Wind Energy Expansion in Vietnam, 1 GW Expected to be Installed by 2021

Vietnam has one of the highest potentials in the region for both onshore and offshore wind energy, with 1GW expected to be installed by 2021

The Global Wind Energy Council (GWEC) is hosting its annual Vietnam Wind Power Conference, gathering major international wind companies, energy authorities, financial institutions and regulators to discuss the potential for wind energy in Vietnam and the impact of renewables in the region.

On the occasion of this official industry event, GWEC launched its new Southeast Asia Task Force, a key tool to promote wind energy in these emerging markets. The group will act to engage governments and stakeholders in the region and will produce research and policy papers and much more in order to assist in the growth of the renewable energy sector in the region.

Ben Backwell, CEO of GWEC, said, “Southeast Asia has all the fundamentals in place to become the next big wind power market. With a rising population, growing GDP, ever-increasing power demand and concerns over energy security, wind power is helping to meet the region’s growing energy demand in a way that is low carbon, cost-efficient and bringing local economic benefits. GWEC Market Intelligence’s new report shows that Vietnam is the country with one of the highest potentials in the region for both onshore and offshore wind, with 1GW expected to be installed by 2021. The country’s 3,000km coastline has some of the best resources for both onshore and offshore wind, and it is the only country in the region that has developed offshore wind, with 99MW already installed.”

The first report published by this Task Force, ‘Market Update on Southeast Asia – Insights on Vietnam’, was also launched at the event and provides insights on how Vietnam can be a wind power leader in the region with over 327MW of onshore and offshore wind capacity already installed. The report is exclusively available for GWEC members and as part of GWEC’s new Market Intelligence platform. The final report includes more than 30 tables and figures charting the market outlook for the South East Asia region up until 2030.

Liming Qiao, Asia Director of GWEC, said, “Changes in local policies is giving the industry renewed momentum and creating significant opportunities for the wind energy market to grow in Vietnam and the South East Asia region as a whole. With a favourable Feed-in-Tariff and ambitious renewable energy targets up to 2030, it is clear that the government is ready to make the shift to clean energy. However, coal continues to be the dominant source of energy for the South East Asia markets, and we must overcome roadblocks like project financing and bankable PPAs to continue expansion within the region.”