British businesses want to cooperate in offshore wind power in Vietnam

A delegation of 14 British businesses in the field of renewable energy technology and services came to Vietnam last week to seek cooperation opportunities.

This group of businesses focuses on exploring cooperation and investment opportunities in renewable energy sectors such as offshore wind power, energy transmission and storage. Vietnam is considered a priority destination to expand their operations in the Asia- Pacific region because of the positive changes in the renewable energy industry.

Mr. Denzel Eades, Representative of the British Business Group in Vietnam, believes in the potential of the offshore wind market here and the policy steps to promote this sector. "British businesses with extensive expertise are eager to contribute to this vibrant market," he said.

During the visit, the delegation attended the Green Economy Forum organized by the European Chamber of Commerce (EuroCham) and the ASEAN Wind Energy Conference. British Ambassador to Vietnam, Iain Frew, reiterated the UK Government’s commitment to being a partner in Vietnam’s energy transition through bilateral and multilateral initiatives.

Notably, the Just Energy Transition Partnership (JETP) is expected to coordinate 15.5 billion USD to realize the green transition in Vietnam.

The UK is the world's second-largest offshore wind (OSW) market. The UK Energy Security Strategy (BESS), published in April 2022, targets offshore wind capacity of up to 50 gigawatts (GW) by 2030.

To date, the UK has an installed offshore wind power capacity of 13.7 GW, a four-fold increase from 2012. In addition, the country has a total project capacity of about 77 GW from 80 projects under construction, approved, in development and planned for the future.

Meanwhile, with the geographical advantage of a coastline of more than 3,400 km, the World Bank estimates that the potential wind power capacity in Vietnam is about 475 GW. Good wind quality is concentrated in the Central and South Central regions and part of the Northern coastal region.

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