Vietnam targets to add 6,000 MW of offshore wind power to its masterplan by 2030 and put the related projects into operation in 2030-2035, said Deputy Minister of Industry and Trade Nguyen Hoang Long.

Long made the statement at a Wednesday meeting with a German delegation, featuring Ambassador Helga Margarete Barth; Heiko Wuttke, CEO of renewable energy developer Pure New Energy (PNE); and Thorsten Fastenau, vice president of PNE.

Vietnam aims to have 113,503-139,097 MW of offshore wind power by 2050, he added.

The country also plans to develop offshore wind energy and other renewables, including solar power, nearshore wind power, and land-based wind power, to manufacture new energy (green hydrogen and ammonia), serving both the domestic and export markets, Long said.

The country targets 15,000 MW of offshore wind power in 2035 and 240,000 MW in 2050 for new energy production, he added.

In reply, Ambassador Helga Margarete Barth said Germany highly rates Vietnam’s plans for new energy and renewable energy and is willing to cooperate with Vietnam, especially in wind power.

PNE started studying the $4.6 billion Hon Trau offshore wind power project in Vietnam in 2019. In November 2022, the company and the central coastal province of Binh Dinh signed a memorandum of understanding to deploy the project.

According to PNE, the project will be executed on Hon Trau island, 10 kilometers off the coast of De Gi estuary. The project is designed to have a capacity of 2,000 MW and be implemented in three phases. Some 50 turbines are slated to be installed in each phase.

Ten kilometers is less than the requirement of six nautical miles (11.1 kilometers) per the definition of offshore wind energy stipulated in the Electricity Law 2024.

Taiwan-based Wistron NeWeb, a supplier of SpaceX, will invest $30 million more in its Vietnam subsidiary Neweb Vietnam as a “long-term investment.”

In a filing with the Taiwan Stock Exchange (TWSE) last week, Wistron NeWeb said the funding will be provided in stages according to the capital expenditure plan and funding needs of Neweb Vietnam. It does not provide other details.

Neweb Vietnam was established in 2020 and entered operation from August 2021. According to Wistron NeWeb, the activities of the Vietnamese subsidiary include satellite communications products and mobile communications products.

The project’s initial capital is $60 million, according to an investment registration certificate granted to Neweb Vietnam in 2020.

The project covers 11.3 hectares in Dong Van III Industrial Park, the northern province of Ha Nam. The first phase of 64.3 hectares has an annual capacity of 10 million domestic smart devices and 10 million wireless/business network/infrastructure network items.

The second phase will double the capacity of each item.

Prime Minister Pham Minh Chinh last week directed Vietnamese authorities to urgently carry out pilot licensing for SpaceX’s Starlink satellite internet services.

Chinh made the requests at a forum in Hanoi with the participation of 38 leading American companies, including Warburg Pincus, Meta, Polaris, Ford, Amkor, Amazon Web Services, Boeing, Gap, GE Venora, AES, Mastercard, AIG, Coca Cola, Bower Group Asia, and Bay Global Strategies.

Vietnam’s Minister of Industry and Trade, Nguyen Hong Dien, has reaffirmed the country’s commitment to fostering a balanced and mutually beneficial economic and trade relationship with the United States.

Dien made this statement during a meeting with US Trade Representative Jamieson L. Greer in Washington, DC on March 13, where they discussed bilateral economic and trade cooperation.

This was the first official ministerial-level meeting between the two countries since the new US administration took office.

US Trade Representative Jamieson L. Greer and the Minister of Industry and Trade Nguyen Hong Dien. Photo: Ministry of Industry and Trade

Dien declared the US as one of Vietnam’s most critical strategic partners and spoke of his eagerness to strengthen the comprehensive strategic partnership between the two nations in a practical, in-depth, and sustainable manner.

“The economies of Vietnam and the US are complementary, particularly in their trade structures, which has allowed bilateral trade to grow rapidly and remain stable for many years,” said Minister Dien. “This helps establish key foundations and ensures national interests in bilateral cooperation.”

Dien emphasised Vietnam’s consistent policy of promoting a balanced and mutually beneficial economic and trade relationship with the US. “Vietnam has no intention of creating obstacles that could harm American workers, economic security, or national security, and our government is implementing measures to encourage comprehensive and sustainable economic, trade, and investment relations between our two countries.”

Dien also urged technical teams from both sides to continue discussions so that the US can recognise Vietnam’s market economy status. “This would be a significant decision, reflecting the status of our comprehensive strategic partnership,” he added.

Meanwhile, Greer spoke of how the intent of the new trade policies is not to harm US partners, but rather to ensure that there will be mutual economic benefits in trade relations going forward.

“Vietnam needs to take stronger measures to further open its market and improve the trade balance between our two countries,” said Greer.

Vietnam and the US have mutually agreed on the need for close coordination to foster a fair and sustainable business environment. To that end, the two countries pledged to proactively review and address trade barriers that hinder investment and business operations. Additionally, they emphasised the importance of establishing mechanisms to monitor and prevent trade fraud, origin misrepresentation, and illegal transshipment.

Diplomatic relations between Hanoi and Washington were established in 1995, with a comprehensive strategic partnership following in 2023. The US is Vietnam’s second-largest export market with bilateral trade volume reaching nearly $150 billion last year.