Vietnam Offshore Wind Energy Market

Vietnam Offshore Wind Energy Market Overview:

The Vietnam offshore wind energy market size reached USD 58.40 Million in 2024. The market is projected to reach USD 166.16 Million by 2033, exhibiting a growth rate (CAGR) of 12.32% during 2025-2033. The market is expanding due to increasing investments in renewable power generation and government initiatives promoting clean energy transition. Moreover, rising energy security needs and large-scale coastal wind projects continue to strengthen Vietnam offshore wind energy market share across industrial and utility-scale applications.

Vietnam Offshore Wind Energy Market Trends:

Government Support Driving Market Expansion

Government initiatives have been one of the strongest forces behind Vietnam offshore wind energy market growth. In recent years, the Vietnamese government has introduced favorable policies, including renewable energy targets, tax incentives, and streamlined approval processes, to attract both domestic and international investors. These policies align with the country’s Power Development Plan VIII, which highlights offshore wind as a crucial element of its long-term energy transition strategy. The government’s commitment to reducing carbon emissions and meeting its net-zero targets by 2050 is further fueling confidence in the sector. Along with regulatory support, Vietnam’s extensive coastline and favorable wind conditions make it a natural hub for large-scale offshore wind projects. Partnerships with global energy companies have also accelerated the pace of development, as they bring advanced technologies, financing models, and technical expertise. Together, these factors are positioning Vietnam as one of the fastest-emerging offshore wind energy markets in Southeast Asia, capable of meeting its growing domestic demand while also contributing to regional energy trade in the future.

Increasing Investments and Foreign Collaborations

Another key trend in the Vietnam offshore wind energy market is the growing inflow of investments and foreign collaborations. Multinational energy corporations and private equity players are actively entering Vietnam through joint ventures, project financing, and technology transfer agreements. These collaborations are particularly important because they provide Vietnam with access to modern offshore wind turbines, grid integration technologies, and operational expertise that the local industry is still developing. The financial commitments made by leading European and Asian companies reflect confidence in Vietnam’s long-term renewable energy potential. At the same time, domestic firms are also strengthening their role, participating in construction, supply chain activities, and local workforce development. This combination of foreign capital and local participation not only enhances the capacity of ongoing projects but also ensures the transfer of knowledge and skills within the country. As a result, investments are enabling Vietnam to accelerate the pace of offshore wind development, achieve economies of scale, and establish itself as a regional hub for renewable energy technology and services, further supporting its clean energy transformation.

Technological Advancements Enhancing Efficiency

Technological progress is playing a pivotal role in shaping the future of Vietnam’s offshore wind energy market. The adoption of larger, more efficient wind turbines and advanced floating platforms is making it possible to harness wind power from deeper waters, thereby expanding the potential project sites beyond the shallow coastal zones. Grid integration solutions are also being upgraded to ensure reliable transmission and minimize energy losses, which is critical for large-scale offshore projects. Digital technologies such as predictive analytics, AI-driven monitoring systems, and advanced maintenance solutions are helping operators improve efficiency, reduce downtime, and lower operational costs. Moreover, localized manufacturing of certain components, supported by growing domestic capabilities, is expected to reduce reliance on imports and enhance the competitiveness of Vietnam’s offshore wind sector. These advancements not only improve the financial viability of offshore wind farms but also increase their attractiveness to global investors seeking sustainable and high-return opportunities. As technology continues to evolve, Vietnam is well-positioned to benefit from innovations that drive down costs and boost project scalability, making offshore wind a cornerstone of its clean energy future.

Vietnam Offshore Wind Energy Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country and regional level for 2025-2033. Our report has categorized the market based on component, foundation type, capacity, and location.

Component Insights:

• Turbine
• Substructure
• Electrical Infrastructure
• Others

The report has provided a detailed breakup and analysis of the market based on component. This includes turbine, substructure, electrical infrastructure, and others.

Foundation Type Insights:

• Fixed Foundation
• Floating Foundation

A detailed breakup and analysis of the market based on foundation type have also been provided in the report. This includes fixed foundation and floating foundation.

Capacity Insights:

• Less Than 5 MW
• Greater than or Equal to 5 MW

The report has also provided a comprehensive analysis of the market based on capacity. This includes less than 5 MW and greater than or equal to 5 MW.

Location Insights:

• Shallow Water
• Transitional Water
• Deep Water

A detailed breakup and analysis of the market based on location have also been provided in the report. This includes shallow water, transitional water, and deep water.

Regional Insights:

• Northern Vietnam
• Central Vietnam
• Southern Vietnam

The report has also provided a comprehensive analysis of all the major regional markets, which include Northern Vietnam, Central Vietnam, and Southern Vietnam.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Vietnam Offshore Wind Energy Market News:

• August 2025: Copenhagen Infrastructure Partners (CIP) and PETROVIETNAM entered a joint agreement to develop an offshore wind project in Vietnam, supported by CIP’s Growth Market Fund II. The initiative strengthened Vietnam’s energy security and encouraged a local supply chain, fostering offshore wind energy market expansion.

Vietnam Offshore Wind Energy Market Report Coverage:

Key Questions Answered in This Report:

• How has the Vietnam offshore wind energy market performed so far and how will it perform in the coming years?
• What is the breakup of the Vietnam offshore wind energy market on the basis of component?
• What is the breakup of the Vietnam offshore wind energy market on the basis of foundation type?
• What is the breakup of the Vietnam offshore wind energy market on the basis of capacity?
• What is the breakup of the Vietnam offshore wind energy market on the basis of location?
• What is the breakup of the Vietnam offshore wind energy market on the basis of region?
• What are the various stages in the value chain of the Vietnam offshore wind energy market? 
• What are the key driving factors and challenges in the Vietnam offshore wind energy market?
• What is the structure of the Vietnam offshore wind energy market and who are the key players?
• What is the degree of competition in the Vietnam offshore wind energy market? 

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Vietnam offshore wind energy market from 2019-2033.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Vietnam offshore wind energy market.
• Porter's Five Forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Vietnam offshore wind energy industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.