LONDON--(BUSINESS WIRE)--Countries around the world are increasingly focusing on sustainable alternatives to fossil fuel. As climate change becomes a more urgent global concern, efforts are being made to build more environmentally friendly power sources. Infiniti Research notes that many countries are introducing solar power into their energy mix, as technology in that area advances and solar panels become more efficient.
Vietnam is beginning to increase its focus on solar power and pollution reduction. Earlier this month, the Prime Minister approved Decision 11, a regulation on the development of solar power projects. This regulation had been stalled in the drafting stage for several years, and its approval will encourage investment in solar power. Decision 11 provides investment incentives such as investment credits, import duty exemptions, and corporate income tax incentives.
Electricity of Vietnam (EVN), the country’s state-run electricity company, will be developing two solar photovoltaic (PV) power projects, one in the province of Dong Nai and one in Binh Thuan. It is also collaborating to build a 200-megawatt (MW) solar PV plant in Ninh Thuan that is expected to become operational in 2019, and has plans to develop other solar projects in the coming years.
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