Norway’s Equinor, following Danish energy giant Ørsted, has abandoned plans to invest in offshore wind energy in Vietnam, citing the absence of a clear legal framework. These setbacks are slowing Vietnam’s push toward green energy. Foreign investors’ withdrawals Magnus Frantzen Eidsvold, a spokesperson for Equinor, said that the energy giant had discontinued its business development in Vietnam and closed its Hanoi office. This marks the first time Equinor has shut down an international office focused on offshore wind farm development. In recent years, the company has exited over a dozen countries where it had oil and gas operations, shifting its focus to renewable energy and low-carbon projects. Eidsvold did not provide detailed reasons for the company’s decision to exit Vietnam but stated that the move followed a routine review of Equinor’s renewable assets portfolio. “The offshore wind sector has been facing significant challenges, and we need to be disciplined in our approach,” he told Reuters. On its website, Equinor emphasizes that Vietnam holds some of the best wind resources in Asia and is committed to developing an offshore wind energy market, thanks to its long coastline and favorable wind conditions. The World Bank has put Vietnam’s offshore wind power potential […]
To read more, please click here.
