Hogan Lovell OffshoreBook 2023 230809 OnlinePDF - Flipbook - Page 311
Offshore Wind Worldwide 2023
1. STATE AND FUTURE OF
OFFSHORE WIND PROJECTS
Vietnam has enormous potential for developing wind energy projects, with a coastline
of 3,400 kilometres and an average wind
speed of six metres per second. As announced by the World Bank in January 2021, the
technical potential for fixed and floating offshore wind energy in Vietnam is 599 GW.1
Vietnam’s offshore wind market remains at
a very early stage. Today, there are only a few
nearshore wind farms operating in Vietnam:
a 99 MW wind power project in Bac Lieu
province, and more recently a 100 MW wind
power project in Tra Vinh province and a 30
MW wind power project in Ben Tre province.
These projects are all in the Mekong Delta
region and were developed by domestic
investors.
However, there is tremendous industry
appetite to develop offshore wind power in
Vietnam. According to a forecast from the
Global Wind Energy Council (GWEC) published in its Global Offshore Wind Report
2022, Vietnam may be among the top five
markets in Asia in terms of new installations
of offshore wind power in the next decade,
joining other large offshore wind markets in
the region such as mainland China, Taiwan,
South Korea, and Japan. 2
Recently, several other significant offshore
wind projects have been added to the
311
National Power Development Master Plan
VIII (PDP8) which was issued by the Prime
Minister on 15 May 2023, including the
800MW Phu Cuong Project in Soc Trang
province, the 500MW HBRE Vung Tau Project
in Ba Ria – Vung Tau province, and the 3.4GW
Thang Long Project and the 3.5GW LaGan
Project in Binh Thuan province. Under PDP8,
the Government aims to increase the energy
generated by offshore wind power with a
target of generating 6 GW by 2030 (double
the figure included in a prior draft of PDP8
published in November 2022). If achieved,
this target would account for 4% of total
power generation capacity by 2030. In addition, the government’s Renewable Energy
Development Strategy for the period from
2016 to 2030 states that Vietnam will continue to promote onshore wind energy until
2030 and, subsequently, assess the potential
for offshore wind energy, with a target of
reaching 16% of power generation capacity
by 2050.
Under PDP8, the Government shows it
intends to continue focusing on renewable
energy, especially offshore wind projects.
According to technical calculations from
the Ministry of Industry and Trade (MOIT),
Vietnam has offshore wind power potential
of about 160 GW. The offshore wind power
capacity is expected to increase to 91.5 GW
by 2050. These ambitious targets are part of
Vietnam’s ambitious strategy for achieving
net-zero emissions by 2050, a commitment
announced by Vietnam during the COP26
World Leaders’ Summit in 2021.
1
http://documents1.worldbank.org/curated/en/340451572465613444/pdf/Technical-Potential-for-Offshore-Wind-in-Vietnam-Map.pdf.
2
https://gwec.net/wp-content/uploads/2022/06/GWEC-Global-Offshore-Wind-Report-2022.pdf.
