Offshore wind in Vietnam has good opportunities, but also still some challenges

October 31, 2023
2 min read
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The Power Development Plan 8 could be basis for significant strides towards the 2030 offshore wind target of Vietnam, but the situation around the regulatory scheme, the route to market and grid capacity creates concerns and challenges.

Vietnam has historically attracted significant attention as a potential offshore wind hub in the Asia-Pacific region due to its great site conditions along the coastline as well as the potential to become a supply chain center for the region.

The country has also set ambitious targets to reach net zero emissions by 2050. In May 2023, the Power Development Plan 8 (PDP8) was approved, which targets 6 GW of offshore wind by 2030 with an aim to reach 70-91.5 GW in 2050.

Vietnam offers great resources and opportunities for offshore wind with a large technical potential of 754 GW with multiple large areas suited for fixed-bottom technologies. 145 GW of the technical potential has wind speeds above 9 m/s and 32 GW of this is based on wind speeds above 10 m/s.

Multiple international developers have entered the Vietnamese market, which is based on an open-door approach for site identification and allocation. However, no offshore wind projects have reached beyond the pre-feasibility stage and obtained inclusion in the Power Development Plan, which is a prerequisite for project development.

Furthermore, Vietnam’s current regulatory scheme is characterized by complexity and lack of offshore wind-specific regulation, without clear timelines, which adds uncertainty and risk of delays. Moreover, concerns about the current options for route to market and the current state of the grid adds to the overall challenges for the Vietnamese market.  

Aegir Insights Market Intelligence

Are you interested in a more detailed overview of the opportunities in Vietnam’s offshore wind market?

Aegir Insights recently updated our market report on Vietnam, including developer overview, estimated LCoE levels and insights into recent policy and regulatory changes in the country.

Reach out to us to learn more about Aegir Insights’ market intelligence service including Auction Intel.

Offshore Wind in APAC

Are you interested in offshore wind markets in APAC, how heavily Asia-Pacific’s offshore wind future will hinge on China, and what barriers are slowing down development in the wider region?

In Aegir’s latest Wavelength Intelligence Briefing, our Senior Research Analyst Simon Engfred Schlichting and Chief Executive Editor Darius Snieckus discussed how this dynamic region can reach its full potential in the global energy transition.

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