Work likely to commence on Vietnam's first offshore wind power project by late 2025: Deputy Minister
Work on Vietnam’s first offshore wind power project is expected to commence by the end of this year, according to Deputy Minister of Industry and Trade Nguyen Hoang Long.
He did not mention which the project is and who is the investor.
An offshore wind power project of Equinor. Photo courtesy of the company.
Reporting to the Prime Minister at a Saturday roundtable with representatives of UK businesses investing in Vietnam, Long stated that many major private economic groups in Vietnam have submitted proposals to develop offshore wind power projects, following the issuance of the Politburo’s Resolution 68 on private economic development.
Vietnam currently has no offshore wind power projects. According to the revised Power Development Plan VIII (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.
At the end of February, the Ministry of Industry and Trade proposed delaying the development of offshore wind until after 2030, citing the high initial investment cost, estimated at around $60-70 billion, and the lack of any project with approved investment decisions at that time.
However, the Government’s Standing Board still directed the ministry not to postpone the timeline for developing such projects.
The adjusted PDP VIII for the 2021-2030 period, with a vision to 2050, was signed by Deputy Prime Minister Bui Thanh Son on April 15, 2025
The plan sets a target of doubling power output by 2030, with renewables accounting for 28-36%. It aims to ensure sufficient power supply for an average GDP growth of 10% per year in the 2026-2030 period and about 7.5% in the 2031-2050 period.
The output of electricity produced and imported in 2030 is expected to reach 560.4-24.6 billion kWh and rise to 1,360.1-1,511.1 billion kWh in 2050.
By 2030, the total capacity of power plants serving domestic demand (excluding exports) is 183,291 - 236,363 MW.
The new plan says the development of onshore, nearshore and offshore wind power and solar power, especially water surface solar power, will be strengthened.
The development will be in line with the absorption capacity of the system, with reasonable prices and transmission costs, ensuring operational safety and economic efficiency of the power system and making the most of the existing grid infrastructure.
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