The Ministry of Industry and Trade (MOIT) of Vietnam has submitted to the Government the final draft decision of the new feed-in tariffs for solar power projects in Vietnam. It concerns solar projects reaching commercial operations date (COD) within the period from 1 July 2019 to 31 December 2021 (FiT2) and will apply for 20 years from the commissioning date. It is expected that the new solar FiTs will be promulgated before the end of September 2019.
The new text determines FiT prices based on three technology types: ground-mounted solar energy projects will receive VND 1,620/kWh (US$7.09c/kWh), floating solar energy projects VND 1,758/kWh (US$7.69c/kWh) and rooftop solar energy projects VND 2,156/kWh US$9.35c/kWh).
According to national data, the solar capacity in Vietnam rose to nearly 4.5 GW by the end of June 2019. 89 projects started operation as of June 2019, and another 400 are awaiting approval. The registered capacity of solar power projects in the country has reached 25 GW, far exceeding the government’s initial target to have 4 GW by 2025. Renewables represent around 9% of Vietnam's electricity mix, already surpassing the target of 7% set for 2020.
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