Offshore wind is the most anticipated segment in the adjusted PDP8 — and the one with the newest rulebook. The Electricity Law 61/2024/QH15 (effective 1 February 2025) sets, for the first time, a framework for selecting power-project investors, with bidding as the primary method for offshore wind. Investors used to the old petition-based system must update their thinking.
Why bidding: sea areas are national assets
Unlike onshore solar (where investors arrange their own land), offshore wind uses sea areas — resources owned by the people and managed by the State, tied to defence, security and navigation. The State therefore selects investors through bidding to ensure openness, transparency and the most capable investor, replacing the petition-based mechanism prone to abuse.
The 2024 Electricity Law sets investor-selection principles for power projects; detailed decrees and circulars on bidding conditions and procedures are being finalised — investors must track guidance closely, as this is an entirely new field with no full implementation precedent in Vietnam.
Tender criteria: capability is king
Under the legal framework’s direction, offshore wind investor criteria focus on: financial capacity (equity, ability to raise billion-dollar project finance), offshore wind track record (where similar projects were delivered), technical-technology plans (turbine type, connection scheme), and schedule commitments.
The proposed tariff is also key as Vietnam moves to competitive pricing. Foreign investors may bid but must meet defence and security conditions — in practice, many international investors joint-venture with Vietnamese partners experienced in marine operations.
What to prepare now
Three immediate actions: one, track offshore wind bidding guidance — the detailed rules sit in decrees and circulars, not all in the law; two, prepare capability dossiers (project track record, financial statements) to international standards; three, conduct preliminary surveys of target sea areas within legal limits for initial wind data at bidding. Early movers with data in hand always hold an edge.
This article has been quality-reviewed by the FLAW AI Legal Council.
Frequently Asked Questions
Must offshore wind investment in Vietnam go through bidding?
Yes, under the direction of the Electricity Law 61/2024/QH15 — bidding is the primary method for selecting offshore wind investors, given the use of state-managed sea resources. Detailed conditions and procedures in guiding decrees and circulars are being finalised and must be tracked closely.
What are the offshore wind tender criteria?
The focus is capability: financial (equity, billion-dollar fundraising), offshore wind delivery experience, technical-technology plans, schedule commitments, and the proposed tariff amid the shift to competitive pricing.
Can foreign investors bid for offshore wind?
Yes, but defence and security conditions apply — sea areas implicate national sovereignty. In practice, many international investors joint-venture with Vietnamese partners experienced in marine operations to boost feasibility.