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Wind Market Trends

Vietnam gives green light to 7 GW of new wind projects

July 6, 2020 Wind InfoLink

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Vietnam’s offshore wind market prospect becomes clearer as the government approved 91 wind projects with a combined capacity of around 7 GW on June 25. 

Proposed by the Ministry of Industry and Trade (MOIT), 37 wind projects with a combined capacity of 3.1 GW are located in the southwestern provinces, while 28 onshore projects with around 2.4 GW will be built in the Central Highlands. 

Noticeably, most of the 3.1 GW projects in the southwestern region are offshore or intertidal wind farms. Of which, seven projects are located in Bac Lieu and Ca Mau provinces, which are listed as potential offshore wind areas in the government guideline released in March. The rest of the wind farms are mostly located in intertidal areas in Tra Vinh and Ben Tre provinces in the Mekong Delta.

The approval came as another move to boost the wind sector after MOIT’s recent proposal to extend the current feed-in-tariff (FIT) for wind projects from November 2021 to December 2023. 

The current FIT rate in Vietnam is US$0.085/kWh for onshore and US$0.098/kWh for offshore wind projects.

Under the National Energy Development Strategy of Vietnam to 2030, Vietnam aims to add at least 6 GW of wind capacity by 2030. As of March, Vietnam has approved 78 wind power projects with a combined capacity of 4.8 GW, and 11 projects with a combined capacity of 377 MW have come into operation. It seems that Vietnam is on track to meet its target; however, insufficient grid capacities and lack of infrastructure may hinder the development of wind sector.

Vietnam’s current electricity generation capacity totals 54 GW. It is estimated that 130 GW capacity will be needed to meet power demand by 2030. Therefore, Vietnam launched the 10-year National Power Development Plan to plug the gap in power supply and increase renewables in its energy mix to 20%.

Reference:
Danh tính 91 dự án điện gió vừa được bổ sung quy hoạch điện
Vietnam approves 7 GW of wind energy projects

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