Global offshore wind leader Ørsted to set up office in Vietnam

Vietnam is considered an important market by global offshore wind leader Ørsted

Ørsted, a Danish majority state-owned energy company has announced its office opening in Vietnam with the goal of contributing to Vietnam’s green energy transition alongside local partners.

It also committed to building a local team to explore promising investment opportunities around the country. Ørsted is also working diligently with government authorities and local partners with the goal of constructing Vietnam’s world-class offshore wind farms.

Vietnam has some of the best conditions in Asia for developing offshore wind power projects. With 3,000km of coastline, shallow water depths and high consistent wind speed, Vietnam offers the crucial pre-conditions needed to develop low-cost and reliable offshore wind power projects.

Official estimates of Vietnam’s offshore wind potential range from 160GW (Danish Energy Agency) up to almost 500GW (World Bank Group). With the right regulatory framework, Vietnam can create a vibrant new industry that can deliver not only jobs and economic growth but also significant amounts of stable renewable power.

To fulfil its potential, the Vietnamese government has set ambitious goals in the Power Development Plan VIII, in which they aim to increase the proportion of renewable electricity to approximately 30 per cent in 2030.

Matthias Bausenwein, president of Ørsted Asia-Pacific said, “Vietnam has great potential and optimal conditions to develop offshore wind. As an important market for Ørsted in the region, we are excited to be making our first steps in the market and believe that offshore wind energy can deliver competitive and reliable electricity to the Vietnamese people and help power the booming Vietnamese economy.”

The company has transformed its business from fossil fuels to renewable energy and is on track to be carbon neutral in 2025. The company now supplies green power to more than 15 million people and is on track to increase this figure to 30 million by 2025. As a global leader on climate action, and ranked the world’s most sustainable energy company, Ørsted has pioneered offshore wind in markets across Europe, the Asia-Pacific, and North America.

Sebastian Hald Buhl, country manager, Ørsted Vietnam said, “With our innovative technologies, long-term approach and unparalleled track record in using our projects to build local vibrant industries we are committed to bringing the full benefits of offshore wind to Vietnam.”

Sebastian Hald Buhl, country manager, Ørsted Vietnam

Buhl says, “We hope to join forces with local partners and government agencies to help Vietnam realise its green transformation to reduce its national carbon footprint and power millions of households and industry with reliable renewable energy.”

Besides, the representative of Ørsted Vietnam added that its project will contribute to promoting the development of the local fishery sector and local people’s livelihood, while simultaneously generating skilled jobs for young people.

The Ørsted vision is a world that runs entirely on green energy. Ørsted develops, constructs, and operates offshore and onshore wind farms, solar farms, energy storage facilities, and bioenergy plants, and provides energy products to its customers. Ørsted ranks as the world’s most sustainable energy company in Corporate Knights' 2021 index of the Global 100 most sustainable corporations in the world and is recognised on the CDP Climate Change A-List as a global leader on climate action. Headquartered in Denmark, Ørsted employs 6,179 people. Ørsted's shares are listed on Nasdaq Copenhagen (Orsted). In 2020, the group's revenue was DKK52.6 billion ($8.57 billion).