Journal: Modern Economics & Management Forum DOI: 10.32629/memf.v7i3.5382
Abstract
Southeast Asia, a pivotal engine of global economic growth, faces mounting pressure to balance surging energy demand with a low-carbon transition. Indonesia and Vietnam, as the region’s largest economies, play a critical role in shaping sustainable development trajectories. This study conducts a comparative analysis of their new energy development paths, focusing on resource endowments, policy frameworks, implementation outcomes, and cooperation models. Indonesia drives energy diversification through its unparalleled geothermal resources and coal exports, prioritizing downstream industrialization of nickel-based battery production. Despite ambitious targets challenges persist in resource utilization efficiency and policy coherence. Vietnam, in contrast, has rapidly expanded solar and wind energy through strategic industrial policies, foreign investment incentives, and localized green technology adoption. Its focus on energy security and manufacturing self-reliance has enabled a more dynamic market response. The study reveals divergent pathways shaped by resource availability and governance models: Indonesia’s resource-dependent approach is constrained by global market fluctuations, whereas Vietnam’s state-directed strategy emphasizes strategic autonomy and execution consistency. By systematically comparing these cases, this research provides theoretical insights and policy implications for developing countries seeking to align energy transitions with national conditions. The findings underscore the importance of tailoring strategies to resource endowments and institutional capacities, offering a framework for sustainable energy development in resource-diverse contexts.
Keywords
energy transition; renewable energy; Indonesia; Vietnam; Southeast Asia; policy comparison
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[3] PAMBUDI N A. Geothermal power generation in Indonesia, a country within the ring of fire: Current status, future development and policy[J/OL]. Renewable and Sustainable Energy Reviews, 2018, 81: 2893-2901.
[4] THANG NAM DO, PAUL J. BURKE, HOANG NAM NGUYEN, et al. Vietnam’s solar and wind power success: Policy implications for the other ASEAN countries[J/OL]. Energy for Sustainable Development, 2021, 65: 1-11.
[5] ERDIWANSYAH, MAMAT R, SANI M S M, et al. Renewable energy in Southeast Asia: Policies and recommendations[J/OL]. Science of The Total Environment, 2019, 670: 1095-1102.
[6] NGUYEN L T, RATNASIRI S, WAGNER L, et al. Solar adoption and the decisive role of the feed-in tariff policy[J/OL]. Economics Letters, 2023, 227: 111129.
[7] DO T N, BURKE P J, BALDWIN K G H, et al. Underlying drivers and barriers for solar photovoltaics diffusion: The case of Vietnam[J/OL]. Energy Policy, 2020, 144: 111561.
[8] B UDIMAN I, SMITS M. How Do Configuration Shifts in Fragmented Energy Governance Affect Policy Output? A Case Study of Changing Biogas Regimes in Indonesia[J/OL]. Sustainability, 2020, 12(4): 1358.
[9] C SHEM, Y SIMSEK, UF HUTFILTER, et al. Potentials and opportunities for low carbon energy transition in Vietnam: A policy analysis[J/OL]. Energy Policy, 2019, 134: 110818.
[10] BANGA J. The green bond market: A potential source of climate finance for developing countries[J]. Journal of Sustainable Finance & Investment, 2019.
[11] CHENG S, WANG B. Impact of the Belt and Road Initiative on China’s overseas renewable energy development finance: Effects and features[J/OL]. Renewable Energy, 2023, 206: 1036-1048.
[12] ORDONEZ J A, VANDYCK T, KERAMIDAS K, et al. Just Energy Transition Partnerships and the future of coal[J/OL]. Nature Climate Change, 2024, 14(10): 1026-1029.
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