Electricity is a form of energy resulting from an existence of charged particles for instance electrons or protons, either dynamically as a current or statically as an accumulation of charge. It is a very appropriate way to transfer energy, and it has been adapted to a massive and growing number of uses. It is generated in numerous different ways. All of these methods require either a flow or fuel. Flows include wind, tides, and solar while Fuels for generation include natural gas, coal, and uranium. It is used in electric lights, heaters, powering phones, computers, pacemakers, televisions, and even some cars
The key advantages are included transportable over long distances, doesn’t require as many employees, reduces greenhouse emissions, can be set up in many sizes, renewable, low maintenance costs and can be used to produce many forms of radiant energy for instance microwaves, radio waves, radiant heat and light. Apart from this, few of the disadvantages are included high investment costs and dependent on precipitation.
According to study, “Vietnam Electricity Comprehensive Report Q4/2019” the key companies operating in the Vietnam electricity market are Southern Power Corporation-EVNSPC, Hanoi Power Company-EVNHANOI, Ho Chi Minh Power Company-EVNHCMC, Hai Phong Thermal Power Joint Stock Company, Central Power Corporation-EVNCPC, Pha Lai Thermal Power Joint Stock Company, Quang Ninh Thermal Power Joint Stock Company, Mekong Energy Company, BOT Phy My 3 Power Company Limited.
Based on sources, Vietnam electricity market is segmented into hydropower, nuclear wind, fossil fuels, solar, and biomass. Hydropower is one of the most commonly used renewable energy source, which characterizes its cosmic share in the overall renewable energy produced. Based on application, market is segmented into electric cells (batteries) and power stations. Electric cells are safe, portable and supply a little electricity. Power stations supply a lot of electricity and used in many electrical appliances. In addition, based on end-use industries, market is segmented into residential, industrial, and commercial. The industrial segment is further sub-segmented into iron & steel, food & beverage, power, chemicals & petrochemicals, oil & gas, automotive and others.
The Vietnam electricity market is driven by increase in government funding & continuous technological advancements, followed by rise in integration of renewable grids with smart grid technology, significant increase in research & development (R&D) activities, rise in industrialization, increase in shift towards low-carbon or no-carbon technologies for instance solar, wind, and hydropower, preference in decreasing greenhouse gases (GHGs) emissions and growth in concern about safety & security of the environment. However, limited presence of fossil fuel may impact the market. Moreover, growth in inception of the new business models and rise in electrical vehicle are key opportunity for market.
Vietnam electricity industry is one of the most well-organized power markets in Southeast Asia region owing to low-cost resources such as hydro & coal, growth in economy and rise in industrialization. In upcoming years, it is predicted that future of the market will be bright due to high price of electricity and increase in investments by foreign & local players during the forecast period.
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