Vietnam set for wind energy expansion with over 1 GW expected to be installed by 2021

The Global Wind Energy Council (GWEC) is hosting its annual Vietnam Wind Power Conference today for the second time running, 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 South East 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.

The first report published by this Task Force, Market Update on South East Asia – Insights on Vietnam, was also launched today 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.

Ben Backwell, CEO of GWEC, said: “South East 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. We are pleased to return to Hanoi for the second year in a row with the support of the government and industry to explore how Vietnam can emerge as a wind power leader and set an example for region”.

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. We are looking forward to working together with all the stakeholders in the region through our new South East Asia Task Force to develop the right regulatory frameworks and overcome these roadblocks to ensure that the true benefits of wind power can be realised in the region”.

Vietnam Wind Power 2019 is the official industry event taking place in partnership with GIZ, the Danish Embassy Hanoi and the Embassy of Ireland.

The first event on 11 June will be a full-day workshop focused on addressing the burning issues facing the financing of wind projects and is specifically targeted at international and local finance institutions, development banks and government officials. Running in parallel to this workshop will be a high-level Offshore Roundtable, bringing together government and industry to discuss the role for offshore wind in this emerging wind market.

The full-day conference on 12 June will feature a range of plenary and parallel sessions including regulatory, market, policy, technology updates, offshore as well as other pressing issues relating to the development of a sustainable wind and renewables industry.