May 4, 2021 Read More →

Ørsted announces expansion into Vietnam offshore wind market

Vietnam Investment Review:

Ørsted, a Danish majority state-owned energy company has announced its office opening in Vietnam with the goal of contributing to Vietnam’s green energy transition alongside local partners.

It also committed to building a local team to explore promising investment opportunities around the country. Ørsted is also working diligently with government authorities and local partners with the goal of constructing Vietnam’s world-class offshore wind farms.

Vietnam has some of the best conditions in Asia for developing offshore wind power projects. With 3,000km of coastline, shallow water depths and high consistent wind speed, Vietnam offers the crucial pre-conditions needed to develop low-cost and reliable offshore wind power projects.

Official estimates of Vietnam’s offshore wind potential range from 160GW (Danish Energy Agency) up to almost 500GW (World Bank Group). With the right regulatory framework, Vietnam can create a vibrant new industry that can deliver not only jobs and economic growth but also significant amounts of stable renewable power.

To fulfil its potential, the Vietnamese government has set ambitious goals in the Power Development Plan VIII, in which they aim to increase the proportion of renewable electricity to approximately 30 per cent in 2030.

[Ha Vy]

More: Global offshore wind leader Orsted to set up office in Vietnam

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