Vinh Phong Offshore Wind, Vietnam

Vinh Phong Offshore Wind is a 1,000MW offshore wind power project. It is planned in South China Sea, Binh Thuan, Vietnam. The project is currently in permitting stage. It will be developed in multiple phases. The project construction is likely to commence in 2023 and is expected to enter into commercial operation in 2026.

Free Report

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.

By GlobalData

By clicking the Download Free Report button, you accept the terms and conditions and acknowledge that your data will be used as described in the GlobalData privacy policy

By downloading this Report, you acknowledge that we may share your information with our white paper partners/sponsors who may contact you directly with information on their products and services.

Visit our privacy policy for more information about our services, how we may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Project Type	Total Capacity (MW)	Active Capacity (MW)	Pipeline Capacity (MW)	Project Status	Project Location	Project Developer
Offshore	1,000	–	1,000	Permitting	Binh Thuan, Vietnam	DEME Offshore; Vietsovpetro JVC

Description

The project is being developed by DEME Offshore and Vietsovpetro JVC. Deme Concessions and Zarubezhneft are currently owning the project.

The project cost is expected to be around $3,159.46m.

Development Status

The project construction is expected to commence from 2023. Subsequent to that it will enter into commercial operation by 2026.

About Vietsovpetro JVC

Vietsovpetro JVC (Vietsovpetro) is an oil and gas company that provides exploration and production of petroleum and natural gas. The company offers services such as logging and testing, oil and gas production; operation, maintenance and repair of offshore facilities; engineering, procurement, commissioning and installation of offshore platform; and drilling and well survey services. It also provides gas facility and management; marine transportation and diving services; operation and maintenance of compressor platform; oil spill prevention services; and port and logistics services, among others. Vietsovpetro is headquartered in Vung Tau, Lang Son, Vietnam.

Methodology

All power projects included in this report are drawn from GlobalData’s Power Intelligence Center. The information regarding the project parameters is sourced through secondary information sources such as electric utilities, equipment manufacturers, developers, project proponent’s – news, deals and financial reporting, regulatory body, associations, government planning reports and publications. Wherever needed the information is further validated through primary from various stakeholders across the power value chain and professionals from leading players within the power sector.