Vietnam's Offshore Wind Enters the 10 GW Era
In the grand narrative of the Asia-Pacific energy transition, Vietnam is quietly making a significant mark. According to the latest data jointly released by Vietnam Electricity (EVN) and the Global Wind Energy Council (GWEC) on August 4, 2026, with the grid connection of the last batch of turbines off the coast of Ca Mau Province, Vietnam's cumulative offshore wind capacity has surpassed the 10 GW mark. This not only makes Vietnam the first Southeast Asian offshore wind powerhouse to join the "10 GW Club" but also signals a southward shift in the center of gravity of the Asia-Pacific clean energy landscape.
Dual Drivers of Policy Dividends and Foreign Capital Influx
The explosion of Vietnam's offshore wind sector is no accident. Looking back to 2023, the Vietnamese government approved the Eighth National Power Development Plan, explicitly positioning offshore wind as a core pillar for achieving its 2050 carbon neutrality goal. The policy set an ambitious blueprint of reaching 6 GW of offshore wind capacity by 2030 and 40 GW by 2045. However, actual development has far exceeded expectations. With the improvement of the Direct Power Purchase Agreement (DPPA) mechanism and financial support from the Asian Development Bank (ADB)-led Just Energy Transition Partnership (JETP), multiple gigawatt-scale wind power base projects in Vietnam's southern waters accelerated their implementation between 2025 and 2026.
It is noteworthy that Vietnam's rapid offshore wind development does not rely solely on local forces. Against the backdrop of global supply chain restructuring, Chinese wind turbine manufacturers and component suppliers, leveraging technological iteration and cost advantages, are becoming the "hidden champions" behind Vietnam's wind farms.
Supply Chain Restructuring: The New Logic of Chinese Wind Power "Going Global"
According to industry statistics, among the new offshore wind projects connected to the grid in Vietnam in the first half of 2026, the proportion using Chinese wind turbines exceeded 60% for the first time, a figure that was only 35% in 2024. Companies like Mingyang Smart Energy, Envision Energy, and Goldwind Technology have successfully bypassed some European and American trade barriers and significantly reduced logistics costs by establishing assembly bases in Vietnam or forming joint ventures with local state-owned enterprises.
"The surge in Vietnam's offshore wind capacity is essentially a deep integration of the Asia-Pacific new energy supply chain," an analyst from Asia-Pacific Oil & Gas Finance noted. "The 'going global' path once taken by China's photovoltaic industry is being perfectly replicated in the wind power sector. This not only alleviates the pressure of overcapacity in domestic wind power equipment but also allows Vietnam to accelerate its energy transition at a lower levelized cost of electricity (LCOE)." Currently, the bidding electricity prices for some nearshore projects in Vietnam have fallen below 5.5 US cents/kWh, demonstrating strong market competitiveness.
A Shift in Asia-Pacific Energy Investment Logic
The breakthrough in Vietnam's offshore wind is changing the investment logic of international capital in the Asia-Pacific energy market. In the past, Asia-Pacific energy investment mainly focused on China's large-scale wind and solar bases and Australia's hydrogen projects. Now, with its superior offshore wind resources and rapid electricity demand growth, Vietnam is becoming a new investment hotspot.
In the second quarter of 2026, the proportion of renewable energy investment flowing into Southeast Asia in the Asia-Pacific region rose to 22%, with Vietnam taking the lion's share. This has not only driven demand for high-end equipment like offshore wind installation vessels and submarine cables but also accelerated regional power interconnection. Vietnam plans to export green electricity to power-scarce markets like Singapore and Malaysia via cross-border submarine cables, further solidifying its position in the Asia-Pacific energy geopolitical landscape.
Challenges Remain: Grid Absorption and Deep-Sea Technology
Despite the impressive installed capacity, challenges lurk behind Vietnam's offshore wind "honeymoon period." With the surge in capacity, the absorption capacity of the power grid in central and southern Vietnam is nearing its upper limit, with some wind farms experiencing minor curtailment in the summer of 2026. EVN is urgently advancing the construction of ultra-high voltage transmission lines of 500 kV and above, but this takes time.
Furthermore, as prime nearshore resources are fully developed, Vietnam is poised to move into deep-sea floating wind. This poses exponential demands on technology, capital, and maintenance capabilities. Industry insiders warn that without sustained policy incentives and a robust localized operation and maintenance system, Vietnam's offshore wind sector could face a cost cliff in the "post-10 GW era."
Conclusion
Vietnam's offshore wind installed capacity surpassing 10 GW (Editor's note: The original text mentioned 300 GW, which should be 10 GW, the latest cumulative grid-connected capacity as of August 4, 2026) is a major milestone in the Asia-Pacific energy transition. It not only demonstrates the immense potential of emerging economies in the clean energy sector but also reveals a new trend of "decentralization" in the global energy supply chain. For Chinese energy companies, this represents a historic opportunity to move from "product export" to "standard export." Riding the wave of the energy transition, the Asia-Pacific region is forming a virtuous cycle driven by demand and supported by industrial chain synergy.
