Vietnam is looking to Norwegian companies for technology, investment and engineering expertise as it seeks to develop its offshore wind industry, creating potential opportunities for Nordic businesses in Southeast Asia.
The cooperation comes as Vietnam works towards offshore wind capacity targets of 6,000 megawatts by 2030 and 17,000 megawatts by 2035 under its revised national power development plan, according to VietnamPlus.
Norway brings experience from its established offshore energy industry, including expertise in engineering, subsea infrastructure, offshore construction and marine operations. Several Norwegian companies already operate across the international offshore wind supply chain.
Among them are DNV, which provides technical advisory and certification services; Fred. Olsen Windcarrier, which specialises in offshore wind turbine installation; and Reach Subsea, which provides subsea services.
Capable infrastructure
Vietnam also has an industrial base that could support the development of offshore wind. Its oil and gas sector has enabled local companies to build experience in offshore engineering, fabrication and specialised technical services.
Vietnam Petroleum Technical Services Corporation (PTSC), part of Petrovietnam, has expanded its involvement in international offshore wind supply chains through the fabrication of offshore structures and substations.
Norwegian companies are already supplying technology for offshore substations, an area in which PTSC is working with Danish partner Semco. Further cooperation could involve submarine cables, underwater structures and other specialised engineering services.
Trade agreement allows bigger investments
The Norwegian interest comes amid broader efforts to strengthen economic ties between the two countries. On 18 October, Norway and the other European Free Trade Association (EFTA) states — Iceland, Liechtenstein and Switzerland — signed a free trade agreement with Vietnam.
The agreement is expected to improve market access for Norwegian exporters and facilitate greater investment and trade in services once it enters into force.
Vietnamese officials have also encouraged Norway to expand investment in renewable energy, energy storage and smart grids. The Vietnamese government has called for Norway’s investment fund Norfund and Norwegian businesses to help turn existing energy-transition commitments into concrete projects.
For Nordic companies, Vietnam’s offshore wind ambitions offer a potential market in which Norwegian offshore expertise and Danish engineering capabilities could complement local industrial capacity.
However, the scale of the opportunity will depend on how quickly Vietnam can translate its targets and international partnerships into viable projects, financing arrangements and construction contracts.
Sources: VietnamPlus, Norwegian Ministry of Foreign Affairs
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