Vietnam Wind Power Sector
Energy security is one of Vietnam’s biggest challenges over the next 20 years. Vietnam has experienced an annual rate of 10.5% power demand growth over the past 20 years and is projected to do the same over the next 20 years. Coal-fired power has reduced significantly in Vietnam over the past years. Following the global trend, Vietnam encourages investment in renewable energy by accelerating the energy mix restructuring effort to ensure that power demand will rise sustainably and fairly. The power reshuffle will ensure Vietnam’s energy security, reduce emissions, maintain economic development, provide better access to energy at affordable prices, and create jobs for the broader community.
One of Vietnam’s priorities is a clean energy transition, including the adoption of more renewable energy. In recent years, Vietnam has emerged as a leader in renewable energy in Southeast Asia and has attracted investments from both local and international investors. Renewable energy is expected to increase by almost 30% in 2030, and Vietnam is also expected to begin developing offshore wind energy in the future, to help it meets energy demands sustainably.
It is estimated that 8.6% of Vietnam’s land mass could be used for wind power. The country has an estimated total wind power potential between 24.0 GW and 26.7 GW. Onshore and near-shore wind power installed capacity until 2030 is expected to reach 11.3 GW from the current 5.8 GW (stats of 2021).
The offshore wind power sector has recently received significant attention from the broader industry, thanks to the implementation of Vietnam’s Marine Economy Sustainable Development strategy with supporting policies and breakthrough mechanisms for the development of offshore wind power, according to the Central Party of Vietnam’s Resolution 55-NQ/TW National Energy Development Strategy to 2030.
With the 100-meter-height windspeed at 9-10m/s, Vietnam has good potential to develop offshore wind power projects. US companies can provide the latest generation of offshore wind technologies such as greener manufacturing facilities, greener vessels, installation vessels that are capable of installing larger turbines, and site surveying technologies that are more accurate and efficient.
U.S. companies will be able to compete with European, Asian, and local companies in target markets in WTG installation, foundation installation, cable supply, OSS installation, G&G, environmental permitting, and O&M support.
Due to the potential opportunities in the renewable energy sector in the country, Vietnam is most likely to seek cooperation with foreign investors and developers who have experience in the following areas:
- Onshore wind turbines
- Offshore wind turbines
- Digitalization
- Turbine automation
- Security of wind turbines
- Turbine and wind farm smart management
- Cloud-based condition monitoring
For more information please contact:
Mr. Nam Tran, Commercial Specialist at Nam.Tran@trade.gov
Ms. Janice Tran, Commercial Specialist at Bich.Tran@trade.gov