Energy storage – from option to necessity

According to Ms. Xiaojing Fei, GEAPP’s Director of Partnerships for Asia, Southeast Asia—particularly Vietnam—holds great potential for BESS development. However, to realize this, innovative financial models, viable business strategies, and appropriate policy support are required. The workshop also provided an opportunity to share experiences from countries such as India and China, where many solar-plus-storage models have proven feasible.

GEAPP affirmed its commitment to working alongside governments, investors, and development organizations toward the goal of deploying 5GW of storage in Asia by 2060.

Participants discussed four key themes: deployed financial models; conditions for investment expansion; opportunities for collaboration between funding institutions and recipients; and strengthening the BESS Alliance network. Among these, public–private partnerships were viewed as essential to mobilizing large-scale capital for energy storage projects.

Vietnam facing capital and policy pressures
During the discussion session, Mr. Ha Dang Son, Coordinator of the Just Energy Transition Partnership (JETP), noted that Vietnam has identified BESS as one of the key solutions in Power Development Plan VIII. To achieve decarbonization goals in the power and industrial sectors, Vietnam will need to mobilize hundreds of billions of USD by 2030—and this figure could triple by 2050.

Some initial steps have been taken, such as a pilot pricing framework for solar-plus-BESS projects and the Ministry of Industry and Trade’s development of a dedicated pricing mechanism for energy storage. However, Mr. Ha Dang Son emphasized that what is urgently needed now is the early issuance of a legal framework and technical standards for BESS to build investor confidence.

“We need further studies to determine the optimal capacity-storage ratio, assess the impact on the power system, and evaluate the potential for participation in the competitive electricity market,” he stressed.

With the support of the JETP mechanism and international partners, Vietnam has the opportunity to establish a legal corridor, attract investment capital, and expand public–private cooperation in energy storage. In the long run, developing BESS will not only help Vietnam achieve net-zero emissions by 2050 but also strengthen energy security and reduce dependence on fossil fuels.

The regional workshop organized by GEAPP in Hanoi is expected to deliver a policy and financial boost, positioning energy storage as a key driver in Vietnam’s clean energy transition and across Asia.

Translator: Vân Ly