Offshore Wind Worldwide Regulatory Framework in Selected Countries 5th Edition 2024 - Flipbook - Page 369
Offshore Wind Worldwide 2024
369
1. STATE AND FUTURE OF
OFFSHORE WIND PROJECTS
the region such as mainland China, Taiwan,
South Korea, and Japan. 2
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
Under the National Power Development
Master Plan VIII (PDP8) which was issued
by the Prime Minister on 15 May 2023, the
Government aims to increase the energy
generated by offshore wind power with an
ambitious target of generating 6 GW by 2030
(double the figure included in a prior draft
of PDP8 published in November 2022). However, unlike in the previous PDP, PDP8 only
includes the total capacity target, and no
specific projects or selected investors have
been determined. On 1 April 2024, the Prime
Minister issued the PDP8 Implementation
Plan, which set outs offshore wind power
capacity allocations by region: the targeted
offshore wind capacity for –by 2030 for the
Northern region is 2.5GW, for the Central region is 500MW, for the South-Central region
is 2GW, and for the Southern region is 1GW.
If achieved, these targets 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.
Over the past several years, Vietnam’s
offshore wind market has been stalled 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, a 100 MW wind power project in
Tra Vinh province, a 30 MW wind power project in Ben Tre province and a 30 MW wind
power project in Soc Trang province. These
projects are all in the Mekong Delta region
and were developed by domestic investors.
Currently, there is no offshore wind power
project that has been issued with in-principle investment approval.
However, remains industry appetite to
develop offshore wind power in Vietnam
once legal and regulatory reforms have been
enacted to facilitate investment. According
to a forecast from the Global Wind Energy
Council (GWEC) published in its Global
Offshore Wind Report 2024, Vietnam may
eventually be among the top five markets
in APAC in terms of new installations of
offshore wind power in the next decade,
joining other large offshore wind markets in
The goals in PDP8 shows the intent of the
Government to continue focusing on renewable energy, and offshore wind projects in
particular. According to technical calculati-
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/2024/06/GOWR-2024_digital_final_v2.pdf.
