Norway to partner with Vietnam to "awaken" offshore wind power potential

Illustrative image (Photo: vneconomy.vn)

Hanoi – Norwegian Ambassador to Vietnam Grete Løchen and Commercial Counsellor Arne-Kjetil Lian recently have handed over the 'Vietnam Supply Chain Study Report' to Vietnamese Minister of Industry and Trade Nguyen Hong Dien.

The 70-page report provides an overview of the entire supply chain for Vietnam’s offshore wind industry, recommendations on what Vietnam can prioritise to stimulate the strong growth of a local supply chain to create jobs for skilled labourers, and export to offshore wind markets in the region and the world.

The report also highlights opportunities that offshore wind will bring to Vietnamese suppliers, and areas where Norwegian and other foreign companies can collaborate with Vietnamese partners to promote offshore wind power projects.

Although challenges related to institutional framework and policy still need to be addressed in order to support the implementation of large-scale offshore wind power projects, many international developers and investors, including Norwegian companies have been preparing to tap these opportunities.

Technology is an important element in offshore wind power development and this is also the strength of Norwegian companies, Counsellor Lian stressed.

The Norwegian business community is ready to partner with Vietnamese companies, and share experience and technology to help Vietnam build a strong domestic supply chain, he added.

With over 3,000 km of coastlines, Vietnam boasts an abundant offshore wind resource and is an emerging market for offshore wind.

According to the World Bank, offshore wind is capable of meet 12 percent of Vietnam’s electricity demand by 2035. By gradually replacing coal-fired electricity, this could help reduce over 200 million metric tonnes of CO2 emissions and add at least 50 billion USD to Vietnam’s economy from a strong local supply chain, more jobs, and exports.