Energy giants’ exits deflate Vietnam’s offshore wind ambitions

[HO CHI MINH CITY] Despite its vast offshore wind potential, Vietnam’s unresolved regulatory, economic and security challenges are causing foreign investors to waver, as barriers to profitability stall progress in the infant market.

Norwegian energy giant Equinor recently cancelled its offshore wind plans in Vietnam, citing “significant headwinds” in the sector, Reuters reported. 

Last year, Denmark’s Orsted, the world’s largest offshore wind developer, abandoned plans for 5GW offshore wind projects off the coast of Vietnam’s Ninh Thuan province. It was reported in the media that the decision was triggered by uncertainty over the country’s policy framework and route to market.