On January 16, 2022, in Dong Hai commune, Duyen Hai district, Tra Vinh province, Trung Nam Tra Vinh I Wind Power Joint Stock Company, a member of Trung Nam Group inaugurates Dong Hai Wind Power I plant. Photo: VNA

In September 2022, Japan's Sumitomo Corporation announced a wind power project off the coast of Vietnam. Three months later, the company conducted a survey to study cable routes. It intends to put into operation a wind power plant in Vietnam with a capacity of 500 MW to 1 GW by 2030.

Renova, a company specializing in renewable energy, is also seeking market share of offshore wind power in Vietnam. In April 2022, Renova signed a memorandum of understanding on offshore wind development with Vietnam Oil and Gas Group to build a 2 GW power plant. The Japanese company is considering developing a floating offshore wind power plant with turbines floating on the sea.

Strong winds off the southern coast of Vietnam makes it one of the best places in the region to explore offshore wind power, Nikkei Asia said, adding that the Vietnamese government's commitment to fully decarbonize by midcentury, coupled with an urgent power generation deficit, make this an attractive time to invest in its renewable energy infrastructure.