PetroVietnam to Lead Vietnam’s Renewable Energy Sector

October 2022

The Vietnam Oil and Gas Group (Petrovietnam) recently announced that it has full capacity and advantages in future offshore wind power development and renewable energy projects. The assertion was made at a symposium on offshore wind power and hydrogen production.

According to the press release, hydrogen and offshore wind power will be crucial components of the global energy structure and essential to the energy transition and the reduction of greenhouse gas (GHG) emissions necessary to reach net zero emissions by the year 2050.

Vietnam is expected to witness rapid growth in the worldwide hydrogen market and industry after 2030. The World Bank stated that Vietnam has the biggest potential in Southeast Asia in terms of offshore wind power, with the total amount reaching up to 475 GW. According to the proposed National Power Development Plan (PDP VIII) for the years 2021 to 2030 with a vision to 2045, the similar figure is 207 GW.

The development of offshore wind power is of considerable significance for Vietnam, as it can combine low carbon emission targets with socioeconomic growth, energy security, and industrialization aims toward the goal of net zero emissions.

To participate in and lead the supply chain and the development of offshore wind power projects, PetroVietnam, and its member companies can highlight their advantages in experience and human resources in designing, manufacturing, and operating sea-based works. In addition, the corporation is also advised to improve the rate of equipment localization and lower the cost of electricity production to lay the groundwork for the future development of hydrogen energy.

(Source: VietnamPlus)

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