The Global Wind Energy Council (GWEC) has presented a new framework to support offshore wind development in Vietnam, sharing its “Vietnam Offshore Wind Competitive Investor Selection Study” with the Ministry of Industry and Trade (MOIT) in Hanoi. This report outlines strategies to accelerate the country's offshore wind projects as it aims for 6 GW of capacity by 2030 and between 70 GW and 91.5 GW by 2050. To support this vision, the GWEC suggests a framework that includes exclusive survey licensing, a bankable power purchase agreement (PPA), and streamlined permitting processes. According to GWEC, offshore wind is essential for helping Vietnam meet its decarbonization and energy security goals while satisfying rising demand for clean energy from corporations.
The GWEC recommends a two-stage procurement model. Stage 1 focuses on awarding exclusive survey rights within Vietnam's National Marine Spatial Plan, allowing developers to define specific project boundaries within larger designated areas, which would foster a “diverse and competitive pipeline.” Stage 2 involves a PPA with Vietnam Electricity (EVN), with each investor bidding on their own site using a pay-as-bid basis. To enhance project bankability, GWEC suggests a 20-year PPA with total or partial indexation to inflation and foreign exchange if paid in Vietnamese dong. Mark Hutchinson, GWEC's Director and Southeast Asia Task Force Chair, noted, “We believe that a robust competitive procurement process for offshore wind projects in Vietnam will be instrumental in achieving the country's long-term decarbonisation and energy security goals.”
The proposed framework also envisions building Vietnam's domestic supply chain, capitalizing on its competitive labor market, established fabrication capacity, and strong offshore oil and gas industry. Hutchinson explained, “Defining a long-term competitive investor selection model for offshore wind projects in Vietnam would provide greater certainty to all stakeholders, allow infrastructure development, and achieve cost reductions in the learning curve.” GWEC's approach is intended to maximize Vietnam's potential in offshore wind, driving economic growth and positioning the country as a key player in the regional renewable energy sector.
