Vietnam is set to face a surge in power demand and consumption over the coming decade, which is likely to outpace capacity growth in the near term, stated Fitch Solutions.

Across the first half of 2020, the government approved an additional 91 wind energy projects, onshore and offshore, with a total capacity of over 7GW.

Gas demand is expected to rise from about 9.7 billion cubic meters (bcm) in 2020 to above 25.3bcm in 2030, while influx of LNG helps to counter the decline in domestic production.

Vietnam called for more investment from Finnish companies in potential fields of hi-tech, telecommunications, renewables, and the environment.

With a long coastal line of 3,200 kilometers and an average East Sea wind speed at 6m/s and height of 65m, Vietnam has huge potential for wind energy development.