For Vietnam's greener energy transition

The Report was completed by Equinor – a Norwegian broad energy company, member of the Norwegian Energy Partners (NORWEP), which is committed to providing affordable energy for societies worldwide and taking a leading role in the energy transition. The Report also received very constructive technical inputs from the MOIT Electricity and Renewable Energy Authority (EREAV).

Minister of Industry and Trade Nguyen Hong Dien affirms that Vietnam has much potential to develop renewable energy

The 70-page-long Report provides an overview of the entire supply chain for Vietnam’s offshore wind industry including key players, current status, advantages and remaining gaps, with recommendations on what Vietnam can prioritize in intervention to stimulate the growth of a strong, local supply chain, and thereby create more skilled jobs, and export to other offshore wind markets. The Report also highlights opportunities that offshore wind brings to Vietnamese suppliers and identifies areas that Norwegian and foreign companies can work with Vietnamese partners to build offshore wind projects, generate power at lower costs, and gradually make renewable energy affordable for all.

“I am very happy to hand this Study Report over to Minister Dien today. This is particularly meaningful in the context that we are celebrating the 50^th anniversary of Norway-Vietnam diplomatic relations this year. The two countries have enjoyed a good relationship in numerous areas and renewable energy is a new potential one. With its long-established expertise and advanced technologies, Norway and our companies are willing to share it with Vietnamese partners for our mutual benefits and the common goals regarding climate change and sustainable development”, said Norwegian Ambassador to Vietnam Ms. Grete Løchen.

Norwegian Ambassador to Vietnam Ms. Grete Løchen said Norwegian businesses would like to see investment projects being launched soon in Vietnam

The Government of Vietnam (GoV) acknowledges the urgent needs for climate actions and a greener energy transition. By ratifying the Paris Agreement, Vietnam, like other member countries, is very aware of the dangers posed by climate change and global emissions. Shifting from coal to greener and cleaner energy is an indispensable way forward.

With over 3000 kilometers of coastlines, Vietnam has an abundant offshore wind resource and is an emerging market for offshore wind. According to the World Bank , offshore wind has the potential to supply 12% of Vietnam’s electricity by 2035. By gradually replacing coal-fired generation, this could help reduce to avoid over 200 million metric tons of CO2 emissions and add at least US$50 billion to Vietnam’s economy from a strong local supply chain, job creation and exports. It will also attract more long-term international climate financing and investments to the country.

While challenges in regulatory and policy need to be resolved in order to support large-scale deployment of offshore wind, international developers and investors including Norwegian are queuing up to exploit the opportunities. Vietnam has an extensive offshore oil & gas industry, and in order for it to work in synergy with the offshore wind, the local supply chain needs to beef up its ability to support the large scale build out of offshore turbines.

Vietnam wishes to enhance multi-faceted cooperation with Norway

“Vietnam is already in a good position concerning making a sustainable offshore wind supply chain given existing industries and businesses with oil, shipyards construction etc. Transformation into renewable energy/offshore wind is realistic and within reach. Offshore wind requires technologies, which is a strength of Norwegian companies. Our companies are ready to collaborate with local partners, share expertise and technologies to help build a strong supply chain in Vietnam, and contribute to Vietnam’s sustainable economic growth and energy transition” said Norwegian Trade Counsellor, Arne-Kjetil Lian.

“A developed and strong supply chain for offshore wind is an enabling factor that decides the success of any investment project in this industry. We would like to see many offshore wind projects being launched soon in Vietnam. Equinor and the Norwegian Energy Partners (NORWEP) stand ready to enter the Vietnam’s offshore wind market as soon as a suitable project is identified. As a developer, Equinor will use the findings of this Study Report for continued engagement with suppliers and mapping for our offshore wind projects in Vietnam”, said Equinor’s Senior Director for Business Development Vietnam, Ms. Anita H. Holgersen.