World Bank Group launches roadmap for offshore wind in Vietnam

The World Bank Group has launched the Vietnam Offshore Wind Roadmap, which provides a strategic analysis of the development potential of offshore wind in Vietnam. It was prepared, under contract with the World Bank, by BVG Associates in association with Atkins, Frontier Economics, Sterling Technical Services (Vietnam) and M. Du Van Toan.

Vietnam has an energetic and abundant offshore wind resource that is located close to demand centers and in relatively shallow water – although this roadmap focuses on areas further offshore that have wind speeds and higher energy yields. The roadmap shows how offshore wind could play an important role in meeting Vietnam’s rapidly growing electricity demand in a sustainable manner and has the potential to supply 12% of Vietnam’s electricity by 2035. By replacing coal-fired generation, it could help prevent over 200 million t of CO2 and add at least US $ 50 billion to the Vietnamese economy by stimulating the growth of a strong local supply chain, creating thousands of skilled jobs and exporting to other offshore wind markets around the world.

“Vietnam’s economy and carbon emissions will greatly benefit from the development of an offshore wind sector,” said Neil Douglas, director of BVG Associates. “Our experience in developed offshore wind markets shows us that ambitious long-term goals serve as cornerstones for cost reduction and industry development.

The roadmap analyzes two possible growth scenarios for Vietnam’s offshore wind industry. The “low growth” scenario with moderate expansion of offshore wind, which means that offshore wind will supply 5% of Vietnam’s electricity needs by 2035. The “high growth” scenario presents a significant expansion of offshore wind, which means offshore wind provides 12% of Vietnam’s electricity needs by 2035.

The road map suggests that regulations, laws, processes and infrastructure must be developed to realize the vision that will ultimately be defined by the government of Vietnam. The roadmap provides a series of recommended next steps to help create the conditions for establishing and growing an industry.

The report was officially launched during a webinar for key Vietnamese stakeholders on June 9. The study aims to support collaboration between the government of Vietnam and the wind industry. It does not represent the views of the government of Vietnam.

This roadmap, a joint WB-IFC study, is part of a series of offshore wind roadmap studies commissioned by the World Bank Group as part of the Joint Wind Development Program offshore ESMAP-IFC. Funding for this study was provided by the Energy Sector Management Assistance Program (ESMAP).

The report can be read here.

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