Economic evaluation of solar energy projects in Vietnam using multi-criteria analysis

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Article ID: 593
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DOI:

https://doi.org/10.18686/cest593

Keywords:

solar energy , multi-criteria analysis , sustainable development , solar power plants , renewable energy

Abstract

In recent years, the importance of solar energy has increased worldwide due to its environmental friendliness and efficiency. Vietnam, as a country with great potential for the development of solar energy, has been actively investing in this industry. However, in order to make informed decisions on the allocation of investments, a comprehensive economic assessment of large solar power plants (SPPs) facilities is required. The article presents an analysis and assessment of the development efficiency of some large SPPs in Vietnam. The study aims to assess the competitiveness of solar energy to attract investment from power companies. The research method is through the assessment of the economic indicators LCOE (Levelized Cost of Energy), CAPEX (Capital Expenditure), CAPEX per megawatt (Capital Expenditure per Megawatt), NPV (Net Present Value), PI (Profitability Index) and multi-criteria assessment MCDA (Multi-Criteria Decision Analysis) method of large SPPs in Vietnam. The study found that the projects with the highest rate of return (according to the PI index) and the projects with the highest scores according to the multi-criteria best choice analysis (using the MCDA method) are different, which allows investors to draw lessons for investment selection and the government to make decisions. The solar power plants with the highest PI coefficients are Phu My solar power plant (1.19) and Hoa Hoi solar power plant (1.17), however, according to the MCDA method, the power plants that bring the greatest benefit are Trung Nam Thuan Nam solar power plant (4.78) and Dau Tieng 1,2,3 solar power plant (4.56), although their PI indices are quite modest.

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2026-04-09

How to Cite

Phuong, N. M., Tatiana, P., & Konstantin, S. (2026). Economic evaluation of solar energy projects in Vietnam using multi-criteria analysis. Clean Energy Science and Technology, 4(2). https://doi.org/10.18686/cest593

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Vol. 4 No. 2 (2026)

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Article

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Copyright (c) 2026 Nguyen Minh Phuong, Ponomarenko Tatiana, Spivakov Konstantin

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This work is licensed under a Creative Commons Attribution 4.0 International License.

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