Brian Jeffrey
Vietnam is well-positioned for wind power generation, with significant potential amounting to 512GW due to high wind speeds in 39% of the country’s territorial area.
Given the commitment to reach net zero emissions by 2050 and the depletion of hydropower potential, the Ministry of Industry and Trade (MOIT) stresses the need for renewable energy development, notably offshore wind power.
Outlined in the eighth national power development plan (Plan 8) are targets of 6GW capacity by 2030 and 70-91.5GW by 2050 for offshore wind power to meet domestic demand.
However, MOIT’s draft plan on piloting wind power reveals a lack of specific details in Plan 8 regarding the number of projects, capacities, and locations for offshore wind projects.
Despite the ambitious targets, no offshore wind projects have been licensed to date. Plan 8 only designates capacity allocations by region without comprehensive data on wind potential and seabed conditions.
The high investment costs of $2.5-3 billion per GW and the lengthy development timeline of 6-8 years pose challenges to achieving the 6GW target by 2030 as per Plan 8.
MOIT emphasizes the necessity of a National Assembly resolution to establish legal frameworks for offshore wind power development.
Noting the ambiguity in existing resolutions and laws, MOIT proposes state-owned entities like PetroVietnam, Electricity of Vietnam, and Ministry of National Defence units to lead pilot offshore wind projects.
