HCMC – The Ministry of Industry and Trade has approved the 2025 price cap for offshore wind power, with the highest rate set at nearly VND4,000 per kilowatt-hour (kWh), depending on region.
According to the pricing framework released by the ministry, the maximum electricity purchase price for offshore wind power is VND3,975.1 per kWh in the northern region, VND3,078.9 in the south-central region, and VND3,868.5 in the southern region. These rates are consistent with earlier proposals by Vietnam Electricity Group (EVN).
The new price cap will be used as the basis for power purchase agreements between EVN and offshore wind farm developers. All contracts must comply with pricing methodology regulations issued by the ministry.
Under the revised National Power Development Plan VIII, Vietnam aims to develop 6,000 megawatts of offshore wind power by 2030, expanding to 17,500 MW by 2035. By 2050, the country expects total offshore wind capacity to leap to between 113,000 and 139,000 MW.
The pricing framework reflects regional variations in both investment costs and capacity factors. EVN estimates the investment cost for offshore wind farm development at over VND93.5 million per kilowatt, equivalent to VND93 billion per megawatt, based on an exchange rate of VND25,450 per U.S. dollar.
Capacity factors also vary by region, affecting project viability. The north has an average capacity factor of 38.4%, compared to 49.6% in the south-central region and 39.5% in the south.
The move to formalize offshore wind pricing is seen as a key step in advancing renewable energy investments and achieving long-term net-zero targets.
