opportunities for investment in the Southeast Asia nation.