Opportunities in the Vietnamese Offshore Wind MarketWind
Join us to learn more about the emerging Vietnamese offshore wind market!
Norwegian Energy Partners is collaborating with Innovation Norway to bring you the latest on the development of an offshore wind industry in Vietnam.
Vietnam is one of the fastest growing nations in Asia with more than 6% annual economic growth for the past 25 years has successfully increased its electrification rate from 54% to 98% since 1990; connecting some 55m people. Power demand is growing further and is forecasted to hit 230TWH in 2020, 350TWH in 2025 and 515TWH in 2030.
The Vietnamese government has set an ambition that power generated from renewable sources should account for 44 per cent of total generated electricity, paving the way for international developers and suppliers to enter the industry.
According to the revised Power Development Plan (PDP 7), Vietnam requires total investment of $143.5 billion to meet its double-digital energy demand growth. The Vietnam government is inviting foreign technical expertise and investment to participate in its energy projects. It is estimated that Vietnam requires investment of 15 billion per year, in which 75% is earmarked for power generation. A strong emphasis on wind and solar opens up for international developers and suppliers to the industry.
The first offshore wind farm in the Mekong Delta region, the 99 MW Bac Lieu wind power project, first came online in 2013. Since then, there has been a growing industry appetite to develop offshore wind power in Vietnam, with the technical potential for fixed and floating offshore wind in the country estimated at 261GW and 214 GW respectively. By 2030, fixed foundation offshore wind is estimated to be 9.5-20.9GW with 600-800 MW floating wind. With the likelihood that the current FITs of UScent9.8/kWh for offshore wind will soon be replaced by auctions, this opens up an excellent opportunity for Norwegian industry players to positions themselves in the Vietnamese market.
While key challenges in government policy need to be urgently resolved in order to support large-scale deployment of offshore wind, international developers are queuing up to exploit the opportunities. Vietnam has an extensive offshore oil & gas industry and the supply chain is now beefing up its ability to support the large scale build out of offshore turbines – and the industry is looking to Europe to learn and for partnering in their efforts. This creates an excellent environment for early entrance into a market that is evolving quickly.
In our webinar, we will hear the first conclusions from the World Bank’s Vietnam Offshore Wind Road Map project and also from Vietsovpetro as an example of the emerging supply industry. We will discuss the latest policies, opportunities and challenges in the Vietnamese offshore wind market.
For more information: https://gwec.net/market-to-watch-vietnam-offshore-wind/
This is a first introduction to the Vietnamese renewable market opportunities and we plan a follow up event in Vietnam in 2021 to enable the dialogue between Norwegian and Vietnamese authorities and businesses. More information will follow.
- Jon Dugstad, Director Wind & Solar, NORWEP
- Arne Kjetil Lian, Director and Commercial Counselor, Innovation Norway, Vietnam
- H.E Ms Grete Løchen, Ambassador of Norway to Vietnam
09:05 The road map to a Vietnamese offshore wind industry – World Bank report, Mr. Alastair Dutton, Special Advisor to World Bank and GWEC – The Offshore Wind Task Force
09.40 Opportunities and challenges of the emerging Vietnamese offshore wind supply chain, Mr. Vu Mai Khanh, Deputy General Director of Business Investment and Service, Vietsovpetro
10:25 Closing remarks
10:30 End of webinar
This is an online webinar, taking place on 25th of August from 09:00 to 10:30 CEST.
There is no participation fee for NORWEP members. Non-members will be charged a participation fee of NOK 1.000,- (+ VAT) per person upon registration.
- The event will take place on the Webinar application Zoom. Once registered you will receive a link by email to join the webinar in due time
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