Vietnam aims to have 26-38 GW of onshore wind power and about 6 GW of offshore wind power by 2030 under the National Power Development Plan VIII (PDP8). This is not only a crucial step in its energy transition and the realization of its commitment to net-zero emissions by 2050, but also opens up significant opportunities for the development of its renewable energy industry, attracting investment and enhancing national energy self-sufficiency.
Mr. Bui Vinh Thang, Vietnam Country Manager at the Global Wind Energy Council (GWEC), which recently organized the APAC Wind Energy Summit 2026 in Hanoi, said that with the objectives outlined in PDP8, Vietnam can be considered one of the leading countries in wind power development compared to others in the region (excluding China and India), in both onshore and offshore. “Of course, the prerequisite is that we must realize the set objectives,” he added.
Wind potential
The Politburo recently issued Resolution No. 70-NQ/TW on ensuring national energy security until 2030, with a vision to 2045, which is considered a more significant step forward by cementing objectives, mechanisms, and solutions, closely adhering to reality and directly addressing the urgent issues of the energy sector in general.
According to the GWEC, Vietnam possesses enormous offshore wind power potential, estimated at around 600 GW. Notably, most projects can be developed using fixed-foundation technology thanks to its relatively shallow continental shelf, making investment costs more competitive compared to countries that use floating-foundation technology, such as South Korea, Japan, and Taiwan (China). For onshore wind power, the target of reaching 26-38 GW by 2030 is ambitious but entirely feasible if there is a smooth policy mechanism along with the promotion of domestic supply chain development and strengthened links with the FDI sector. “Given Vietnam’s double-digit electricity demand growth, wind power will play a particularly important role in the nation’s energy structure,” Mr. Thang believes.
Mr. Alessandro Antonioli, Country Representative in Vietnam at Copenhagen Infrastructure Partners (CIP), added that Vietnam possesses significant competitive advantages in wind power development thanks to its favorable natural resources, including high wind speeds, stable wind quality, and a long coastline.
Furthermore, domestic demand is a major driving force. “A rapidly-growing economy like Vietnam needs a more stable, affordable, and sustainable energy source in the long term,” he said. “In particular, the trend of shifting manufacturing supply chains from Europe and the US to Vietnam is driving increasing demand for green energy.”
This presents both challenges and opportunities for Vietnam to develop its wind power industry if appropriate support policies, a clear legal framework, and a strategy to enhance the capacity of its domestic supply chain are in place. “Vietnam also has a considerable advantage due to its many experienced offshore oil and gas companies, creating an important foundation for the future development of offshore wind power,” he added.
As a leading wind turbine supplier from India, the Suzlon Group sees Vietnam as a highly-promising market in the Asia-Pacific region. Mr. Ngo Tien Dat, Country Manager of Suzlon, affirmed that Vietnam’s fast-growing economy and young workforce were among the reasons Suzlon Energy chose Vietnam as its first regional hub in Southeast Asia.
Next steps for the future
Following a period of strong growth fueled by the Feed-in Tariff (FiT) mechanism, Vietnam’s wind power industry is entering a new development cycle with high expectations from international investors. However, to realize this potential, the market still needs more decisive steps regarding policies, pricing mechanisms, and the legal framework to strengthen business confidence.
Mr. Thang said the GWEC has been present in Vietnam since 2018 - precisely when the wind power market began its rapid acceleration. He himself had followed the industry for many years prior and witnessed the entire development process of onshore, nearshore, and offshore wind power in the country.
Given Vietnam’s double-digit electricity demand growth, wind power will play a particularly important role in the nation’s energy structure.
The biggest turning point for the industry, he believes, was the FiT mechanism issued in 2018. Though not a perfect mechanism, it created a huge boost, attracting a strong flow of investment into the wind power sector. Thanks to this, Vietnam now has over 5.5 GW of onshore and nearshore wind power in operation, supplying electricity to the national grid.
However, after a period of rapid growth, the market began to slow down as there was no clear alternative mechanism to FiT from 2021 to early 2024. During this time, many investors were in a holding pattern due to the lack of a legal framework and specific regulations for the next phase.
The international context has also created many difficulties for the global wind power industry. Russia - Ukraine tensions, high interest rates, the lingering consequences of the Covid-19 pandemic, and cost pressures forced many businesses to restructure their investment portfolios. According to Mr. Thang, now is a time in which the global wind power market is undergoing a “market correction” - a process of market adjustment. Some investors have withdrawn from Vietnam to focus on other priority markets.
However, since the end of 2024, the market has begun to see more positive signs as the government and the Ministry of Industry and Trade have continually issued new mechanisms and policies to address difficulties in the industry. Many important documents have been issued.
“The GWEC greatly appreciates the efforts of the Vietnamese Government over the past two years to build a new policy framework for the wind power industry,” Mr. Thang said. “Though the current policy system is not yet perfect, it is relatively sufficient for the market to begin operating again. Several projects have been launched, with the offshore wind power sector making initial progress as regulatory authorities begin granting permits for project surveys. Investors closely following the market have seen the opportunity for a new development cycle.”
From the perspective of international investors, Mr. Antonioli said CIP maintains strong confidence in the long-term potential of the Vietnamese market. “Vietnam’s sustainable electricity demand remains a crucial foundation for investors to continue pursuing renewable energy projects,” he added. “However, delays in policy planning over the past three years have eroded the confidence of many investors. There were high expectations for resolving bottlenecks in a series of renewable energy projects, but the process has been slower than expected. In addition, delayed payments to some renewable energy producers have significantly impacted market sentiment.”
He argued that now is the time for Vietnam to take more decisive action, especially with a centralized coordination mechanism for the renewable energy sector. Policy tools such as Direct Power Purchase Agreements (DPPAs) need to be promoted more strongly to accelerate project implementation.
However, the most important thing for international investors is clarity and predictability in the legal framework. “Investors need to know clearly the licensing timeline, the electricity pricing mechanism, and especially the Power Purchase Agreement (PPA) template,” Mr. Antonioli emphasized. “The current PPA template still does not fully meet the necessary conditions for mobilizing international capital.”
If these bottlenecks are removed, he added, Vietnam can fully enter a phase of larger-scale wind power development, playing a crucial role in ensuring energy security and promoting the green transition in the years to come.
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