Strong potential for renewable energy

The Permanent Deputy Prime Minister affirmed that Vietnam is accelerating its energy transition, with a strategic focus on maximizing the development of renewable and new energy sources to ensure national energy security.

In recent years, Vietnam has significantly expanded its wind and solar power capacity, which now exceeds 10,000 MW and accounts for more than 10% of the country's total electricity output. Offshore wind power, in particular, is being actively studied for rapid deployment in the coming years, representing a major renewable energy opportunity and an attractive investment destination for both domestic and international investors.

Deputy Prime Minister Pham Gia Tuc and Ben Backwell, Chief Executive Officer of the Global Wind Energy Council (GWEC). Photo: VGP

The Government is continuing to refine the institutional and policy framework for national energy development during the 2026-2030 period. Efforts are focused on addressing bottlenecks related to marine area survey procedures, investment approvals for offshore wind projects, and creating the most favorable conditions for serious and capable investors.

Pham Gia Tuc acknowledged and highly appreciated GWEC's contributions to improving Vietnam's wind power policy framework, sharing international experience, and connecting reputable investors and manufacturers with Vietnam's wind energy sector. Recommendations made by GWEC regarding wind power development, local supply chains, and long-term offshore wind strategies have been carefully considered by the Government and relevant ministries.

Developing an offshore wind industrial supply chain

Established in 2005, GWEC's membership includes project developers, investors, original equipment manufacturers (OEMs), supply chain providers, and related organizations, collectively representing around 70% of the world's installed wind power capacity.

GWEC's mission is to promote the sustainable development of the global wind energy industry through policy advocacy, market intelligence, policy framework support, and stakeholder engagement across the wind energy value chain.

GWEC has maintained an active presence in Vietnam, one of Southeast Asia's most promising offshore wind markets. Its key activities in the country include policy support, investment mobilization, supply chain development and localization, international experience sharing, and offshore wind market development.

Welcoming the participation of leading global corporations and companies at the meeting as a testament to their confidence in Vietnam's offshore wind potential, the Permanent Deputy Prime Minister expressed his hope that businesses would share experience and propose practical solutions to address existing challenges while enhancing cooperation in supply chains, technology transfer, workforce training, and port infrastructure development for offshore wind projects.

At the meeting, corporate leaders reaffirmed their readiness to invest in Vietnam and put forward a number of recommendations, including the establishment of a stable and transparent policy and legal framework covering all stages from surveys and feasibility studies to construction and operation; investor selection criteria based on technical capability, financial strength, and economic value creation; internationally standardized power purchase agreements; and synchronized development of power grids and port infrastructure alongside offshore wind projects.

The companies highly valued Vietnam's industrial potential and expressed their willingness to establish manufacturing facilities, transfer technology, and provide local workforce training. They also advocated linking local supply chain development to specific projects and establishing regular dialogue mechanisms between the Government, ministries, and businesses.

Deputy Minister of Industry and Trade Nguyen Hoang Long delivers remarks at the working session

Representatives from the ministries of Industry and Trade, Agriculture and Environment, Finance, and Construction responded to specific recommendations regarding financing mechanisms and offshore wind tariffs; streamlining administrative procedures for allocating marine areas for surveys and project development; recognizing offshore wind as a national key industry; and establishing dialogue and technical support mechanisms.

Building a sustainable, transparent and attractive offshore wind market

Concluding the meeting, Pham Gia Tuc noted that Vietnam's goal of achieving double-digit economic growth by 2030 will require substantial increases in electricity supply. Renewable energy, gas-fired power generation, and nuclear power have been identified as key priorities.

Vietnam aims to bring between 6,000 MW and 17,000 MW of offshore wind power into operation by 2030 and may accelerate deployment under favorable conditions with the participation of leading global companies possessing advanced technology, extensive experience, strong financial resources, and long-term investment commitments. Offshore wind projects proposed by investors will be reviewed and incorporated into the revised Power Development Plan VIII, ensuring consistency with national planning, marine spatial planning, and energy development strategies. By 2050, offshore wind is expected to account for approximately 14.7%-16.6% of Vietnam's power generation mix.

Regarding the legal framework, the Politburo has issued Resolution No. 70-NQ/TW on safeguarding national energy security through 2030 with a vision to 2045, identifying renewable energy development as a priority and assigning the task of developing breakthrough mechanisms for offshore wind power. The Government is directing the Ministry of Industry and Trade to finalize amendments to the 2024 Electricity Law and related regulations. National Assembly Resolution No. 253/2025/QH15 has introduced a special mechanism allowing investment policy approval and investor approval to be granted simultaneously for offshore wind projects, facilitating the rapid selection of qualified investors with clear requirements regarding financial capacity, capital resources, and technology.

At the same time, the Government continues to pursue administrative reform, reducing compliance costs and procedures while listening to feedback from the business community to promptly remove unreasonable regulatory barriers. The objective is to create the most favorable business environment possible for offshore wind investors in line with international commitments and practices while reflecting Vietnam's specific conditions. The Government will also continue to improve policies and invest in synchronized infrastructure, including deep-water ports capable of handling large offshore wind equipment, power transmission systems, and transportation networks connecting to seaports.

Permanent Deputy Prime Minister stressed that attracting large-scale investment and advanced technology for offshore wind development requires a transparent, stable legal framework capable of mobilizing international financing. The Government remains committed to maintaining open dialogue and close cooperation with the international business community to build a sustainable, transparent, and attractive offshore wind market, emphasizing that "the success of businesses is the success of Vietnam." He expressed confidence that GWEC member companies that have taken the time to study and explore the Vietnamese market would soon make investment decisions.

Permanent Deputy Prime Minister Pham Gia Tuc also called on GWEC and its members to continue introducing businesses and investors to Vietnam, strengthen technical support for planning and regulatory development, help create an enabling legal environment for offshore wind development while ensuring state management, security and national defense requirements, and assist in developing technical standards and regulations for offshore wind power based on international best practices.