Norwegian energy giant Equinor has decided to halt its investment plans in Vietnam’s offshore wind sector, creating a significant setback for the Southeast Asian country’s green power ambitions. A spokesperson from the company confirmed to Reuters, that Equinor will discontinue its business development in Vietnam and close its Hanoi office, marking the first time the company has shut down an international office focused on offshore wind.
Vietnam has attracted global interest for its strong offshore wind potential, but regulatory delays have led several investors to reconsider. Equinor’s exit follows a similar move by Danish company Ørsted, which paused its plans for large offshore wind farms in the country last year.
Vietnam aims to install 6 GW of offshore wind capacity by 2030, but ongoing political instability and concerns over projects in the contested South China Sea have stalled progress. The government’s push to assign the first pilot project to state-owned companies has also raised concerns among foreign investors.
Related posts:
Nordic ambassadors call for green energy in Indonesia
Danish environmental minister visited China from 25-29 November to discussed green solutions and strengthen bilateral relationships
Reuse, recycle, reduce: Pink Pandora goes green
Norwegian renewable energy fund invests millions in Chinese companies suspected of forced labor
