The Government proposes that offshore wind power investors have a minimum charter capital of 10,000 billion, equity not less than 15% of the project investment.
On the evening of November 24, the National Assembly’s Upper Affairs Committee commented on the draft resolution to remove difficulties in national energy development in the period 2026 – 2030.
Minister of Industry and Trade Nguyen Hong Dien presented the draft resolution at the meeting on the evening of November 24. Image: National Assembly Media
In the draft, the Government adds regulations on offshore wind power development. Accordingly, businesses proposed to survey this energy project need to meet 3 conditions, including electricity business, minimum charter capital of VND 10,000 billion and equity not less than 15% of the total investment for the project.
By January 1, 2031, the Government plans to assign the Provincial People’s Committee the right to approve investment policies for offshore wind power projects. In case there is only 1 investor proposing, the Provincial People’s Committee needs to consider and organize appraisal to approve the policy according to regulations.
For projects with 2 or more investors registered, businesses are selected according to priority criteria. The first is that the project location has a lower expected electricity price, followed by a lower total preliminary investment capital, a business with better financial capacity, and a valid application submission time.
The Government also proposed that offshore wind power projects be exempted or reduced in fees for using marine areas. Along with that, during the loan repayment period, these projects that sell electricity to the national electricity system will be guaranteed a purchase contract of at least 90% of the project’s average multi-year electricity output.
Minister of Industry and Trade Nguyen Hoang Dien said that there are currently many proposals to conduct field surveys and approve investment policies in offshore wind power projects from domestic and foreign investors. According to him, Vietnam does not have basic survey data to serve offshore wind power development, as well as lacks synchronization of port infrastructure for this power development by 2030.
Therefore, the Minister said that there needs to be an outstanding mechanism to accelerate the implementation of projects in the approved planning, especially projects planned to operate in 2030 and 2035.
According to the adjusted Power Plan VIII, Vietnam will have 6,000 MW of offshore wind power by 2030, and 17,500 MW by 2035. By 2050, this power capacity is expected to reach 113,000-139,000 MW.
Commenting at the meeting, National Assembly Chairman Tran Thanh Man noted the regulation that offshore wind power projects are allowed to apply a long-term minimum contract power output of 90% of the average output for many years within the loan principal repayment period.
In addition, the Chairman of the National Assembly also proposed to clarify in the draft resolution the form of indirect government guarantee to corporations and businesses and comprehensively evaluate the impact of this regulation on public debt safety and fiscal stability. He also asked the drafting agency to pay attention to regulations on direct electricity trading mechanisms or electricity prices in purchase contracts calculated in USD.