More opportunity for Vietnam wind sector

Published onJune 11, 2020

Experts forecast that Vietnam’s wind power sector would further grow in line with the Government’s stronger regulatory support announced recently and rising investor interest, which has strengthened the project pipeline. Experts from the London-based credit intelligence provider Fitch Solutions Inc said the government has proposed several policies in recent months to boost the development of the wind sector, in particular offshore wind, which bodes well for the industry. “We note that Vietnam contains one of the highest potentials for wind power in the region, as it is endowed with high wind speeds particularly in the offshore or near-shore areas,” said the experts. The Ministry of Industry and Trade (MoIT) estimates this potential to be at approximately 475GW. Prime Minister Nguyen Xuan Phuc issued a resolution in March for a five-year plan to 2025 to develop renewable energy sources ‘off the coast’, with specific mechanisms and policies to attract both foreign and local developers to invest in the sector.