Private investment key to advancing Vietnam’s renewable energy: British consul general

The British Embassy in Hanoi and the British Consulate General in Ho Chi Minh City organized the five-day working visit, which included 12 representatives from the Electricity Authority of Vietnam under Vietnam’s Ministry of Industry and Trade, Vietnam Electricity, and PetroVietnam Technical Services Corporation.

The program was meant to facilitate knowledge exchange, explore cooperation opportunities, and strengthen bilateral partnerships between the UK and Vietnam in the energy sector.

During the program, Smith emphasized that renewable energy is the future not only for Vietnam but for the entire world.

The UK highly values Vietnam’s goal of installing 17 GW of offshore wind capacity by 2035 and its commitment to building a solid legal framework and domestic supply chain, the consul general added.

She expressed confidence that partnerships between UK and Vietnamese enterprises, particularly in trade, will accelerate project development and support Vietnam in achieving its ambitious energy goals.

In the first half of the trip, the Vietnamese delegation attended seminars, exhibitions, and panel discussions in London.

Experts from both the public and private sectors offered recommendations on how Vietnam can improve its legal framework and supply chain development to attract foreign investment and implement projects.

PetroVietnam Technical Services Corporation later visited the Humber region, including the cities of Hull and Grimsby, where the Hornsea offshore wind cluster—a leading example of the UK’s offshore wind industry—is located.

The delegation toured several key facilities, including operations and maintenance company Xceco, Siemens Gamesa’s turbine blade factory, the Grimsby training center, and the port of Grimsby.

PetroVietnam Technical Services Corporation recently completed 33 offshore wind jacket foundations for a project in Taiwan led by Ørsted Taiwan Ltd. 

This marks the first offshore wind project manufactured in Vietnam and exported abroad, with PetroVietnam Technical Services Corporation serving as the main contractor.

According to the World Bank, Vietnam’s offshore wind potential could reach up to 600 GW. This energy source is expected to supply around 12 percent of the country’s total electricity by 2035.

However, Vietnam faces several challenges in offshore wind development, including large capital requirements, complex legality and maritime spatial planning, and national security considerations.

Experts estimated that it typically takes six to seven years to develop an offshore wind project, with the first three years focused on preparation, such as surveys, permitting, and financial arrangements, before construction begins.

According to Vietnam’s power development plan VIII, the country aims to develop 6,000 MW of offshore wind capacity by 2030. 

However, as of now, no project has received an official investment decision.