The Ministry of Industry and Trade of Vietnam has officially approved the 2025 electricity price framework for offshore wind power, establishing ceiling rates for different regions. The highest rate is set for the Northern region at 3,975.1 VND/kWh (equivalent to 0.15 USD/kWh), excluding value-added tax (VAT). The South Central region has a ceiling rate of 3,078.9 VND/kWh, while the Southern region is set at 3,868.5 VND/kWh.
These prices are consistent with a prior proposal by Vietnam Electricity (EVN), the country’s national utility. EVN stated that the proposed prices were calculated based on estimated capital expenditures, averaging 93.6 million VND/kW (or 93 billion VND/MW), using an exchange rate of 25,450 VND per USD.
However, capacity factors vary by region: North: 38.4%; South Central: 49.6%; South: 39.5%.
EVN also emphasized that no official feasibility studies have been conducted for offshore wind projects in Vietnam to date. The investment and output estimates are based on preliminary modeling using input parameters from the Institute of Energy, which referred to data from the Vietnam-Denmark Offshore Wind Technology Handbook.
Despite the lack of operational experience in this sector, Vietnam has set ambitious targets, aiming to reach 6,000 MW of offshore wind capacity by 2030, 17,500 MW by 2035, and between 113,000~139,000 MW by 2050 to ensure long-term energy security.
Commenting on the roadmap under the revised Power Development Plan VIII, Stuart Livesey, a representative from Copenhagen Infrastructure Partners, highlighted the need for a comprehensive and phased approach to offshore wind development. He stressed three key priorities:
- Establishing a clear and stable legal framework to reduce risks for investors and developers, and support informed long-term planning.
- Upgrading critical infrastructure, including transmission networks, seaports, and the domestic supply chain to accommodate large-scale offshore wind deployment.
- Encouraging local industry participation through workforce training and incentives for domestic manufacturing to promote sustainable economic benefits.
Additionally, enhancing access to affordable financing through international cooperation and transparent bidding mechanisms will be essential to unlock the full potential of Vietnam’s offshore wind power sector.
