Vietnam must establish financial support mechanisms and investment guarantees for pioneering offshore wind power projects, experts emphasized at a recent conference.

The Government has issued Decree No. 65/2025/ND-CP, the first legal document aimed at removing barriers to offshore exploitation, particularly in offshore wind power development.

At the "Institutions, Planning – Opportunities for Green Marine Economic Development" workshop, held on June 6 in Quang Binh, delegates agreed that the decree not only creates a regulatory framework for industries such as fisheries, logistics, and marine tourism to develop together, but also paves the way for offshore renewable energy, including offshore wind power.

Dr. Du Van Toan, from the Vietnam Institute of Seas and Islands, cited the "Ocean Future 2050" report published by DNV (the world's leading classification society and a recognized advisor for the maritime industry, headquartered in Oslo, Norway), which forecasts that by 2030, the global ocean economy could surpass $3 trillion, generating approximately 40 million jobs. Among the fastest-growing sectors are offshore wind energy, marine aquaculture, and port services.

Currently, global capital expenditure (CAPEX) in marine economic sectors stands at nearly $20 trillion, with 80% of investments still concentrated in oil and gas exploitation.

However, a major shift is expected, with projections indicating that by 2050, investment in offshore wind energy will account for up to 50% of total capital, while oil and gas will drop to 25%.

Additionally, emerging sectors, such as industrial aquaculture, seawater desalination, and wave and tidal energy, are anticipated to see significant investment growth.

Discussing Vietnam’s technical potential for offshore wind power, Mr. Nguyen Ba Thuy, from the National Center for Hydro-Meteorological Forecasting, highlighted that Vietnam's offshore wind conditions are among the strongest and most stable in Southeast Asia, particularly along the coastal areas of Central and Southern Vietnam.

To unlock this offshore wind power potential, the World Bank and the National Center for Hydro-Meteorological Forecasting have proposed enhancements to Vietnam's legal and institutional framework, focusing on marine spatial planning, licensing mechanisms, bidding processes, and electricity purchasing prices.

The recommendations also call for the establishment of financial support mechanisms and investment guarantees for pioneering offshore wind projects, especially those utilizing floating technology and requiring high initial investment costs.

Furthermore, experts emphasized the need to strengthen inter-sectoral coordination and consult with relevant stakeholders throughout project planning and development to ensure transparency, fairness, and sustainability.