Offshore wind (OFW) is essential for Vietnam’s energy security, economic growth, and carbon reduction goals. Recent developments signal significant progress in advancing OFW development in Vietnam. Vietnam’s PDP8 (Power Development Plan 2021-2030, with a vision to 2050) establishes ambitious OFW targets of 6 GW by 2030 and between 70 to 91.5 GW by 2050.
Despite the ambitious target, the development of OFW has been hindered by a lack of a comprehensive regulatory framework and clear guidance on key processes such as marine spatial planning, leasing, and routes to market.
The current developer-led model may have served its purpose initially, but it lacks the efficiency and transparency necessary for rapid deployment of OFW projects. Defining a long-term competitive investor selection model for OFW would provide certainty to all stakeholders, allow the development of infrastructure and achieve learning curve cost reductions.
Therefore, GWEC has commissioned this forward-looking “Vietnam OFW Competitive Investor Selection Study” report. The report outlines industry’s position regarding the fit-for-purpose approach to a competitive investor selection process for OFW projects moving forward. This report has proposed a two-stage competitive model for OFW development in Vietnam.