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Vietnam’s offshore wind potential is drawing strong interest. (Photo: iStock)
The Vietnamese government is accelerating the deployment of offshore wind. The Ministry of Industry and Trade (MOIT) has announced the price cap for offshore wind procurement and is optimistic that the country’s first wind farm could start construction by the end of 2025.
The Global Wind Energy Council (GWEC) also sees Vietnam as one of the most promising emerging offshore wind markets in Asia, following regulatory and policy reforms.
The World Bank estimates that Vietnam’s offshore wind market could be worth up to USD 60 billion, with capacity capable of meeting 12% of the country’s total electricity demand by 2035. However, Bruno Jaspaert, chairman of EuroCharm, noted that offshore wind projects usually require six to seven years of development. Whether construction can begin before 2027 will be critical to meet the government’s targets.
