Under its Power Development Plan VIII (PDP 8), Vietnam raised its offshore wind target to 7 gigawatts (GW) by 2030 from the initial proposal of 2GW.
“The 7GW target of offshore wind by 2030 set in PDP8 is very ambitious for a new market like Vietnam, yet it is achievable if the regulatory framework is put in place swiftly,” the GWEC said in its Global Offshore Wind Report 2022.
“To meet that target, a route to market process to enable the installation of 7+ GW offshore wind by 2030 needs to be issued quickly.”
The GWEC cited, amongst others, the need for a clear timeline for the implementation of an auction to give a clear signal of procurement schedules, as well as a clear, coordinated, and streamlined permitting process to ensure projects are implemented on time.
Moreover, the report recommended for Vietnam to improve the bankability of power purchase agreements to attract international financing, and include grid planning and operational upgrades to facilitate the integration of offshore wind.
“Besides these issues, the Vietnamese government also needs other policies to develop a strong local supply chain and infrastructure to supply for the offshore wind industry in Vietnam,” the GWEC noted.