Vietnam Wind Power: Huge opportunities - Challenges remain

Vietnam has some of the richest wind resources in Southeast Asia; however, Vietnam's wind market is still in the early stages with a total capacity of only 197MW. GWEC and its partners also issued an industry statement today focusing on recommendations to address some of the key barriers to unlocking Vietnam's rich wind energy potential.

"We're here to help Vietnam realise the many benefits from developing its wind power sector: clean, affordable power for economic development; enhanced energy security; and the creation of leading edge technology and jobs", said Steve Sawyer, GWEC Secretary General.

The socio-economic benefits of wind power development are gaining prominence as a key driver for developing the sector in a growing number of countries. Apart from the direct economic benefits, jobs and industrial development, wind energy has an important role to play in cutting air pollution and reducing greenhouse gas emissions.

Wind power is one of the fastest growing industries in the world. In 2017 alone $107 billion were invested in wind power globally, and the industry now employs more than 1.15 million people worldwide. Wind power is the technology of choice for utilities in an increasing number of markets, as it is very often the least-cost option for new power capacity in a rapidly increasing number of markets. In 2017, unsubsidised new renewable power was cheaper than fossil fuels in over 30 countries, and by 2025 that will be the case in most countries around the world. Wind power has become a major driver for a sustainable energy future.

While Vietnam has a solid national energy policy and realistic targets, work still needs to be done to improve the effectiveness and transparency of the market rules as well as the procurement process. GWEC is confident that working with government on some regulatory issues, the wind power sector in Vietnam can take-off, providing major economic and environmental benefits, as well as making Vietnam an attractive investment destination for international institutions and investors.

The event is organised in partnership with the Ministry of Industry and Trade (MoIT), the Embassy of Denmark, the Embassy of Germany and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH.