Vietnam offshore wind development faces regulatory hurdles

Vietnam faces significant regulatory and legal hurdles that impede the development of its vast offshore wind potential. While the World Bank estimates the country's technical potential at 600 GW, a study by the Vietnam Meteorological and Hydrological Administration and the UNDP suggests the figure could reach 1,068 GW.

Industry insiders, including Dr. Nguyen Hung Dung of the Vietnam Petroleum Association, highlight that an incomplete and inconsistent legal framework is a primary obstacle. Energy projects are currently subject to overlapping laws regarding electricity, investment, land, environmental protection, and marine resources.

Key unresolved issues include electricity pricing, power purchase agreements (PPAs), risk-sharing arrangements, and payment guarantees. These uncertainties complicate project financing for international lenders. Additionally, inconsistencies between power development plans and marine spatial planning have left developers with insufficient practical grounds to implement projects despite offshore wind being a national priority.