Washington DC, July 8, 2025 - The World Bank Group published a new report to inform industry stakeholders about Viet Nam's current policies and regulatory landscape. The report also provides targeted recommendations to the government and industry to enhance the policy framework to attract and scale up private sector investments and help the country meet its national energy goals.
Viet Nam has a significant offshore wind resource located close to its shores and population centers within relatively shallow water. Viet Nam's Power Development Plan VIII (PDP8) sets ambitious offshore wind targets of 6 to 17 GW by 2030-2035, and up to 139 GW by 2050. Achieving these goals will require large-scale capital investments, leveraging public, private, domestic and international resources.
"Offshore wind presents a strategic opportunity for Viet Nam to diversify its power mix, strengthen energy security, and support sustainable growth. With an enabling policy and regulatory environment, the country can attract private investment, build domestic capacity, and contribute to its long-term climate and development goals," said Mariam J. Sherman, World Bank Division Director for Viet Nam, Cambodia and Lao PDR. "The World Bank is committed to supporting Viet Nam in establishing a strong, resilient offshore wind industry that delivers lasting benefits."
A Framework for Private Sector-Led Offshore Wind Projects in Viet Nam incorporates international best practices from established offshore wind markets while minimizing changes to existing Vietnamese regulations. This approach aims to create a sustainable project award process that attracts international investment while building domestic capacity in the offshore wind sector.
This report was funded by the World Bank managed Energy Sector Management Assistance Program (ESMAP) and the Australian Government's Department of Foreign Affairs and Trade (DFAT), and was prepared in close collaboration with the International Finance Corporation (IFC). The World Bank Group gratefully acknowledges the cooperation of the Ministry of Industry and Trade (MoIT) and the Ministry of Agriculture and Environment (MAE) of the Government of Viet Nam.
"With some of the world's most promising offshore wind resources, Viet Nam is poised to harness this new technology, and the Government has already undertaken important steps to enable its deployment. To establish Viet Nam as a reliable, long-term investment destination for offshore wind development, clear, transparent, and attractive policies and procedures are essential for engaging the private sector effectively and attracting the best know-how," said Chiara Rogate, Senior Energy Specialist, World Bank. "This report by the World Bank aims to support Viet Nam to realize its vast potential to power a clean, reliable energy future-driving economic growth and creating green jobs for generations to come."
"To realize its offshore wind potential and meet national energy targets, Viet Nam will need to adopt a balanced approach that harnesses both state leadership and private sector innovation, supported by a stable and attractive investment environment," said Sean Whittaker, Co-lead of the World Bank Offshore Wind Development Program. "Regulatory updates introduced in late 2024 and early 2025 have begun to establish clearer pathways for development. Building on this momentum, the report addresses critical regulatory and investment challenges and offers targeted recommendations to attract private sector participation in Viet Nam's promising offshore wind market."
Download the full report here.
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About the Report
This report is funded by the Energy Sector Management Assistance Program (ESMAP) and the Australian Government's Department of Foreign Affairs and Trade (DFAT) through the Australia-World Bank Australia-World Bank Strategic Partnership Program Phase 2 (ABP2) Program Phase 2 (ABP2).
The report was prepared in close collaboration with the International Finance Corporation (IFC). The World Bank team gratefully acknowledges the cooperation with the Ministry of Industry and Trade (MoIT), and the Ministry of Agriculture and Environment (MAE) of the Government of Viet Nam.
To enhance the foundations for Viet Nam's offshore wind industry, this report recommends twelve key actions:
1. Establish long-term plan for award capacities and competitions
2. Appoint a cross-ministerial offshore wind coordination body
3. Align offshore wind zones with the National Marine Spatial Plan and announce the first 10 GW of development blocks
4. Streamline survey rights award process
5. Review capacity density limits
6. Plan grid and harbor infrastructure
7. Review Survey License validity period and data disclosure timeframes
8. Detail the Stage 1 Survey License Approval process
9. Improve Power Purchase Agreement (PPA) bankability
10. Detail the Stage 2 Price Competition rules
11. Review permitting processes for development, construction and operations activities
12. Review PPA price adjustment mechanisms and mitigate bid price delivery risk
About the World Bank Group's Offshore Wind Development Program
