Vietnam urged to speed up offshore wind development

By Tri Duc
Fri, December 16, 2022 | 4:07 pm GMT+7

Vietnam should quickly fix legal obstacles in licensing offshore wind power projects, the Global Wind Energy Council (GWEC) said.

According to the global trade association, if financial support and policy updates are applicable in mid-2023, Vietnam can connect 7 gigawatts of offshore wind power to the national grid in 2030, meeting targets in the draft power development plan VIII (PDP VIII).

A wind farm in Bac Lieu province, Vietnam's Mekong Delta. Photo courtesy of Voice of Vietnam.

A wind farm in Bac Lieu province, Vietnam's Mekong Delta. Photo courtesy of Voice of Vietnam.

Vietnam has yet to implement any offshore wind projects, and wind power in the country is currently sourced from land-based and nearshore ones, said Bui Vinh Thang, Vietnam country manager at GWEC. Pilot projects can bring insights and attract investors to Vietnam, he said.

As offshore wind power in Vietnam is at its initial stage and takes a long time to develop, the GWEC has recommended Vietnam's government approve the commercialization and requirements for pilot projects totaling 4 GW by mid-2023. Then the first 1.5 GW can complete in end-2028 and 2.5 GW in end-2029, it added.

The GWEC is willing to aid the Gưgovernment in selecting such pilot projects, toward the approval of projects by 2026, Thang said.

The trade association also encouraged the Vietnamese government to soon provide a power price formula to facilitate the sector as power purchase agreements (PPAs) in Vietnam are now only applicable to solar and land-based wind power.

Per the draft PDP VIII, offshore wind power in Vietnam is set to reach a capacity of seven GW in 2030 and 87 megawatts in 2050, accounting for 4.8% and 17.3% of the total generated electricity in 2030 and 2050, respectively.

In order to facilitate implementation of the offshore wind power policy, Vietnam should complete rules related to the sea surface using plan, procedures of sea lease, grant of PPAs, grid connection plan and labor safety, said Mark Leybourne, offshore wind program lead at the World Bank. He added the government should name potential locations for offshore wind power and allow developers to take charge of projects via bidding.

Comments (0)
  • Read More
Vietnam, France sign energy, mineral cooperation deals

Vietnam, France sign energy, mineral cooperation deals

Vietnamese and French agencies signed two cooperation documents in energy and minerals in Paris on Tuesday (local time).

Economy - Wed, June 11, 2025 | 12:19 pm GMT+7

Spain willing to cooperate with Vietnam in high-speed railway development: Spanish PM

Spain willing to cooperate with Vietnam in high-speed railway development: Spanish PM

Spain, which boasts the world's second-longest high-speed railway system, is ready to cooperate and share expertise with Vietnam in this field, said Spanish Prime Minister Pedro Sanchez.

Infrastructure - Wed, June 11, 2025 | 11:02 am GMT+7

Vietnam's leading construction materials maker Viglacera projects 21% revenue hike in 2025

Vietnam's leading construction materials maker Viglacera projects 21% revenue hike in 2025

Viglacera, Vietnam's leading producer of building materials, targets VND14.44 trillion ($555.12 million) in revenue for 2025, up 21% from last year.

Companies - Wed, June 11, 2025 | 10:38 am GMT+7

Vietnam’s first LNG power plants to begin commercial operation this year

Vietnam’s first LNG power plants to begin commercial operation this year

Nhon Trach 3 and 4, Vietnam’s first LNG-fired power plants, are expected to begin commercial operations this year, according to a new ministerial decision.

Energy - Wed, June 11, 2025 | 10:00 am GMT+7

Europe-Asia Industry Cooperation Forum to take place in Hanoi today

Europe-Asia Industry Cooperation Forum to take place in Hanoi today

The Vietnam's Association of Foreign Invested Enterprises (VAFIE), in association with F&H International Industry, will organize the Europe-Asia Industry Cooperation Forum in Hanoi today.

Economy - Wed, June 11, 2025 | 7:30 am GMT+7

Thailand's SCG Packaging becomes sole owner of Vietnam's leading plastics firm Duy Tan

Thailand's SCG Packaging becomes sole owner of Vietnam's leading plastics firm Duy Tan

SCG Packaging Public Company Limited (SCGP), a subsidiary of Thailand's multi-sector giant SCG, has acquired an additional 30% stake at Duy Tan JSC, becoming the sole owner of the leading producer of rigid plastic packaging products in Vietnam.

Companies - Tue, June 10, 2025 | 10:53 pm GMT+7

VinaCapital fully divests from Vietnam’s private hospital chain Tam Tri

VinaCapital fully divests from Vietnam’s private hospital chain Tam Tri

The Vietnam Opportunity Fund (VOF), managed by VinaCapital, has announced its full divestment from local hospital chain Tam Tri Medical, according to a filing with the London Stock Exchange.

Finance - Tue, June 10, 2025 | 4:43 pm GMT+7

CapitaLand breaks ground on its first luxury low-rise project in northern Vietnam

CapitaLand breaks ground on its first luxury low-rise project in northern Vietnam

Singapore's CapitaLand Development (CLD) has broken ground on The Fullton, a luxury low-rise residential development with a gross development value of approximately $800 million.

Real Estate - Tue, June 10, 2025 | 4:26 pm GMT+7

Vietnam’s major affordable housing developer Hoang Quan appoints new CEO

Vietnam’s major affordable housing developer Hoang Quan appoints new CEO

Hoang Quan Real Estate Consulting-Trading-Services JSC (HoSE: HQC), a major affordable housing developer in Vietnam, has appointed Nguyen Long Trieu as its new general director, effective from Monday.

Real Estate - Tue, June 10, 2025 | 4:00 pm GMT+7

US Cargill announces exit from aquafeed business in Vietnam

US Cargill announces exit from aquafeed business in Vietnam

Cargill, one of the leading animal feed producers in the U.S., has withdrawn from the aquafeed business in Vietnam, said Maxime Hilbert, interim general manager for aqua nutrition at Cargill Thailand & Vietnam.

Industries - Tue, June 10, 2025 | 3:26 pm GMT+7

USD price likely to hit record high of VND26,300 in Q3, drop to VND26,100 in Q4: UOB

USD price likely to hit record high of VND26,300 in Q3, drop to VND26,100 in Q4: UOB

Singaporean bank UOB on Monday said its updated forecasts on the USD/VND exchange rate are VND26,300 per USD in Q3/2025; 26,100 in Q4/2025; 25,900 in Q1/2026; and 25,700 in Q2/2026.

Economy - Tue, June 10, 2025 | 2:38 pm GMT+7

Four pillars set stage for Vietnam private sector breakthrough: expert

Four pillars set stage for Vietnam private sector breakthrough: expert

The four resolutions recently issued by the Politburo, Vietnam's highest decision-making body, mark a critical turning point, opening up major opportunities for Vietnam’s private sector to thrive, said Tran Du Lich, former director of the Ho Chi Minh City Institute of Economics.

Economy - Tue, June 10, 2025 | 12:37 pm GMT+7

How Vietnam’s functional food market evolves

How Vietnam’s functional food market evolves

With the presence of major domestic and international brands, along with strong government efforts to dismantle counterfeit product rings, Vietnam's functional food market is expected to continue its upward trajectory in the coming time.

Economy - Tue, June 10, 2025 | 12:18 pm GMT+7

Visa introduces Click to Pay in Vietnam for online shopping experience 'transformation'

Visa introduces Click to Pay in Vietnam for online shopping experience 'transformation'

Visa has introduced Click to Pay with leading banks and payment facilitators in Vietnam - the first market in Southeast Asia to see the solution that aims to transform online shopping experience.

Finance - Tue, June 10, 2025 | 8:48 am GMT+7

Vietnamese banks leverage national data integration to reach customers

Vietnamese banks leverage national data integration to reach customers

Banks in Vietnam are developing fully digital lending services, enabling customers to apply for and receive loans entirely through online platforms.

Banking - Mon, June 9, 2025 | 11:28 pm GMT+7

Vietnam’s garment-textile exports top $17 bln in five months

Vietnam’s garment-textile exports top $17 bln in five months

Vietnam’s garment and textile exports exceeded $17.58 billion in the first five months of 2025, up 9% year-on-year.

Companies - Mon, June 9, 2025 | 11:21 pm GMT+7