Market Overview

The Vietnam offshore wind energy market size was USD 58.40 Million in 2024 and is projected to reach USD 166.16 Million by 2033, growing at a CAGR of 12.32% during 2025-2033. Growth is driven by increasing investments in renewable power and government initiatives promoting clean energy. Vietnam's extensive coastline and favorable wind conditions, coupled with foreign partnerships, are positioning it as a fast-emerging offshore wind market in Southeast Asia. 

Study Assumption Years

• Base Year: 2024
• Historical Year/Period: 2019-2024
• Forecast Year/Period: 2025-2033

Vietnam Offshore Wind Energy Market Key Takeaways

• The market size reached USD 58.40 Million in 2024 with a CAGR of 12.32% forecasted for 2025-2033.
• Government initiatives including renewable energy targets and tax incentives are key growth drivers.
• Increasing investments and foreign collaborations are facilitating technology transfer and operational expertise.
• Technological advancements such as larger wind turbines and advanced floating platforms enhance market efficiency.
• Vietnam's extensive coastline offers favorable sites for large-scale offshore wind projects.
• Partnerships with global energy companies accelerate project development and investment.

Sample Request Link: https://www.imarcgroup.com/vietnam-offshore-wind-energy-market/requestsample

Market Growth Factors

Favorable government policies, such as renewable energy targets, tax incentives, and streamlined administrative procedures, have attracted investments into Vietnam's offshore wind energy market. The agreements align with the Power Development Plan VIII. The plan identifies offshore wind projects as priority initiatives. These initiatives support the energy transition. The government's pledges toward reducing carbon emissions and achieving net-zero emissions by 2050 create favorable conditions for market development and investor confidence in the sector.

Investment and foreign involvement also promote growth, with foreign multinational energy firms and private equity entering Vietnam under joint ventures and technology transfer agreements. This opens the door for modern offshore turbines, grid technology and operational experience to be applied. Foreign and domestic energy businesses commit money and energy to renewable investment and construction projects, showing confidence in Vietnam, easing knowledge transfer and enabling larger project sizes.

Technology is improving because larger, more efficient wind turbines and floating platforms have increased the number of sites where offshore wind farms can be sited beyond shallow coastal waters. Better grid integrates solutions. Digital technologies optimize performance using AI. Digital technologies predict maintenance. Solutions and technologies could help reduce local import dependencies. Solutions and technologies could improve cost-competitiveness. Solutions and technologies could create economies of scale for offshore wind projects while catching the attention of investors. These solutions can ensure the reliable delivery of electricity with less energy loss.

Market Segmentation

Component Insights:

• Turbine
• Substructure
• Electrical Infrastructure
• Others

Segments offer detailed analysis of market portions contributing to offshore wind energy infrastructure.

Foundation Type Insights:

• Fixed Foundation
• Floating Foundation

Segmentation includes market division by foundation type highlighting construction methodology.

Capacity Insights:

• Less Than 5 MW
• Greater than or Equal to 5 MW

Market analysis covers differing capacity categories demonstrating scale of offshore wind projects.

Location Insights:

• Shallow Water
• Transitional Water
• Deep Water

Location-based segmentation addresses various water-depth sites for offshore installations.

Regional Insights:

• Northern Vietnam
• Central Vietnam
• Southern Vietnam

The market is also segmented by major regional markets within the country for targeted analysis.

Regional Insights

Northern Vietnam is indicated as a major regional market; however, specific market shares or CAGR statistics by region are not provided in the source. The report includes comprehensive analysis of Northern, Central, and Southern Vietnam regions, reflecting market distribution and potential but exact regional figures remain unlisted.

Recent Developments & News

In August 2025, Copenhagen Infrastructure Partners (CIP) and PETROVIETNAM signed a joint agreement to develop an offshore wind project in Vietnam. This initiative, supported by CIP’s Growth Market Fund II, aims to enhance Vietnam’s energy security and promote the local supply chain, thereby accelerating offshore wind energy market growth.

Competitive Landscape

The competitive landscape of the industry has also been examined along with the profiles of the key players.

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

Request For Customization: https://www.imarcgroup.com/request?type=report&id=42836&flag=E

About Us

IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

Contact Us

IMARC Group,

134 N 4th St. Brooklyn, NY 11249, USA,

Email: sales@imarcgroup.com,

Tel No: (D) +91 120 433 0800,

United States: +1-201971-6302