Representatives of six German companies have started a tour in Vietnam to explore investment opportunities in the local young solar photovoltaic (PV) market as the Vietnamese government seeks to expand renewable energy sources, according to the Vietnam News Agency (VNA).
The companies include IBC Solar AG, M+W Group GmbH, Droege Energy GmbH, CARERA Solar/Hydro UG, ILF Consulting Engineers GmbH and Syntegra Solar International AG
They participated in a conference in Ho Chi Minh City on Monday where they presented their products and services to some 150 Vietnamese companies and participants.
The delegation visited DBW Garment Factory, one of the latest commercial PV rooftop projects and an example of German solar PV technology in Vietnam.
Project developers, sales and operation managers, suppliers, engineers and planning consultants will be required in the very close future to invigorate the growth of the Vietnamese solar PV market, said Peter Cattelaens, deputy program director of the GIZ Energy Support Program in Vietnam.
A recent report by GIZ revealed huge potential for solar energy development in Vietnam, which offers big opportunities for German firms.
Solar resources are abundant with a daily average solar irradiation of 4-5 kWh per square meter in most of southern and central parts of Vietnam. This makes the country comparable to developed solar markets in the region – including China, Thailand or the Philippines – as well as to mature international solar markets, such as Spain and Italy, according to the report.
Solar PV power generation capacities in Vietnam are expected to increase from around seven megawatts (MW) by at mid-2016 to 850 MW by 2020, 4,000 MW by 2025 and 12,000 MW by 2030.
Solar projects with a combined capacity of 500 MW are being developed in Vietnam.
The Vietnamese government is considering a package of incentives relating to Feed-in tariffs, import duties, land, and corporate income tax to encourage investment in this sector.