Due to fast industrial expansion and the increasing population in Vietnam, this country is confronting a mounting lack of energy. While this country has considerable renewable energy (RE) potentials, including wind, solar, biomass, and hydropower sources, it has yet to exploit them entirely because of a lack of proper planning. This research aimed to find and assess solutions for encouraging RE growth in Vietnam. RE development solutions were formulated through SWOT analysis and evaluated in terms of their social, economic, and environmental dimensions. The SWARA approach weighed the strategy evaluation criteria. The most influential sub-criteria were initial investment cost, reduction of adverse environmental impacts, and natural capacity of the region, with weights of 0.155, 0.127, and 0.114, respectively. Strategy evaluation was performed using the Gray ARAS, and the results were validated with the Gray COPRAS, the Gray TOPSIS-G, and the Gray MABAC. In the strategy ranking, the top strategy is to reduce the cost of renewable power generation. This can be achieved by using advanced technologies and promoting cooperation between domestic and foreign industries and companies. Increasing domestic and foreign investment in RE infrastructure by providing financial facilities for investors, developing domestic and international cooperation, and creating a competitive environment between different companies to reduce electricity production costs were the most suitable strategies.
Keywords: Developing countries; Energy policy; Multi-criteria decision-making; SWOT analysis; Sustainability.
© 2024. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.