Vietnam Pledges to Increase Offshore Wind Power By 2045
In August Phan Xuan Dung, chairman of the Vietnam Union of Science and Technology Associations, announced the development of ambitious plans to develop off-shore wind power generation, saying that the project will bring benefits to the country which include job creation, inward investment, and the reduction of carbon emissions.
Vietnam’s long coastline and shallow nearshore waters could lead Vietnam to the forefront of wind power generation success in South East Asia. The national power development plan sets the target of almost 45% of power will come from renewable energy sources, while discouraging hydro-electric power projects. The Ministry of Industry and Trade’s draft projections specify wind power targets of generating 12GW by 2030, almost doubling to 20GW by 2045, undeniably ambitious targets, with investment of almost $130bn required to reach the 2030 goal.
Despite the current high cost and overall investment requirement of around $320bn, the project may well be counting on the cost of wind power generation infrastructure to reduce as technology improves and demand grows. Vietnam will also need to build legal frameworks and technical standards to control the development, construction, and maintenance of the projects, as well as contracts to secure the off-take of the generated power.< Back to News