Vietnam gov't proposes minimum $379 mln charter capital for offshore wind developers

The Vietnamese government has proposed that offshore wind power developers have a minimum charter capital of VND10 trillion ($379 million) each, according to a draft resolution designed to ease bottlenecks in the country’s 2026-2030 energy development plan.

The draft, presented by Minister of Industry and Trade Nguyen Hong Dien at a meeting of the National Assembly’s Standing Committee on Monday, also requires companies seeking offshore survey rights to maintain equity of at least 15% of a project’s total investment. Applicants must also register power-related business activities.

Local authorities would be authorized to approve offshore wind projects until Jananuary 1, 2031. If only one investor applies for a site, the province may grant approval following due appraisal.

If multiple investors register for the same site, the draft sets out a ranking system favoring proposals with lower expected power prices, followed by lower preliminary investment costs, stronger financial capacity, and early submission.

The government also proposes waiving or reducing seabed-use fees for offshore wind projects and guaranteeing that grid-connected projects will have power purchase agreements covering at least 90% of multi-year average output during loan-repayment periods.

Minister Dien said Vietnam lacks baseline offshore wind survey data and port infrastructure needed to support the development of large projects by 2030, adding that “breakthrough mechanisms” are required to speed up implementation, especially for projects slated to begin operating between 2030 and 2035.

National Assembly Chairman Tran Thanh Man cautioned that long-term minimum offtake guarantees, such as the proposed 90% contracted output, must be carefully assessed for fiscal and public-debt risks.

He also demanded clearer definitions around indirect government guarantees, direct power purchase agreement (PPA) mechanisms, and whether PPA pricing may be denominated in US dollars.

Vietnam currently has no offshore wind power projects. According to the adjusted eighth power develoment plan (PDP VIII), the country aims to have 6,000 MW of offshore wind capacity by 2030, 17,500 MW by 2035, and between 113,000 and 139,000 MW by 2050.