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Energy giants’ exits deflate Vietnam’s offshore wind ambitions

The obstacles to fully realising the country’s potential for generating wind power are regulatory, economic, technical and even tied to security

Jamille  Tran
Published Fri, Sep 6, 2024 · 05:00 AM
    • Offshore wind power is projected to account for 4 per cent of Vietnam’s energy mix by 2030, and up to 16 per cent by 2050.  
    • Offshore wind power is projected to account for 4 per cent of Vietnam’s energy mix by 2030, and up to 16 per cent by 2050.   PHOTO: PIXABAY

    [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.

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