A European Union business representative said that Vietnam may not have a legal framework to regulate offshore wind farms until next year, potentially deferring billions of dollars in foreign investment in the sector.
According to the World Bank Group, Vietnam has significant offshore wind power potential due to strong winds and shallow waters near densely inhabited coastal areas, and the sector could add at least $50 billion to the country's economy.
Under the Southeast Asian country’s most recent draft power development plan from December, Vietnam targets offshore wind generation of 7 GW by 2030, up from zero output now.
