With a rapidly growing economy, vast coastlines available for offshore wind power, and high solar radiation levels, Vietnam has all of the ingredients to be a world leader in renewable energy. A report by McKinsey & Company found that Vietnam is the country in Southeast Asia best suited for wind and solar developments. The transition to renewable energy in Vietnam could be heavily financed by foreign direct investment, as companies investing in Asia search to diversify investments outside of China. This could lead to both a rapid increase in renewable energy deployment as well as sustainable manufacturing. Despite all of these benefits, however, Vietnam remains heavily reliant on coal, oil, and natural gas.
