the 7th Vietnam Onshore Offshore Wind and Energy Storage Summit(VOOWESS) Oct.29-30,2024,HCMC,Vietnam REGISTER NOW! |
the 7th Vietnam Onshore Offshore Wind and Energy Storage Summit(VOOWESS)Oct.29-30,2024,HCMC,Vietnam REGISTER NOW! |
the 7th Vietnam Onshore Offshore Wind and Energy Storage Summit(VOOWESS)Oct.29-30,2024,HCMC,Vietnam REGISTER NOW! |
OPPORTUNITIES
A.Large amount of jobs created, with both blue collar and white collar workers
B.Supply chain opportunities to grow and evolve existing company capabilities
C. Further foreign investment in Vietnam's supply chain to increase capabilities and capacity to deliver for its home market needs
D. Upskilling of labor force with training and knowledge sharing to enable organic growth of Vietnamese-skilled workforce
E. Creation of one or more land-based offshore wind hub to serve multiple projects in Vietnam, and attract numerous supporting businesses
F. Utilize the strong existing supply chain, large labor force, good port infrastructure, and land availability to evolve into southeast Asia's supply chain hub to serve multiple other markets
H.Increased energy security in Vietnam
G.Economic injection into the country and province
CHALLENGES
A.Lack of Implementation Plan for Power Development Plan VIII (PDP8)
1. Unclear investor selection process
2. Missing grid infrastructure detail and commitments
3. Constrained cross-country transmission and balancing systems
4. Retail market and power pricing reform
5. Focus on immediate auctions will lead to delays and risk of non-delivery
B. Unapproved Decree 11 allowing offshore surveys to progress development work
1.Site survey exclusivity not established
2.High costs foreseen for seabed lease with no association with investor selection
3.Short survey time period (3 years)
4.Risk of delays if applications cannot be decided due to competing developers
5. Lack of clarity on qualifying criteria
6. Lack of association of offshore survey works with investor selection
C. Power Purchase Agreements not functional
1.Curtailment allowed and not capped
2. Termination clause with lack of adequate compensation mechanism
3. Need for an internationally recognised governing law if disputes arise
4. Currency-indexed for offtake price stability
D. Yet to be tested Electricity Law to allow private investment in transmission system
1. Clarity on who is responsible for establishing and maintaining the onshore transmission system
2. Without private investment grid upgrades and new transmission infrastructure will likely be delayed
3. Lack of certainty on timing to transmit energy to the grid
4. Restriction for connecting to more supportive grid infrastructure
5. Prevents enabling further renewable energy connections
E. Mismatched Vietnamese quality and standards with global requirements
Need to incorporate international standards for Certification, Quality, Health and Safety, and Environmental considerations to meet requirements of
international financing and development companies, and required insurance for these large projects.
F.Delays to Marine Spatial Plan (MSP)
1.Vietnam is seeking MSP to be in place prior to nominating/accepting offshore wind sites
2. Full and detailed MSP is not necessary to enable the first offshore wind projects - it did not prevent oil and gas
3. Targeted MSP could be considered in key provinces of initial offshore wind focus
4. Hybrid screening and scoping work can temporarily enable offshore wind when accompanied by international standard Environmental Impact Assessment
