Celebrating a Milestone in Vietnam’s Offshore Wind Journey: OWC’s Contribution to a Competitive Renewable Future
In a momentous step for Vietnam’s offshore wind journey, Riccardo Felici, Director of Renewables for the APAC region at OWC, joined Liming Qiao, Global Wind Energy Council (GWEC) Chief of Strategy for Asia, Denzel Eades of Pioneer International Consulting and other industry leaders to present a pivotal report to Deputy Minister Long from Vietnam’s Ministry of Industry and Trade (MOIT).
This report, titled the Vietnam Offshore Wind Competitive Investor Selection Study, aims to suggest a practical development model for offshore wind development in Vietnam that prioritises certainty, continuity, and scalability. This milestone reflects OWC’s dedication and influence in Asia’s commitment to the Vietnamese Renewable Energy market.
The Vietnam Offshore Wind Competitive Investor Selection Study: A Roadmap for Growth
Commissioned by the Global Wind Energy Council (GWEC) and developed by OWC and Pioneer International Consulting, this report provides a robust framework for offshore wind project procurement in Vietnam. It proposes a two-stage selection model intended to attract sustainable investment while fostering long-term growth in the offshore wind sector.
The recommended model comprises two key phases:
- Exclusive Survey Rights (Stage 1) – The first phase awards exclusive rights for site surveys, allowing developers the flexibility to define project boundaries within Vietnam’s marine spatial plan, ensuring a balanced and diverse project pipeline.
- Power Purchase Agreement (PPA) with Vietnam Electricity (Stage 2) – The second phase focuses on price-competitive selection, with each investor bidding on pre-defined project sites under a long-term PPA that includes favourable terms to enhance bankability, including inflation and currency adjustments.
This framework is designed to ensure a steady pipeline of offshore wind projects that can achieve economies of scale, cost reductions, and investor confidence, meeting Vietnam’s ambitious targets outlined in its Power Development Plan (PDP8) — 6 GW by 2030 and 70 to 91.5 GW by 2050.
GWEC’s Vision for Vietnam’s Offshore Wind Future
The study highlights Vietnam’s unique opportunity to leverage its untapped offshore wind potential, estimated at over 600 GW, to become a major player in the global renewable energy arena. The report underscores three primary conditions for Vietnam’s success: investor certainty, policy continuity, and project scalability.
As Mark Hutchinson, Chair of GWEC’s Southeast Asia Task Force, shared:
“A robust competitive procurement process will be instrumental in helping Vietnam achieve its decarbonisation and energy security goals.”
The proposed model draws from international case studies and seeks to establish a fair balance between government, investors, and energy consumers, positioning Vietnam for sustainable growth and regional leadership in renewable energy.
OWC’s Growing Role in Asia and Expertise in Offshore Wind
With decades of experience across the APAC region, OWC has become a trusted partner for technical due diligence, owner’s engineering, and bid advisory support in offshore wind markets.
Riccardo Felici expressed his optimism for Vietnam’s future in offshore wind, stating:
“This milestone represents a significant achievement for OWC and our commitment to supporting Vietnam’s journey towards renewable energy independence. The competitive investor selection model lays a foundation that enables Vietnam to attract critical investment, accelerate offshore wind deployment, and achieve its net-zero aspirations.
In addition to Vietnam, OWC’s influence extends to countries across the APAC region, including recent work with the Philippine government to define auction structures for offshore wind. OWC’s track record in Asia is a testament to its dedication to enhancing renewable energy infrastructure and providing expert insights that shape the region’s energy landscape.“
Vietnam’s Path to Offshore Wind Leadership: Opportunities and Challenges
Vietnam’s government, through PDP8, has signalled a strong commitment to offshore wind, recognising its potential to meet energy demands, reduce carbon emissions, and stimulate economic growth. However, the road ahead requires regulatory support and structured market mechanisms.
Riccardo Felici emphasised the importance of OWC’s role in this transformative journey:
“With our deep experience in the APAC market and technical expertise across all project phases, OWC is well-positioned to support Vietnam in developing an efficient, competitive offshore wind market. This model will not only attract new investment but also establish Vietnam as a key manufacturing and operational hub for offshore wind in Asia.”
OWC’s expertise spans the spectrum of renewable project needs — from geoscience and metocean studies to electrical and cable engineering — equipping clients with comprehensive solutions to succeed in competitive energy markets. With over 250 GW in global offshore wind capacity and a reputation for excellence, OWC remains at the forefront of the offshore wind industry.
OWC – The Renewable Energy Consultants – is an ABL Group company dedicated to ensuring project success.
With our track-record of supporting over 300+ GW of wind energy power generation, if you would like to learn more about our experience across offshore wind, or get in touch with our OWC APAC team – click the link below!