After reports emerged of Ørsted, the world's largest offshore wind power company, exiting the Vietnamese market, Japan's Marubeni has expressed to replace Ørsted by collaborating with Vietnam's T&T Group to develop offshore wind power projects in Thai Binh, a province of northern Vietnam.
Vietnamese government has approved the Power Development Plan 8 (PDP8) in mid-May 2023; however, the implementation details have undergone several reviews without finalization. The industry concerned about the uncertainty of policies, which might affect investors' willingness to participate.
For instance, Ørsted had announced the suspension of all wind power investment plans in Vietnam in June. Ørsted declared that, despite PDP8 has been approved, there is a lack of detailed information on the total installed capacity allocation of each development stage, bidding regulations, and mechanisms for power purchase, which makes it impossible to continue the investment plan in Vietnam.
