Financial solutions for renewable energy development in Vietnam

Abstract

Renewable energy is a crucial energy source in promoting sustainable economic development and advancing the global goal of net-zero emissions. Promoting renewable energy is a key task for countries in their administration to combat the impact of climate change. This study was conducted to analyze the current status of renewable energy and finance for renewable energy in Vietnam, and to identify the factors affecting the proportion of renewable energy in the total energy sources used, to propose appropriate solutions. The article utilizes panel data, analyzed using pooled OLS, FEM, REM, and GLS regression models, along with tests to select the most appropriate models and address model defects. Data are collected from the World Bank for the period 2000- 2021, including 10 ASEAN+3 countries with economic, social, and green finance development goals similar to those of Vietnam. The research results highlight limitations in the current status of renewable energy use and financial resources for renewable energy in Vietnam, while also emphasizing the crucial role of the Government in promoting financing for renewable energy.