The emergence of a new energy economy

The transition to clean energy is creating new demands for electricity storage and system flexibility. The rapid expansion of solar and wind power, together with the electrification of transport, the growth of data centers and the increasing electricity demand from manufacturing, is reshaping the energy landscape. According to energy experts, battery energy storage systems (BESS) have become a critical solution for balancing electricity supply and demand, optimising renewable energy generation and enhancing the flexibility of the power system.

Speaking with Industry and trade Newspaper, Tran Quoc Tam, Vice Chairman of the Ho Chi Minh City Renewable Energy Association, said the world is undergoing one of the most significant energy transitions since the Industrial Revolution. The rapid expansion of artificial intelligence (AI), data centers, electric vehicles (EVs), the semiconductor industry and growing concerns over energy security is driving global electricity demand at a pace not seen in decades.

Against this backdrop, a new understanding of energy security is taking shape. Energy security is no longer solely a matter for governments; it has become an essential requirement for every household, business, factory and industrial park.

According to Tran Quoc Tam, for decades the challenge has not been finding additional energy sources, but rather how to harness, store, manage and use energy more efficiently. As solar power continues to expand, the electricity system is facing an entirely new challenge: how to store, dispatch and use electricity at the right time and for the right demand.

"In Viet Nam, we are witnessing the emergence of distributed 'power plants' on rooftops of homes, factories, hotels and industrial parks. What the new energy system is still lacking is battery energy storage. Solar panels generate electricity, but batteries determine when that electricity is stored, when it is used and when it creates economic value," Tran Quoc Tam said.

He added that when integrated with artificial intelligence (AI) and energy management systems (EMS), renewable energy combined with battery storage is no longer merely a power generation solution but the foundation of an intelligent energy system.

"For more than a century, people have simply paid to consume electricity. In the era of solar power paired with battery storage, every household and business can generate, store, manage and unlock value from its own energy. This is not merely a technological shift; it marks the emergence of a new energy economy," he said.

At the same time, recent amendments introduced under Decree No.243/2026/ND-CP, which simplify administrative procedures, are creating more favourable conditions for the energy sector to develop. In addition, adjustments to peak, off-peak and normal electricity pricing hours under Decision No.963/QD-BCT, issued by the Ministry of Industry and Trade on April 22, 2026, are expected to affect households, hotels, shopping centers and, in particular, manufacturers operating multiple production shifts.

According to the Ho Chi Minh City Renewable Energy Association, technological progress, policy support and market demand are converging to create strong momentum for renewable energy solutions integrated with battery storage. A new battery economy is gradually taking shape, bringing with it a wide range of emerging business models, including Energy Service Companies (ESCOs), Battery as a Service (BaaS), Solar-Battery-EV Charging solutions, Virtual Power Plants (VPPs), AI-powered energy management and digital energy services. These are expected to become some of the most promising sectors over the coming decade.

Ensuring transparency and guiding the rapid growth of the battery storage market

Speaking with Industry and trade Newspaper, Nguyen Xuan Quy, Vice Chairman of the Viet Nam Clean Energy Association, said the Government and the Ministry of Industry and Trade have recently introduced a series of important policies and regulatory mechanisms to accelerate the development of renewable energy and advance the country's transition towards a greener and more sustainable energy system. These measures are not only essential for fulfilling Viet Nam's emissions reduction commitments but also represent a strategic solution to safeguarding national energy security as electricity demand continues to rise in support of the country's economic growth.

According to Nguyen Xuan Quy, as renewable energy continues to expand, battery energy storage systems (BESS) will become an indispensable component of a modern power system. From a system operation perspective, if the share of renewable energy continues to increase without adequate storage capacity, it will become increasingly difficult to balance electricity supply and maintain grid stability. At the consumer level, the absence of energy storage systems means that electricity generated by rooftop solar installations during the day cannot be fully utilised, reducing investment efficiency and leading to the waste of clean energy.

"With the Party and Government's consistent commitment to developing renewable energy, Viet Nam's energy storage market is certain to enter a period of rapid growth in the years ahead," Nguyen Xuan Quy said.

However, he stressed that the rapid expansion of the market also creates an urgent need for stronger quality management. A growing number of domestic and international companies are supplying battery energy storage solutions in Viet Nam. Without comprehensive standards, technical regulations and effective oversight mechanisms, the market could see an influx of low-quality products that fail to meet requirements for fire safety, service life and operational performance. Such products would directly affect the investment efficiency of households and businesses while undermining the market's sustainable development.

To address these challenges, Nguyen Xuan Quy said the Viet Nam Clean Energy Association will continue organising forums and seminars to provide updated information and strengthen connections among businesses, experts and policymakers. The association will also continue collecting recommendations and practical feedback from enterprises and submitting them to relevant ministries and agencies to accelerate the development of technical standards, regulations and management mechanisms for energy storage products.

These efforts will provide an important foundation for households and businesses to select BESS solutions that meet requirements for quality, safety and economic efficiency while supporting the sustainable development of Viet Nam's energy market in the years ahead.

Recently, in Ho Chi Minh City, Lien Thanh Viet Nam Electromechanical Joint Stock Company (LITHACO), in collaboration with the Ho Chi Minh City Renewable Energy Association and the Viet Nam Clean Energy Association, organised the seminar "Next-generation solar power: Solar-Battery solutions for households, commercial buildings and factories." At the event, experts shared the latest updates on technology trends, new policy developments and emerging business models centerd on battery energy storage systems (BESS), highlighting their role in the new energy era.