Offshore wind power projects in Vietnam must have the participation of domestic enterprises with at least 5% of chartered capital or voting shares of the company that implements such projects.
The “domestic enterprises” must be wholly state-owned enterprises (SOEs) or firms with SOEs holding more than a 50% stake.
The above regulations are mentioned in the government’s Decree 58/2025 on renewable and new energy, effective from March 3, 2025.
A sea-based wind power project in Bac Lieu province, Mekong Delta, southern Vietnam. Photo courtesy of Market Times magazine.
Another requirement for foreign investors is that they must have experience in investing and developing at least one offshore wind power project that is operational in Vietnam or in the world.
“Experience” includes direct investment, contributing a minimum 15% of the project’s total investment capital, and the ratio of equity to capital contribution being at least 20%.
If not contributing capital, the foreign investors must be a unit performing one of the following activities: project management or design or construction.
In case the project investor is a consortium, “experience” is the total experience of the consortium members.
They must also commit to utilizing domestic supplies (workforce, service, products) during their investment, construction and operation, on the basis of ensuring competitiveness of prices, quality, schedule, and available capability.
Vietnam currently has no offshore wind power projects. The country 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, Deputy Minister of Industry and Trade Nguyen Hoang Long said last week. The target is 113,503-139,097 MW of offshore wind power by 2050, he added.
German renewable energy developer Pure New Energy’s (PNE) $4.6 billion Hon Trau wind power project in Vietnam’s south-central province of Binh Dinh has recently been re-classified as a nearshore wind power project.
Copenhagen Infrastructure Partners (CIP), a major Danish renewable energy developer, entered Vietnam in 2019 with the 3.5 GW La Gan offshore wind farm project in Binh Thuan province as its first project.
Hundreds of millions of U.S. dollars are flowing into Cam Lam district, providing a major boost for Khanh Hoa as the province in south-central Vietnam accelerates its plans to develop an international-standard airport town.
A corner of Cam Lam district, Khanh Hoa province, south-central Vietnam. Photo by The Investor/Nguyen Tri.
The provincial People’s Committee recently issued decisions to select investors for four large urban complex projects, with a total investment exceeding VND22 trillion ($862.24 million) in Cam Lam district.
The Cam Tan Urban Complex spans over 290 hectares in Cam Tan and Suoi Tan communes, with a projected population of around 4,020 people and a total investment exceeding VND5.73 trillion ($224.6 million).
The Cam Thuong Urban Complex, at the cost of nearing VND6 trillion ($236.9 million), covers nearly 300 hectares in the same two communes and will be home to 4,010 people.
Located in Cam Tan and Cam Hoa communes, the 300-hectare Cam Hoa Urban Complex will have an investment of over VND5.24 trillion ($200 million) and house 4,410 people.
Lastly, the over VND5.1 trillion ($200 million) Suoi Tan Urban Complex, spanning nearly 240 hectares in Suoi Tan commune, will accommodate around 4,020 people.
The provincial People’s Committee also approved a list of projects seeking non-budget investments for the 2025–2030 period, including three projects in Cam Lam.
The most notable is the 10,365-hectare Cam Lam New Urban Area project, with an investment of VND285.3 trillion ($11.18 billion). This major project aims to create a new urban area and world-class entertainment zone, making it one of Khanh Hoa’s flagship initiatives for the 2025–2030 period.
Developing Khanh Hoa’s southern growth pole
Positioned between the coastal towns of Nha Trang and Cam Ranh, Cam Lam benefits from a highly convenient transportation network.
With 13 kilometers of coastlines, the district has attracted significant investment over the past 20 years, leading to the development of numerous resorts that have transformed the area.
In February 2024, Deputy Prime Minister Tran Hong Ha approved a master plan for the new Cam Lam Urban Area until 2045. The planned area covers the entire administrative boundary of Cam Lam district, totaling over 54,719 hectares (excluding the Thuy Trieu Lagoon area).
Under the master plan, Cam Lam is set to become the southern growth hub of Khanh Hoa and the south-central coastal region, contributing to the province’s ambition to become a centrally governed city. Vietnam currently has six centrally managed cities, namely Hanoi, Hai Phong, Danang, Hue, Ho Chi Minh City, and Can Tho.
The district will be developed into a modern, international-standard airport town, focusing on coastal tourism, logistics services, finance, global innovation, education, healthcare, and cutting-edge research. The goal is to create a high-quality living environment with modern infrastructure.
In August 2024, the Khanh Hoa People’s Committee approved a zoning plan (scale 1/2000) that covers the coastal sub-area, the central urban sub-area, and the northern urban sub-area of the new Cam Lam town.
The central urban sub-area aims to develop a new political-administrative center for Cam Lam, as well as an innovation hub that is part of a larger regional center.
The northern urban sub-area will focus on developing a new urban center, featuring a chain of golf courses, amusement parks, and specialized parks near Cu Hin Mountain.
Meanwhile, the coastal urban sub-area will serve as a tourism, service, and coastal urban zone, acting as the maritime gateway to the new town.
Real estate market recovery
Nguyen Anh Tuan, vice president of the Khanh Hoa Real Estate Brokerage Association, stated that the local real estate market has emerged from its most challenging period and showed clear signs of recovery in 2024.
The market’s recovery is driven by significant improvements in infrastructure and well-planned, long-term development schemes, such as the Nha Trang master plan for 2040 and the Cam Lam airport town master plan through 2045, he noted.
These initiatives have drawn considerable interest from investors, highlighting the region’s sustainable property market growth potential.
“The real estate market in Khanh Hoa, particularly in hotspots like Nha Trang and Cam Lam, has experienced a notable rise in prices over the past year. This surge has created pressure for both homebuyers and new investors, potentially driving property prices to unsustainable levels, which could pose risks to liquidity and long-term value stability,” Tuan added.
With a strong foundation for recovery in 2024, Tuan believed that the local real estate market will continue to grow substantially in 2025, supported by the ongoing improvements in infrastructure.
Notably, key projects such as the Khanh Hoa-Buon Ma Thuot Expressway and the expansion of Cam Ranh Airport will play a pivotal role in stimulating the market and attracting further investment.
Digital travel platform Agoda is giving K-pop fans in Japan a reason to cheer with an exclusive offer to attend the Seoul Spring Festa’s opening concert, WONDER SHOW, which will take place on Wed, Apr. 30 at Seoul World Cup Stadium.
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The benefits of green transformation in industrial parks are both huge and lasting, according to leaders of the Ministry of Planning and Investment. However, in the short term, many challenges and obstacles have meant the transition process has not been as strong as expected.
The Ministry of Planning and Investment and the United Nations Industrial Development Organization (UNIDO) held a conference entitled “Advancing circular economy in Vietnam’s industrial parks for sustainable development” on the afternoon of April 12.
In his opening speech, Le Thanh Quan, Director General of the Department of Economic Zones Management under the Ministry of Planning (MPI), said that in the more than 30 years of establishment and development, industrial and economic zones have been recognised as playing an important role in fostering socio-economic development, accelerating the process of industrialisation and modernisation, and promoting international integration.
Circular economic development is a trend that many countries around the world consider to be the green industrial revolution of the 21st century and is consistent with the country’s development orientation in the coming period. In particular, the eco-industrial park model is seen as the driving force to boost the circular economy.
According to Quan, the benefits of this transformation are great and long-lasting, but in the short term, many obstacles are preventing the transformation process from taking place as strongly as expected.
Smail Alhilali, Industrial Development Officer at the Department of Environment, UNIDO, said: “Promoting circular economy in industrial zones can help Vietnam to not only reduce environmental impacts but also create opportunities for innovation and green growth.”
Vietnam has a lot of potential. With existing support and available directions, Vietnam should learn from previous countries and successfully implement digital and energy transformation. The country should not only focusing on cleaner production and reduced emissions but also address the consumption issues.
The conference included discussion sessions on the important role of industrial parks in implementing circular economy principles, the opportunities and challenges of integrating circular economy activities between different industries in industrial parks, and others.
