Vietnam Unlikely to Meet Target of 5 GW Offshore Wind Power by 2030: S&P Global

Government Plans to Revise Down Target to 2-3 GW

Vietnam's ambitious target of installing 5 gigawatts (GW) of offshore wind power by 2030 is unlikely to be met, according to a new report by S&P Global Commodity Insights.

The report cites a number of challenges facing the development of offshore wind power in Vietnam, including a lack of infrastructure, a shortage of skilled workers, and high costs.

Revised Target of 2-3 GW More Realistic

The government is now considering revising down its target to a more realistic 2-3 GW by 2030. This would still represent a significant increase in offshore wind capacity, but it is more in line with the current challenges facing the industry.

The S&P Global report also notes that the government is facing pressure from the World Bank and other international organizations to reduce its reliance on coal-fired power plants.

Renewables to Play a Major Role in Vietnam's Energy Future

Despite the challenges, renewable energy is expected to play a major role in Vietnam's energy future. The country has set a target of generating 21% of its electricity from renewable sources by 2030, up from 16% today.

Offshore wind power is seen as a key part of this renewable energy mix, but it is important to be realistic about the challenges involved in developing this new industry.

Conclusion

Vietnam's target of installing 5 GW of offshore wind power by 2030 is unlikely to be met, but the government is considering revising it down to a more realistic 2-3 GW.

Despite the challenges, renewable energy is expected to play a major role in Vietnam's energy future. Offshore wind power is seen as a key part of this mix, but it is important to be realistic about the challenges involved in developing this new industry.