Vietnam is taking another step towards expanding its offshore wind ambitions, as the Ministry of Agriculture and Environment (MAE) has approved a new marine survey area for potential large-scale development.
On November 11, the MAE issued Decision No. 4741/QD-BNNMT, authorising Refrigeration Electrical Engineering Corporation (REE) to use more than 7,090 hectares of marine area in Dong Hai commune, Vinh Long province, for the Southern Offshore Wind (OSW) Power 3 project. The 36-month permit allows REE to conduct measurement, geological, and hydrographic surveys free of marine-use fees, paving the way for feasibility studies on one of southern Vietnam’s prospective OSW ventures.
This represents a key step in the investment preparation process, providing a scientific basis for project planning, licensing, and technical design.
Under MAE regulations, REE is required to use the designated marine area solely for approved survey purposes, within the authorised boundaries and timeframe. Its operations must not compromise national defense, security, sovereignty, or other national interests at sea.
The company must also adhere strictly to environmental, marine ecosystem, and maritime safety regulations, particularly during drilling, measurement, and geological survey activities.
During the survey period, REE is expected to prioritise existing oil and gas operations, coordinating closely with Petrovietnam to prevent overlaps and ensure the safety of ongoing projects.
The ministry also requires REE to fulfill commitments on the use of domestic manpower, goods, and services. This is coupled with implementing environmental management initiatives and emergency response plans for oil spills and fires. Survey results will be submitted in accordance with the provisions of Decree No.58/2025/ND-CP on the development of renewable energy power and new energy power.
The Vietnam Administration of Seas and Islands, together with Vinh Long Department of Agriculture and Environment, will supervise the undertaking to ensure full compliance with legal and regulatory requirements.
OSW power is being prioritised as a strategic energy source to support the country’s net-zero emissions target by 2050. With a coastline of more than 3,200 km, Vietnam’s offshore wind potential exceeds 500 GW, the largest in Southeast Asia, according to World Bank estimates.
In recent years, the government has introduced a series of policies to boost OSW development, including Power Development Plan VIII, its revised version, and new regulations on marine surveying. Targets have been set to install 6–17 GW of OSW capacity by 2030 and 113.5–139 GW by 2050.
Supporting domestic enterprises like REE in conducting surveys and collecting data is seen as a crucial step toward developing commercial-scale projects, reducing reliance on foreign investors, and strengthening domestic value chains.
REE has proposed the 10 GW REE Nam Bo OSW project, planned for implementation through 2040. The venture is divided into three phases: Phase 1, up to 2032, with 2 GW; Phase 2, up to 2035, with 3 GW; and Phase 3, from 2036 to 2040, with 5 GW. The total projected electricity output is 34,000 GWh per year.
With an estimated investment of $35–40 billion, REE will hold a 51 per cent stake in the project, with the remaining 49 per cent contributed by strategic domestic and international partners.
To facilitate the goal, REE is injecting an additional $123.4 million in capital into REE Energy Co., Ltd., raising its charter capital from just over $275 million to almost $400 million. REE Energy aims to increase the capacity of renewable energy to 100MW in 2025, expand by another 500MW over the next three years, and exceed 2,000 MW by 2030.
Currently, REE is developing three wind power ventures in Vinh Long, with a total capacity of 176 MW. The ventures are expected to be completed and put into commercial operation between 2026 and 2027.
In October, the company approved the establishment of two subsidiaries with a combined charter capital of over $68.3 million to implement the second phase of Duyen Hai wind power projects, with a total investment of about $250 million.
REE Duyen Hai 2 Wind Power Co., Ltd. starts with an initial charter capital of $1.14 million, which is planned to rise to $25.7 million. The company will implement the second phase of the V1-3 wind power plant with an investment of nearly $86.2 million, comprising $28.2 million in equity and $44 million in loans.
Another subsidiary, REE Duyen Hai 3 Wind Power Co., Ltd., begins with an initial charter capital of $1.9 million, which is set to later increase to $44 million. Both companies are headquartered in Vinh Long province. REE plans to complete the capital contribution by the end of the year.
Source : https://vir.com.vn/ree-granted-marine-survey-rights-for-10gw-nam-bo-osw-project-140547.html
