Vietnam Offshore Wind Development

From Global Energy Monitor
This article is part of the Global Energy Transition Tracker project sponsored by Global Energy Monitor


Vietnam, a net coal importer, currently mostly relies on coal for electricity generation. The ambitious Power Development Plan 8 (PDP8), approved in May 2023, plans to increase the share of renewables (wind, solar, and hydro) to 46.5% by 2030 and reach Net Zero by 2050. Offshore wind targets for 2030 are comparatively modest at 6 GW and 4% of the energy mix, to be increased by 16% in 2050. Currently, in-development offshore wind projects account for 43.4% of all in-development projects, followed by 42.5% of gas-fired capacity. The lack of a regulatory and legal framework to facilitate the development of offshore wind power appears to delay the progress.

Current System Description

Current Power Capacity Mix

Pie chart illustrating the operating power capacity for Vietnam, as of April 2024. All data pulled from Global Energy Monitor power sector trackers. Chart contents: Coal: 27,239 Gas: 8,146 Hydropower: 14,749 Solar: 13,100 Onshore Wind: 4,381 Offshore Wind: 2,085
Operating power capacity of Vietnam, as of April 2024.

Table 1. Operating installed capacity by source (GEM, April 2024)

Source Power stations (N) Unit/phase (N) Capacity (MW)
Coal 24 76 27,239
Gas 10 16 8,146
Hydropower 52 n/a 14,749
Solar 137 166 13,100.4
Onshore wind 52 71 4,381
Offshore wind 24 42 2,085
Total 69,635

Prospective Capacity Mix

Pie chart illustrating the prospective power capacity for Vietnam, as of April 2024. All data pulled from Global Energy Monitor power sector trackers. Chart contents: Coal: 7,893 Gas: 44,164 Hydropower: 2,882 Solar: 10,195 Onshore Wind: 3,839 Offshore Wind: 72,078 Bioenergy: 127
Prospective power capacity for Vietnam, as of April 2024.

Table 2. In-development installed capacity by source (GEM, April 2024)

Source Power stations (N) Unit/phase (N) Capacity (MW)
Coal 7 13 7,893
Gas 22 41 44,164
Hydropower 4 n/a 2,882
Solar 63 77 10,195
Onshore wind 45 53 3,839
Offshore wind 54 90 72,078
Bioenergy 3 4 127
Total 141,178

Table 2 and Chart 2 present data on in-development power units in Vietnam: projects with the statuses of announced, pre-construction, and construction.

The data for the above tables and charts are sourced from the Global Coal Plant Tracker,[1] Global Gas Plant Tracker,[2] Global Hydropower Tracker,[3] Global Solar Power Tracker,[4] Global Wind Power Tracker, [5] and Global Bioenergy Power Tracker.[6] Note, GEM Trackers are not comprehensive, see methodologies.

Renewable Energy in Vietnam

Renewable Targets

National Electricity Development Plan For 2021 – 2030 / Power Development Plan 8 (PDP8)

Vietnam has committed to achieving net-zero emissions by 2050, enshrined in law in 2022.[7] The country's Eighth National Electricity Development Plan (PDP8) outlines changes to electricity and energy use laws, with a separate law for renewable energy. The Plan outlines goals to increase wind and solar generation to around 40GW by 2030, accounting for 27% of the national total capacity, and around 298GW to 357GW by 2050, accounting for over 60% of the national total. Besides targeting capacity needed from different energy sources in 2030 and 2050, PDP8 also includes a significant goal: a complete coal phase-out by 2050.[8]

Table 3. Prospective renewable energy mix[8]

Source By 2030 By 2050
MW % MW %
Onshore wind power 21,880 14.5 60,050-77,050 12.2-13.4
Offshore wind power 6,000 4 70,000-91,500 14.3-16
Solar power 12,836 8.5 168,594-189,294 33.0-34.4
Hydropower 29,346 19.5 36,016 6.3-7.3
Sum 70,062 46.5 334,660-393,860 65.8-71.1
Total generation capacity 150,489 100 490,529-573,129 100

Total generating capacity refers to the capacity of power plants serving domestic demand, excluding export, existing rooftop solar, and renewable energy used to produce other energy.[8]

The plan is based on the assumption that Vietnam’s GDP will grow at a rate of 7% annually in the period of 2021-2030, and about 6.5-7.5% in the period of 2031-2050.[8]

The PDP8 envisages complete coal phase out by 2050.[9][10][11]

Resource Mobilization Plan

Released in December 2023, Vietnam released its Resource Mobilization Plan (RMP) outlining strategies for spending funding allocated through Just Energy Transition Partnerships. The RMP has several priorities:[12]

  • Upgrade electricity grid infrastructure
  • Develop energy storage options
  • Advance offshore wind development
  • Increase energy efficiency while simultaneously decreasing demand
  • Reduce reliance on coal

Major Offshore Wind Projects

Table 4. Offshore wind power projects in development with capacity greater or equal to 1,000 MW (GEM, April 2024)[13]

Project name Installed capacity (MW) Status
AMI Quảng Bình offshore wind farm 2400 Announced
Bình Đại Cluster offshore wind farm 1000 Pre-Construction
Bình Định Province Offshore wind farm 2000 Pre-Construction
Cà Mau 2 offshore wind farm 2000 Pre-Construction
Cần Giờ offshore floating wind farm 2000 Announced
Cần Giờ offshore wind farm 6000 Announced
Thái Bình offshore floating wind farm 3000 Pre-construction
Thăng Long Offshore wind farm 3400 Pre-construction
Bình Thuận (T&T Group) offshore wind farm 5000 Pre-construction
Bình Thuận offshore wind farm 5000 Pre-construction
Tuy Phong offshore wind farm 4600 Pre-construction
Phú Yên 2 offshore wind farm 4500 Announced
Bình Thuận (AES) offshore wind farm 4000 Pre-Construction
Macquarie offshore wind farm 3000 Announced
Ngọc Hiển offshore wind power plant 3000 Announced
Gulf Ben Tre 3 offshore wind power 2300 Pre-construction
Bình Định 3 offshore wind farm 2000 Announced
Co Thach offshore wind farm 2000 Announced
Ninh Thuận 1 offshore wind farm 3000 Announced
Ninh Thuận 2 offshore wind farm 2000 Announced
Vĩnh Châu 2 offshore wind farm 1000 Announced
Vĩnh Phong offshore wind farm 1000 Pre-construction
PNE Binh Dinh offshore wind farm 2000 Pre-construction
V4 Trà Vinh offshore wind farm 2000 Pre-construction
AMI AC offshore wind farm 1800 Announced
La Gàn offshore wind farm 3500 Pre-construction
Hai Phong City Offshore wind farm 3900 Pre-construction
Cồn Cỏ island Quảng Trị offshore wind farm 1000 Pre-construction
Mỹ Cát offshore wind farm 1000 Pre-construction
Phu Cuong Soc Trang Offshore wind farm 1400 Pre-construction

Potential impacts from offshore wind development

The effects of offshore wind power on the environment vary based on the location (nearshore, offshore, etc.), the area's specific ecosystem, and the type of the installation (hard mount, floating, size, etc.).

Biodiversity risks in Vietnam[14]

  • Migratory shorebirds, in coastal mudflat habitats in the Mekong Delta
  • Other birds like waterbirds and soaring birds
  • Whales and dolphins in coastal estuarine habitats in the Mekong Delta
  • 70 bat species
  • Undersea habitats, rays, sharks and fishes
  • nearshore habitats, mangroves, coral reefs and seagrasses
  • Species at risk: Nordmann's Greenshank, Great Knot, Spoonbilled Sandpiper, Christmas Island Frigate Bird, Irrawaddy Dolphin

Nearshore wind projects are less expensive but seem to have more prominent effects compared to projects further from shore, with impacts felt most directly by fishing communities.[15] As of January 2023, according to statistics from the Ministry of Industry and Trade and the provincial People’s Committees, roughly 81% of the planned wind farms in the south were nearshore.[16]

Social impacts Offshore and nearshore wind projects may create new jobs, however they affect the fishing communities.[16]

  • Fishermen are not allowed to fish in the wind farm areas, and the majority of the fishing boats in most of the Mekong Delta are suitable for fishing only near the shore, reducing fishermen's income.
  • There are government plans to offer fishermen alternative livelihoods and reduce the number of nearshore fishing vessels. However, the timeline of the program is unclear.

Fossil Fuel in Vietnam

Fossil Resources and Retirement

Table 4. Prospective coal- and gas-fired electricity generation mix[8][17]

Source By 2030 By 2050
MW % MW %
Coal 30,127 20 0 0
Gas 37,330 24.8 7,900 1.4-1.6
Sum 67,457 44.8 7,900 1.4-1.6
Total generation capacity 150,489 100 490,529-573,129 100

The PDP8 includes the following provisions for coal-fired power by 2030:[8][17]

  • Commission eleven projects under development included in the adjusted PDP7,
    • Six projects (6,125 MW) are currently under development: Na Duong II, An Khanh - Bac Giang, Vung Ang II, Quang Trach I, Van Phong I, Long Phu,
  • Convert coal plants that have been in operation for over 20 years to biomass and ammonia,
  • Decommission coal plants that have been in operation for over 40 years, if fuel conversion is not feasible.

By 2050, coal plants are expected to be either decommissioned or converted to biomass and ammonia.

The PDP8 includes the following provisions for gas-fired power:[8][17]

  • Prioritize domestic gas for power generation,
  • Implement LNG-to-hydrogen conversion roadmap when the technology is commercialized and the cost is affordable.

Impacts from fossil fuel sector

Vietnam is one of the fastest-growing per capita GHG emitters worldwide. During 2000-2015, GHG emissions nearly quadrupled.[18] Under this trend, Vietnam is struggling with toxic levels of air pollution, particularly in Hanoi, to the detriment of health and productivity.[18] The Air Quality Life Index estimates that the average life span in Vietnam would increase bu 2.04 years if fine particulate matter pollution was reduced to World Health Organization guidelines.[19]

According to a research in 2017, if follow the business-as-usual scenario, emissions from coal in Southeast Asia will triple by 2030, with the largest increases occurring in Indonesia and Vietnam.[20] From an exposure perspective, sulfate is somewhat less important (38%) while nitrate is more important (29%) due to abundant ammonia from croplands near populated areas, particularly surrounding Hanoi and Ho Chi Minh City in Vietnam.[20] By 2030, the projected total regional premature mortality due to coal pollution will be 63,520 excess deaths from PM2.5 and 6,140 from ozone, resulting in a total of 69,660 (40,080–126,710) excess deaths per year. The mortality in Vietnam will be the second-highest in Southeast Asia with 19,220 excess deaths per year.[20]


Current employment by sector

The USGS's 2021 report indicated that "The mineral industry is dominated by state-owned enterprises, such as Vietnam National Coal and Mineral Industries Holding Corp. Ltd. (VINACOMIN) and Dong Bac Corp. In parallel with the decrease in the portion of the GDP contributed by the mining and quarrying sector, the annual employed population in the mining and quarrying sector decreased by 10.8% to 210,600 people in 2017 from 236,600 people in 2016 and accounted for just 0.4% of the total labor force in 2017 (General Statistics Office of Vietnam, 2018c, p. 135)."[21]

Prospective employment from renewable energy sector

Offshore wind power is likely to create less jobs compared to other renewable energy sources based on the share in the PDP8 renewable energy targets by 2030 and the estimates on job creation.

BVG Associates estimated that offshore wind industry will create 700,000 full-time equivalent (FTE) employment years by 2035 in Vietnam. 40% of the FTE years is estimated to come from esports of components from Vietnam.[22] This is calculated based on a few assumptions, including the following

  • By 2035 offshore wind will provide 12% of Vietnam’s electricity supply, and projects will have cumulatively generated over 430 TWh of electricity since 2020.
  • Localization of project development services, manufacturing of turbine towers and blades.
  • Establishment of local subsea cable supply.
  • Increased involvement of local suppliers during installation.
  • Local supply of replacement components.

Here are the findings on job creation from wind power based on other studies.

  • Based on draft PDP8 (2021) goal of 18 GW capacity by 2030, wind power was estimated to create 1,777-7,819 jobs for construction, installation and manufacture and between 2,488- 7,108 per GW for operations & maintenance.[23] The PDP8 goal for wind power in 2030 is 28 GW.[8]
  • Wind power is estimated to have an employment factor of 2.79 Jobs/MWaverage, second highest after solar PV at 3.51 Jobs/MWaverage.[24]
  • Replacing coal power plants with solar or wind will more than double the number of jobs per average MW capacity.[24]
  • Around 80% of the jobs created in the power sector by 2030 are in construction and installation.[24]
  • For wind and solar, around 25 % of jobs created are for high-skilled workers.[24]
  • For each direct job created in the power sector in Vietnam, two additional jobs (indirect & induced) are created in the country irrespective of the scenario assessed.[24]
Replacing coal power plants in Vietnam with solar or wind will more than double the number of jobs per average MW capacity, Future skills and job creation through renewable energy in Vietnam Assessing the co-benefits of decarbonising the power sector - executive report, COBENEFITS Study, October 2019.

An analysis in 2019 published by think tanks, local NGOs, and COBENEFITS Information Hub shows that "Replacing coal-fired power plants with solar PV and wind turbines creates approximately 2 more jobs per average MW installed in the power sector by 2030. Up to 3.5 jobs per average installed MW can be created (gross) by 2030 through solar and wind power if the country achieves an effective transformation of the power sector."[25]

Land availability

According to GEM data as of June 2023, the majority of in-development offshore wind projects are located on the southern coast of Vietnam.[26] The technical offshore wind potential is also mostly clustered on the southwest coast of Vietnam in the South China Sea.[27]

Technical potential for offshore wind in Vietnam. World Bank, 2021[27]

Given the novelty of offshore wind development, the legal framework remains somewhat incomplete, including the legal framework for granting site survey licenses and selecting investors.[28]

Under existing laws and regulations seabed for offshore wind projects is leased at a rate dependent on the area. Unlike onshore projects, offshore wind developers do not have security over the seabed use rights.[29]

The total land demand for electricity infrastructure and infrastructure development according to the PDP8 goals, likely excluding offshore wind needs, is about 89.9 - 93.36 thousand ha in the period of 2021 - 2030 and about 169.8 - 195.15 thousand ha in the period 2031 - 2050.[8]

Civil Society Engagement

The Government of Vietnam has come down on climate activists throughout the country. An estimated 160 civil society actors and six high-level NGO staff are in custody, as of March 2024.[12]

Symbolic Importance

Despite its current dependence on coal imports,[30] Vietnam is considered to have one of the greatest geological potentials for offshore wind development in Asia.[31][32][33][34] It is estimated that the potential of wind capacity could reach 311GW in the country.[31] From the study of World Bank in 2001, more than 39% of its land has an average annual wind speed faster than 6m per second at an altitude of 65m.[35] Therefore, whether offshore wind development can support the transition of the country from fossil fuel import to self-reliance on clean energy would be iconic for the region.

Governmental information

Related government papers

Vietnam's Eighth National Electricity Development Plan (PDP8) sets out the plan for the amendment of the current Law on Electricity and related regulations such as the Law on Efficient and Effective Use of Energy. A separate law on renewable energy is also put on plan and is assigned to the Ministry of Industry and Trade as the main authority in charge.

Specific goals outlined in PDP8 include:[8]

  • Wind and solar generation reaching approximately 40GW by 2030 (27% of the national total capacity)
  • Wind and solar generation reaching between 298GW-357GW by 2050 (60% of the national total capacity)
  • Total coal phase-out by 2050

Law on Electricity (Law No. 28/2004/QH11), amended in 2012, 2018 and 2022[36][37]

  • Prioritizes renewable energy projects
  • Introduced incentives for renewable energy development (e.g., lower corporate income tax rate , exemption from import tax for equipment, exemption from and reduction of land levy and land rents, etc.)
  • Allows investors construct and operate the transmission grid
  • Set certain technical and environmental standards

Circular No. 02/2019/TT-BCT[38]

  • Entered into force on January 15, 2019
  • Clarifies and provides guidance on wind power development

Circular No. 19/2023/TT-BCT[39]

  • Introduced a new pricing mechanism for FiTs in renewable energy development
  • Does not apply to transitional projects described in point b Clause 2 Article 1 of of Circular No. 15/2022/TT-BCT[40][41]

Permitting Process

Vietnam introduced the feed-in tariff (FIT) scheme in 2011. Previously, the government set the tariffs for 20 years. Under the Decree No. 19/2023/TT-BCT, which came into force on December 19, 2023, Vietnam Electricity (EVN) calculates the annual FITs based on a pricing mechanism outlined in the Decree.[39][42] Electricity Regulatory Authority of Vietnam (ERAV) then approves and publishes the FITs every year.[42] The circular does not apply to transitional projects described in point b Clause 2 Article 1 of of Circular No. 15/2022/TT-BCT[40][41]

The process for developing a renewable power project generally follows these steps:[43]

1 To apply for the Prime Minister’s approval of adding the project to the national power development master plan (NPDP) (if the project has not been on the NPDP)
2 To apply for the approval in-principle for the project
3 To carry out the feasibility study of the project
4 To perform the environment impact assessment and obtain approval decision of the Ministry of Environment and National Resources (MONRE) or provincial Department of Environment and National Resources (DONRE) (depending on the scale of the project) for the environment impact assessment
5 To apply for the investment registration certificate (IRC) for the project
6 To incorporate the project company and obtain the enterprise registration certificate (ERC)
7 To negotiate and sign the agreement on connection to the national grid
8 To negotiate and sign the PPA with EVN or its subsidiary
9 To submit application to lease the land to the provincial DONRE
10 To carry out land clearance (if necessary)
11 To obtain the decision of the People’s Committee for lease of land to the project company
12 To sign the land lease agreement with the People’s Committee
13 To pay the land rental and stamp duty to DONRE
14 To obtain the certificate of land use right from the People’s Committee
15 To apply to Prime Minister, MONRE or the People’s Committee (depending on the sea area to be used) for allocation of sea area (applicable to offshore wind projects or other projects that have infrastructure facilities on the sea)
16 To have the detailed design of fire prevention and fighting appraised and approved by the competent fire prevention and fighting police department
17 To apply for the construction permit
18 To apply for environmental permits required for the construction and operation of the project (to the extent applicable):
  • permit for exploiting and using surface water
  • permit for discharging water
  • registration of ownership of hazardous waste or disposal of hazardous waste
19 To commence construction
20 To complete the construction and installation of the power plant or each power facility
21 To apply for and be issued the electricity generation permit for the operation of each power facility and for the complete operation of the project
22 To carry out the commissioning of the plant and interconnection procedures with EVN for agreeing on the COD of the project
23 To submit the application to the MONRE for approval of the project as a clean development mechanism (CDM) project (optional)

The permitting process for wind power projects is estimated to take between 2 to 3 years.[44]

The development of offshore wind projects is cross-regulated by multiple (and sometimes conflicting) regulatory and governing bodies, and each province may have a different view on what approvals are required and the order in which they are to be procured.[45] Preliminary project development for an offshore wind farm starts with site selection and ends with obtaining the decision on investment from the Ministry of Industries and Production. The main challenge is inclusion in the PDP/PWPDP. Preliminary project development can take up to 24 months for sites where there are no wind data available.[46]

Onshore wind projects are largely regulated under Circular No. 02/2019/TT-BCT.[38][47] The Circular requires land use and other natural resources usage requirements, a wind data report carried out for al least 12 consecutive months, a report on the proposed interconnection to the grid, written consent from the Provincial People's Committee (PPC), and other relevant written opinions. MOIT will review the dossier within 45 business days, consult relevant ministries and agencies and send an official letter back to the PPC. The PPC will then amend the dossier and forward it to the Electricity and Renewable Energy Authority (EREA). EREA will revise and submit the dossier to MOIT within 15 business days.[47]

Relevant political coalitions

Vietnam and Australia have existing partnerships to foster development, and the two countries have established a Ministerial Dialogue focused specifically on energy (particularly renewable energy development), minerals, and mining. The Dialogue highlights Vietnam's reliance on Australian critical minerals as part of the energy transition.[48]

Transmission and Grid Infrastructure

Current transmission resources

THE 500KV - 220KV - 110KV NETWORKS & National Power Transmission Corporation (EVNNPT, POWER TRANSMISSION AND DISTRIBUTION, EVN Vietnam Electricity Annual Report 2021
Northern Power Corporation (EVNNPC) & Hanoi Power Corporation (EVNHANOI) & Central Power Corporation (EVNCPC), POWER TRANSMISSION AND DISTRIBUTION, EVN Vietnam Electricity Annual Report 2021,

The World Bank presents the current and planned Electricity Transmission Network until 2035 : Vietnam - Electricity Transmission Network[49]

The International Trade Association mentioned that Vietnam’s National Power Transmission Corporation (EVNNPT) "operates a total of 153 substations, 25,236km of transmission lines (7,996 km of 500 kV lines and 17,240km of 220 and 110 kV lines), and a total transformer capacity of 91,256 MVA (33,300 for 500kV lines and 57,956 MVA for 220kV and 110kV lines)."[50]

The state-owned EVN Vietnam Electricity's annual report in 2021 shows the transmission and distribution information in the country.[51]

New transmission needed for renewables

  • The PDP8 allocates about $15 billion for grid development to extend it by 60,000 kilometers in 2021-2030[52]
  • The PDP8 includes plans to build reliable 500 kV and 220 kV transmission grids, in addition to accelerating the development of a smart grid construction roadmap.[8]
  • The government does not plan to develop major inter-regional transmission lines connecting central southern provinces (where all the major offshore wind power projects are being proposed) to the northern region (where electricity demand is highest) before 2030.[8]
  • The southwest area is approximately 200 km from Ho Chi Minh City. The government has plans for 500 kV reinforcement of the grid to the city by 2025 in the proximity of landfall for offshore wind, but additional grid reinforcement may still be needed.[53]
  • The Gulf of Tonkin could supply demand in the Hanoi area, where grid reinforcement is planned as well.[53]

Social and environmental impacts of new transmission

According to the legal requirement, offshore wind projects need to include the development of the Interconnection Line and the submarine power cables for the Environmental Impact Assessment Report under the Environment Law 2020 allocated by the Prime Minister, the Ministry of Natural Resource and Environment (MONRE)[54] Reportedly, 40% of warranty claims made from Vietnam's offshore wind projects involved cable construction and installation, collisions, and lightning strikes. Each incident requires that farm operations halt until problems are fixed.[55]

Grid Infrastructure

Currently, the Vietnam government has to ask small-scale renewable energy providers to limit their operations due to the insufficient infrastructure of transmission lines which are unable to deal with the spikes in supply.[56]

From 2019 to 2020, due to the increase in solar capacity, the ramping capacity of solar generation became a challenge for the grid. There were no sufficient responsive transmission lines within a short period to meet the intermittent features of renewables. During that time, many solar projects were "forced into wasteful curtailment"[57]

In 2022, renewable energy excluding hydropower was 12.9% of the total generation of the year, which is far less than its installed capacity(renewable energy was taking 26.4% of installed capacity in the power mix.)[58] In June 2022, the total generation of wind and solar were 19.3 billion KWh, accounting for 14.4% of the total generation of the month[59] In the Vietnam Energy Outlook Report, the peak hour load of renewable energy(solar and wind) was 40% in 2021[60]. In May 2021, the government said that including hydropower, the peak load of renewable energy reached 60% at noon time and had been used at its maximum level. Many hydropower stations and small-scale renewables had to stop operating.[61]


Major owners of current fossil capacity

Table 5. Parent and owner information of major operating coal-fired power capacity (GEM, January 2024)[1]

Parent Owner Capacity (MW) % of operating coal capacity
AES Corp [51.0%]; POSCO International Corp [30.0%]; China Investment Corp [19.0%] AES-VCM Mong Dong Power 1,240 4.55%
China Power Engineering Consulting Group; JAKS Resources China Power Engineering Consulting Group; JAKS Resources 1,200 4.41%
China Southern Power Grid; Vietnam National Coal and Mineral Industries Holding China Southern Power Grid; Vietnam National Coal and Mineral Industries Holding 1,200 4.41%
EVNGENCO 3 EVNGENCO 3 1,244 4.57%
Formosa Plastics Group Hu'ng Nghiep Formosa Ha Tinh, Hung Nghiep Formosa 900 3.30%
Korea Electric Power Corp [50.0%]; Marubeni Corp [40.0%]; Tohoku Electric Power Co Inc [10.0%] Nghi Son 2 Power 1,320 4.85%
Malakoff Corporation Bhd Malakoff Technical Solutions 1,200 4.41%
PetroVietnam Power Corporation PetroVietnam Power Corporation 3,600 13.22%
Pha Lai Thermal Power Pha Lai Thermal Power 1,040 4.82%
Taekwang Group Taekwang Vina Industry 1,200 4.41%
Van Phong Power Company Van Phong Power Company 1,432 5.26%
Vietnam Electricity Vietnam Electricity, EVNGENCO2, EVNGENCO 1 2,535 9.31%
Vietnam Electricity LLC [80.0%]; Vietnam National Coal and Mineral Industries Holding Corp Ltd [15.0%]; Vinaconex JSC [5.0%] Quang Ninh Thermal Power 1,200 4.41%
Vietnam National Coal and Mineral Industries Holding Vietnam National Coal and Mineral Industries Holding 1,585 5.82%

Table 6. Parent and owner information of major in-development coal-fired power capacity (GEM, January 2024)[1]

Parent Owner Capacity (MW) % of pipeline coal capacity
AXA Entities; Emerging Capital Partners; Endeavor Energy; General Electric Co; other; The Quantum Group Ltd Vung Ang 2 Thermal Power 1,330 16.85%
PetroVietnam Power Corporation PetroVietnam Power Corporation 1,200 15.20%
Taekwang Group Taekwang Vina Industry 1,200 15.20%
Toyo Ink Group Toyo Engineering & Construction 2,000 25.34%
Vietnam Electricity Vietnam Electricity 1,403 17.78%

Table 7. Parent and owner information of major operating gas-fired power capacity (GEM, July 2023)[2]

Parent Owner Capacity (MW) % of operating gas capacity
Vietnam Power Group Can Tho Thermal Power Company, EVNGENCO 3 3,590 44.1%
Vietnam Oil and Gas Group (PetroVietnam) PetroVietnam 2,715 33.3%
Électricité de France (EDF) SA [56.2%]; Sumitomo Corporation [28.1%]; Tokyo Electric Power Company (TEPCO) [15.6%] Mekong Energy Company 733 9.0%
Sembcorp Industries Ltd [66.7%]; Kyushu Electric Power Co Inc [26.7%]; Sojitz Corporation [6.7%] Phu My 3 BOT Power Co., Ltd. 733 9.0%
The Central Trading & Development Group Hiep Phuoc Power Company 375 4.6%

Table 8. Parent and owner information of major in-development gas-fired power capacity (GEM, July 2023)[2]

Parent Owner Capacity (MW) % of pipeline gas capacity
Vietnam Power Group Vietnam Electricity (EVN), EVNGENCO 3 6650 8.6%
T&T Group; Gen X Energy LLC T&T Group; Gen X Energy LLC 6000 7.8%
Embark United; Quantum Embark United; Quantum 6000 7.8%
Millennium Petroleum Group Millenium Vietnam Company 4800 6.2%
Siemens Energy AG; Korea Electric Power Corporation (KEPCO); Power Engineering Consulting JSC 2 (PECC2) Siemens Energy AG; Korea Electric Power Corporation (KEPCO); Power Engineering Consulting JSC 2 (PECC2) 4800 6.2%
Vietnam Oil and Gas Group (PetroVietnam) PetroVietnam 4500 5.8%
Exxon Mobil Corporation Exxon Mobil Corporation 4500 5.8%
US Investors (unknown) [60%]; Vietnamese Investors (unknown) [40%] Chan May LNG 4000 5.2%
Energy Capital Vietnam (ECV); B.Grimm Power; Siemens Energy AG Energy Capital Vietnam (ECV); B.Grimm Power; Siemens Energy AG 3600 4.7%
Delta Offshore Energy Delta Offshore Energy 3200 4.2%
B.Grimm Power; Gulf Energy Development Public Co Ltd B.Grimm Power; Gulf Energy Development Plc 3000 3.9%
T&T Group T&T Group 3000 3.9%
VinaCapital Group Ltd. VinaCapital Group Ltd. 3000 3.9%
J-POWER (Electric Power Development Co Ltd) J-POWER (Electric Power Development Co Ltd) 3000 3.9%
Électricité de France (EDF) SA [37.5%]; Pacific Group Joint Stock Company [25%]; Sojitz Corporation [18.8%]; Kyushu Electric Power Co Inc [18.8%] EDF [37.5%]; Pacific Corporation [25%]; Sojitz Corporation [18.8%]; Kyushu Electric Power Co Inc [18.8%] 2250 2.9%
The AES Corporation The AES Corporation 2250 2.9%
Truong Thanh Group Vietnam Joint Stock Company (TTVN Group) Truong Thanh Viet Nam 1500 1.9%
The Central Trading & Development Group Hiep Phuoc Power Company 1200 1.6%
Vietnam Trading Engineering Construction JSC [unknown %]; Marubeni Corporation [unknown %] Vietnam Trading Engineering Construction JSC; Marubeni Corporation 1050 1.4%
Sembcorp Industries Ltd [66.7%]; Kyushu Electric Power Co Inc [26.7%]; Sojitz Corporation [6.7%] Phu My 3 BOT Power Co., Ltd. 850 1.1%
Sembcorp Utilities Limited Sembcorp Utilities Pte Ltd 750 1.0%
Formosa Plastics Corporation Hung Nghiep Formosa Ha Tinh Steel Limited Company 600 0.8%
PJSC Gazprom; Vietnam Oil and Gas Group (PetroVietnam) Gazprom International; PetroVietnam 340 0.4%

Major owners of prospective renewables

Table 9. Owner information of major in-development offshore wind power projects (GEM, December 2023)[13]

Owner Capacity (MW) % of offshore wind pipeline capacity
AES CORP 4,000 5.55%
Asia Petroleum Energy CORP; Shizen Energy Group; Tokyo Gas CO LTD 6,000 8.32%
Copenhagen Infrastructure Partners (CIP); Asia Petroleum Energy CORP; Novasia Energy CO LTD 3,500 4.86%
Corio Generation LTD 1,000 1.39%
Enterprize Energy PTE LTD 3,400 4.72%
Mainstream Renewable Power [70%]; Phú Cường Group [30%] 1,400 1.94%
Ørsted A/S; T&T Group JSC 3,900 5.41%
PNE wind AG 4,000 5.55%
T&T Group JSC; Ørsted A/S 14,600 20.26%
Tân Hoàn Cầu Group 2,000 2.77%
Truong Thanh Vietnam Group JSC (TTVN Group) 2,000 2.77%
Zarubezhneft JSC; DEME Concessions NV 1,000 1.39%

Supply Chain

90% of equipment for renewable energy is imported into Vietnam, mostly from China, Germany, India and the US.[62][63] Current localization rates for wind and solar power are estimated at 45% and 37%, respectively.[64] These rates represent low-value sectors with low technological complexity. Transformer stations, cables, and support pillars have a significantly reduced domestic ratio of 30%, 10%, and 3%, respectively.[64]

Vietnam currently lacks experience in research, development, investment, construction and operation of offshore power projects.[65] However, these challenges present opportunities for localization of the supply chain.[65]

Gaps identified in the supply chain for offshore wind development include:[66]

  • Experience of interpreting survey data related to offshore wind, including environmental data, metocean data and geotechnical data.
  • Manufacturing and assembly of nacelles, blades and electrical systems.[64]
  • Handling larger foundation volumes and greater diameters. For cable manufacturing, gaps include facilities to manufacture higher voltage array cables, which would require suppliers to have confidence in the scale of the long-term market opportunity.
  • Gaps related to the installation and commissioning of the wind farm are related to the lack of Vietnamese turbine foundation or offshore substation installation vessels, and the lack of experience and capability in cable laying.
  • The key gap in OMS is technician competence related to offshore wind.

DNV, an independent assurance and risk management provider, Institute of Energy, a Science & Technology Research Organization, PTSC Mechanical & Construction (PTSC M&C), the leading turn-key contractor in Vietnam providing premium Engineering, Procurement, Construction, Installation, Transportation, Hook-up & Commissioning (EPC/EPCIC) services for renewable energy sectors signed an MoU in 2023 to develop domestic design capabilities and meet the demands of offshore wind projects in Vietnam in the future. The MoU includes DNV's Sesam for offshore wind turbine foundation design and WindFarmer to help design wind farms and analyze energy production and cost-benefit.[67]

European manufacturers are considering investing hundreds of millions of dollars in Vietnam to build wind turbines plants, sources familiar with the situation said, as the country gears up to exploit its large untapped potential in offshore wind.[68]


Table 10. Estimated capital investment demand for PDP8 implementation in USD[8][69]

Time period Power source Transmission grid Total
2021-2030 119.8 billion 14.9 billion 134.7 billion
2031-2050 364.4 - 511, 2 billion 34.8 - 38.6 billion 399.2 - 523.1 billion

An estimated USD $134.7 billion is needed until 2030 to decarbonize Vietnam's power sector.[70]

Potential providers of offshore wind finance

The leading investors in Vietnam’s offshore wind energy appear to be European corporations.[71][13]

Public Sector Finance

Previous renewable energy projects have been financed with support from multilateral banks like the Asian Development Bank (ADB). For example, ADB coordinated a $173 million finance package for the Lotus Wind Power Project, which generates an estimated $9.5 million in economic value annually for the duration of operation. The financing came from ADB in combination with Japan International Cooperation Agency, Export Finance Australia, and others, and the package was certified as a Green Loan by the Climate Bonds Initiative. ADB has classified the package as primarily B loan, meaning commercial lenders provide financing with ADB as an intermediary.[72][73]

Similarly, the ADB provided a direct, non-concessional loan of $3 million to support rooftop solar deployment in Vietnam. This funding was met by $10,8 million in loans from FMO (private sector funding)[74] and Societe Generale, which is operated by the Government of France.[75][76]

Just Energy Transition Partnership(JETP)

Vietnam and the International Partners Group (IPG), consisting of the EU, UK, USA, Japan, Germany, France, Italy, Canada, Denmark and Norway announced a Just Energy Transition Partnership (JETP) in December, 2022.[77]

The JETP includes a resolution from the IPG to provide at least $15.5 billion over the next 3 to 5 years through a combination of appropriate financial instruments, namely $7.75 billion of public sector finance and $7.75 billion in private finance.[77] Only 4% of the funding allocated through JETP for Vietnam is classified as grants, which presents a major hurdle for encouraging private investment.[70] Total allocations are nowhere near sufficient to fully achieve goals outlined in PDP8.[12]


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