Brian Jeffrey
Vietnam holds immense potential for offshore wind energy development but must overcome regulatory and technical hurdles to effectively utilize this valuable resource.
The Ministry of Industry and Trade (MOIT) recently highlighted obstacles hindering offshore wind energy (OSWE) development in Vietnam, including issues related to planning, investment policy, investor selection, and market access conditions for foreign investors.
Deputy Prime Minister Tran Hong Ha stressed the importance of a pilot OSWE development plan, emphasizing the need to address legal, policy, investment, and technological challenges while proposing solutions to overcome barriers.
Experienced professional Stuart Livesey recommends a strategic approach to kickstarting the OSWE industry, emphasizing the importance of pilot projects combined with Feed-in Tariff (FiT) mechanisms in the initial stages.
Learning from success stories like Denmark, the UK, and Germany, Vietnam can establish strong policies and a flexible legal framework to attract investors and adapt to changing market dynamics in the OSWE sector.
Taiwan’s phased approach to OSWE development offers a blueprint for feasibility testing, scaling, and attracting foreign developers through mechanisms like FiT and competitive bidding, setting a path for sustainable growth.
The MOIT is actively reviewing key aspects such as investor selection, electricity export, and foreign investor participation to propose effective solutions for advancing offshore wind energy projects.
Collaborations between state-owned corporations like Vietnam Electricity (EVN) and international project developers are seen as crucial for leveraging advanced technologies, construction methods, and operational expertise, thereby mitigating risks and enhancing project delivery efficiency.
Partnerships with reputable international firms play a vital role in facilitating access to global supply chains, funding, and knowledge transfer, ultimately supporting the successful deployment of offshore wind projects in Vietnam.
Industry experts emphasize the significance of supportive pricing policies, streamlined processes, and the completion of essential regulations like the Electricity Law and pilot mechanisms to accelerate the establishment of Vietnam’s offshore wind energy market.
