Vietnam targets 6,000 MW of offshore wind power by 2030, rising to 15,000 MW by 2035 and 139,000 MW by 2050, equivalent to 20-25% of the country’s total installed power capacity.

Toan said recent revisions to the Electricity Law have helped ease obstacles surrounding offshore wind survey licensing, allowing Vietnam to gradually establish a legal and technical foundation for the sector’s development. If survey procedures continue progressing smoothly, offshore wind is expected to open up major opportunities for both domestic and foreign investors.

Vietnam has already connected approximately 1,500 MW of nearshore wind power to the national grid in Mekong Delta provinces. Domestic firms and foreign joint ventures have also begun deploying monopile foundation technology for coastal wind projects, laying technical groundwork for larger offshore projects beyond six nautical miles.

Despite these advances, Toan noted that the offshore wind sector remains relatively new globally and that Vietnam’s regulatory framework is still evolving. Licensing responsibilities are currently divided among ministries, while the growing number of applications has slowed the approval process for offshore wind surveys.

Electricity pricing remains another major issue. Calculations by IMHEMS indicate offshore wind projects would require power prices of 12-15 US cents per kWh across Vietnam’s three regions to ensure profitability. However, the FIT1 and FIT2 feed-in tariff mechanisms that previously supported renewable energy projects are no longer in effect, highlighting the need for new pricing mechanisms to balance investor and consumer interests.

To support the sector, Toan proposed policies on the sea surface and seabed usage fees that would favour offshore projects during the initial development phase. Such incentives could help Vietnamese firms strengthen their capabilities across the offshore wind supply chain, including surveys, construction, installation, operations and port services.

Subsidiaries of Petrovietnam are already participating in service contracts for foreign offshore wind developers. With stronger policy support, Vietnam could build competitive domestic enterprises capable of delivering integrated offshore wind infrastructure services to lower development costs.

Toan also highlighted the growing potential of combining offshore wind projects with green hydrogen production. Under the integrated model, surplus electricity generated during periods of low grid demand could be used for seawater electrolysis, producing green hydrogen to help optimise investment efficiency for offshore wind farms.

Green hydrogen is increasingly being deployed globally in sectors such as transport and maritime services. In Vietnam, several green ports have begun piloting the use of hydrogen-powered tugboats and small vessels as part of efforts to achieve net-zero emissions by 2050.

Vietnam should therefore consider offshore wind-hydrogen integration as a strategic solution for ensuring energy security while reducing greenhouse gas emissions, Toan said.

He added that around 30 countries worldwide have already adopted green hydrogen strategies, while Vietnam issued its own national green hydrogen strategy in 2024. Incorporating green hydrogen provisions into the draft revised Petroleum Law is expected to provide an important legal basis for developing new energy supply chains and supporting Vietnam’s net-zero roadmap./.