The Vietnamese economy is one of the fastest growing in the Asia-Pacific region, averaging close to 7% growth over the past decade. Vietnam was one of the very few countries globally to achieve economic growth in Covid-disrupted 2020, recording an increase in GDP of 2.9%.
Home to a population of close to 100 million, Vietnam’s energy needs are substantial and ever-increasing. Consuming more energy per unit of economic output than the Philippines, Malaysia, Indonesia and India, Vietnam is one of the world’s most energy-intensive economies. It is expected that Vietnam’s electricity demand will continue to increase at an average rate of up to 9% annually over the next decade.
Vietnam’s onshore, nearshore and offshore wind power potential is particularly significant, and is attracting diverse global interest, including recent characterization by the World Bank as world class.
This guide seeks to provide investors with a brief overview of the current Vietnamese wind energy market, exploring the primary opportunities and challenges from a legal perspective.
