The World Bank Group has released a report to guide stakeholders on the current policies and regulatory environment in Viet Nam, providing specific recommendations to enhance the framework for attracting private sector investment in offshore wind projects. This initiative aims to support Viet Nam in achieving its national energy goals.
Viet Nam is strategically positioned with significant offshore wind resources near its shores and population centers. The country's Power Development Plan VIII sets ambitious targets of 6 to 17 GW by 2030-2035 and up to 139 GW by 2050. Achieving these targets will require substantial capital investments from both public and private sectors, as well as domestic and international resources.
Mariam J. Sherman, World Bank Division Director for Viet Nam, Cambodia, and Lao PDR, emphasized the strategic opportunity presented by offshore wind: "Offshore wind presents a strategic opportunity for Viet Nam to diversify its power mix, strengthen energy security, and support sustainable growth." She added that with an enabling policy environment, Viet Nam could attract private investment while contributing to climate and development goals.
The report titled "A Framework for Private Sector-Led Offshore Wind Projects in Viet Nam" integrates international best practices while minimizing changes to existing Vietnamese regulations. This approach seeks to establish a sustainable project award process that attracts international investment and builds domestic capacity.
Funded by the Energy Sector Management Assistance Program (ESMAP) and the Australian Government's Department of Foreign Affairs and Trade (DFAT), the report was prepared with the International Finance Corporation (IFC). The World Bank Group acknowledges the cooperation of Viet Nam's Ministry of Industry and Trade (MoIT) and Ministry of Agriculture and Environment (MAE).
Chiara Rogate, Senior Energy Specialist at the World Bank, noted: "With some of the world’s most promising offshore wind resources, Viet Nam is poised to harness this new technology." She highlighted the importance of clear policies for engaging private sector effectively.
Sean Whittaker, Co-lead of the World Bank Offshore Wind Development Program stated: "To realize its offshore wind potential...Viet Nam will need to adopt a balanced approach that harnesses both state leadership and private sector innovation." He mentioned recent regulatory updates as steps toward establishing clearer pathways for development.
The full report can be downloaded online.