Vietnam Offshore Wind Energy Market Size, Trends and Report 2033

The Vietnam offshore wind energy market was valued at USD 58.40 Million in 2024 and is projected to reach USD 166.16 Million by 2033, growing at a CAGR of 12.32% during the forecast period of 2025-2033. The market expansion is supported by increasing investments in renewable energy and government initiatives promoting clean energy. Additionally, Vietnam's extensive coastline and favorable wind conditions are pivotal for offshore wind projects.

Study Assumption Years

• Base Year: 2024
• Historical Year/Period: 2019-2024
• Forecast Year/Period: 2025-2033

Vietnam Offshore Wind Energy Market Key Takeaways

• The market size reached USD 58.40 Million in 2024.
• The market is forecasted to achieve a CAGR of 12.32% between 2025 and 2033.
• Forecast period considered is from 2025 to 2033.
• Government initiatives including renewable energy targets, tax incentives, and streamlined approval processes are driving growth.
• The Power Development Plan VIII emphasizes offshore wind as a key to energy transition.
• Increasing investments and foreign collaborations, including joint ventures and technology transfers, are accelerating market development.
• Technological advancements such as larger turbines, floating platforms, and AI-driven monitoring enhance efficiency and project scalability.

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Market Growth Factors

Government encouraging policies such as renewable energy targets, tax incentives and simplified permitting procedures are cited for Vietnam's offshore wind industry growth. These offshore wind policies act as a good way to promote domestic and foreign investments in the sector and align with the government's Power Development Plan VIII. It states that offshore wind is important for Thailand's long-term renewable energy transition. Vietnam's government has committed to reduce carbon emissions and target net-zero by 2050 for investor confidence. Vietnam will become Southeast Asia's largest offshore wind market because Vietnam has a long coastline, good wind resources, and government support.

The country invests and jointly ventures with multinational energy companies and private equity firms that finance projects and transfer technology, so they can access the advanced offshore turbines, grid integration technologies, and operational experience that their projects require. Many large European and Asian companies invest and participate, which further convinces investors and makes Vietnam's renewable energy market credible. Domestic firms that involve themselves in the supply chain, construct projects, and train the workforce can accelerate the development of offshore wind projects. Involvement can ease technology transfer and knowledge sharing. Firms can achieve economies of scale and help Vietnam become a regional renewable energy hub.

Vietnam can build an offshore wind energy industry due to technological leaps. Larger and more efficient offshore wind technology and floating platforms will enable deeper offshore wind farms beyond the limit of shallow waters in coastal areas. Technologies that connect to the grid to improve it will reduce energy losses from transmission across longer distances toward making larger offshore wind projects feasible. Analytics through artificial intelligence, machine learning, and digital technology, reduce costs and minimize downtime. Local component manufacturing along with technological innovation causes cost competitiveness. It attracts international capital. It eases offshore wind scale-up. They reduce import dependency and improve competitiveness, with offshore wind seen as a key technology in Vietnam's clean energy transition.

Market Segmentation

Component Insights:

• Turbine: Key in harnessing wind energy efficiently, turbines form the primary component of offshore wind projects.
• Substructure: Supports the turbines structurally, enabling stability in marine environments.
• Electrical Infrastructure: Facilitates transmission of generated power from offshore installations to the grid.
• Others: Encompasses ancillary components contributing to overall project functionality.

Foundation Type Insights:

• Fixed Foundation: Traditionally used in shallower waters where seafloor conditions allow stable anchoring.
• Floating Foundation: Enables offshore projects in deeper waters through buoyant structures anchored to the seabed.

Capacity Insights:

• Less Than 5 MW: Smaller capacity turbines suitable for limited scale projects.
• Greater than or Equal to 5 MW: Larger scale turbines supporting utility-scale offshore wind farms.

Location Insights:

• Shallow Water: Areas with relatively shallow marine depths suitable for fixed foundations.
• Transitional Water: Intermediate depth zones bridging shallow and deep waters.
• Deep Water: Zones with significant depth requiring advanced foundation solutions like floating platforms.

Regional Insights

Vietnam's offshore wind energy market covers three major regions: Northern Vietnam, Central Vietnam, and Southern Vietnam. While specific market share and CAGR statistics by region are not detailed, the report highlights the overall national growth driven by extensive coastline and regional project developments. The government's strategic plans and foreign investments extend across these regions to maximize renewable energy capacity.

Recent Developments & News

In August 2025, Copenhagen Infrastructure Partners (CIP) and PETROVIETNAM entered into a joint agreement to develop an offshore wind project in Vietnam. Supported by CIP’s Growth Market Fund II, this initiative aims to bolster Vietnam’s energy security and promote a local supply chain. This collaboration signifies a critical step in expanding the offshore wind energy market, fostering sustainable growth through foreign partnership and local development.

Key Players

• Copenhagen Infrastructure Partners (CIP)
• PETROVIETNAM

Customization Note

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