Impact of Renewable Energy Consumption on Economic Welfare in Vietnam

In Vietnam, integrating renewable energy is vital for advancing toward sustainable development. It has a significant impact on the economic welfare of the large population. This research will evaluate the effects of renewable energy on economic welfare, measured by total GDP, GDP per capita, rural household income per capita, and urban household income per capita. This study uses regression analysis conditional on controlling key factors to estimate the effects of renewable energy consumption on welfare by accounting for heterogeneity and multicollinearity. The data is extracted from World Development Indicators (WDI), International Monetary Fund (IMF), Our World in Data (OWD), and General Statistics Office of Vietnam (GSO) covering period from 2002 to 2022. The findings provide insights for policymakers and energy and social planners, aiding the development of evidence-based strategies for a cleaner and more prosperous future.