Oil & gas industry gives Vietnam edge in offshore wind supply chain: Global Wind Energy Council CEO

Vietnam is well positioned to play a significant role in the offshore wind power supply chain thanks to its established manufacturing base and expertise developed through its oil & gas industry and existing wind power projects, according to Ben Backwell, CEO of the Global Wind Energy Council (GWEC).

Speaking to reporters on the sidelines of the recent Asia-Pacific Wind Energy Summit, Backwell said the recent oil and gas crisis underscored the urgency of accelerating the global energy transition.

Asia has been particularly exposed to volatility in global energy supplies at a time when economies across the region are rapidly electrifying transportation, manufacturing and other sectors, driving a sharp increase in electricity demand, he was quoted by Petrovietnam's news portal as saying.

The risks surrounding the Strait of Hormuz and dependence on imported fossil fuels have pushed energy security to the forefront of discussions among governments, businesses and investors. Renewable energy is a domestic resource that is not reliant on international shipping routes or imported fuel supplies, Backwell said.

He noted that Vietnam enjoys rare advantages in renewable energy development. In addition to substantial solar resources, the country possesses high-quality wind resources, with technical offshore wind power potential estimated at around 600 gigawatts.

That resource base could supply electricity for Vietnam’s industrialization, economic growth and electrification needs for decades while reducing reliance on imported fuels, the GWEC CEO added.

Vietnam has already emerged as one of the fastest-growing onshore and nearshore wind power markets in the Asia-Pacific region, with about 6 GW of installed capacity in operation. However, the next critical stage will be the deployment of large-scale offshore wind projects.

Several projects have already received approvals or are completing investment procedures. Once developed, they are expected to add significant generation capacity to the national grid while laying the foundation for a new industrial sector.

Backwell cautioned that offshore wind power projects are highly complex, involving extensive permitting requirements, environmental assessments and specialized technical standards. As a result, establishing a transparent, stable and predictable regulatory framework will be essential to attracting investment.

He said Vietnam has significant advantages in participating in the offshore wind power value chain due to its manufacturing capabilities and expertise accumulated through the oil and gas sector as well as existing wind power developments. A number of Vietnamese companies already manufacture components and equipment for the wind power industry and are well positioned to expand production.

If Vietnam can maintain a competitive investment environment, attract the right investors and build an internationally competitive industrial base, it will not only meet domestic demand but also export products and services to other markets in the region. That could create hundreds of thousands of jobs over the coming decades, added Backwell.

Representing Vietnam’s Ministry of Industry and Trade at the conference, Dinh Van Ton said offshore wind power remains a relatively new sector in the country and authorities are taking a cautious and methodical approach to its development.

He said offshore wind power is among the priority areas in efforts to strengthen Vietnam’s legal and regulatory framework and establish a foundation for long-term growth. With support from international partners including GWEC, Norway and Denmark, Vietnam is gradually developing the policies and mechanisms needed to foster a sustainable and efficient offshore wind power industry.

Under current plans, Vietnam aims to commission between 6,000 MW and 17,000 MW of offshore wind capacity by 2030, with the possibility of accelerating deployment if financially strong and technologically capable international investors participate.

By 2050, offshore wind is projected to account for 14.7-16.6% of the country's total power generation capacity.

To facilitate investment, the government is revising regulations governing the sector. A key measure is the National Assembly's Resolution 253/2025, which allows authorities to approve both investment policy and investor selection simultaneously for offshore wind projects.

The change is expected to shorten project preparation timelines and accelerate the selection of qualified developers.