New regulations on offshore wind power development

Specifically, the Decree clearly stipulates the eligibility requirements applicable to entities conducting surveys for offshore wind power projects.

1. A survey entity is an organization applying for the allocation of a marine area to conduct surveys in preparation for the development of an offshore wind power project.

2. A survey entity must satisfy the following conditions:

a) It must have minimum equity capital of VND 1 billion (US438 million) for each MW of offshore wind power capacity proposed in its application for the allocation of a marine area for survey purposes. Where a survey entity applies for the allocation of marine areas to survey multiple offshore wind power projects, its minimum equity capital must correspond to the aggregate MW capacity of all proposed offshore wind power projects.

b) It must satisfy the conditions and capability requirements specified at Points a, b, dd, and e, Clause 1, Article 26 of Decree No. 58/2025/ND-CP detailing a number of articles of the Law on Electricity regarding the development of renewable energy and new energy power.

c) It must provide a written commitment not to seek reimbursement of any survey costs under any circumstances, except where the survey entity is an enterprise wholly owned by the State and assigned the task by a competent authority in accordance with Point a, Clause 2, Article 27 of the Law on Electricity No. 61/2024/QH15.

3. Documents evidencing compliance with the financial capacity requirement prescribed in Point a, Clause 2 above must include at least one of the following copies:

a) Audited financial statements of the survey entity for the two most recent years;

b) A financial support commitment issued by the parent company;

c) Other documents demonstrating the financial capacity of the survey entity.

4. The survey entity shall submit the documents specified in Clause 3 above, together with the application dossier for the allocation of a sea area, to the authority responsible for receiving applications for sea area allocation. The order and procedures for appraising applications for the allocation of marine areas for offshore wind power project surveys shall be carried out in accordance with the laws on marine and island natural resources and environment.

Conditions for offshore wind power investment projects supplying electricity to national power system

The Decree stipulates conditions for enterprises preparing dossiers requesting approval of the investment policy for offshore wind power investment projects supplying electricity to the national power system under the power development plan and expected to commence operation during the 2025–2030 and 2031–2035 periods.

1. An enterprise preparing a dossier requesting approval of the investment policy, concurrently with the approval of the investor for an offshore wind power project supplying electricity to the national power system under the power development plan and expected to commence operation during the 2025–2030 or 2031–2035 period, must satisfy the following conditions:

(a) It must contribute equity capital of no less than 20 percent of the project's total investment capital and provide a lending commitment from a bank, foreign bank branch, or other credit institution for the remaining capital required for the proposed offshore wind power project;

(b) If the enterprise is a foreign investor or a foreign-invested economic organization, it must satisfy the conditions prescribed at Points (c), (d), and (dd), Clause 1, Article 28 of Government Decree No. 58/2025/ND-CP and hold an equity stake of at least 15 percent in the project;

(c) Where the enterprise is a domestic enterprise with no foreign investors as members or shareholders, it must hold an equity stake of at least 5 percent in the project.

2. Whether the investor submitting the dossier requesting approval of the investment policy under Clause 1 above is a consortium of two or more enterprises, the condition specified at Point (a), Clause 1 shall be determined based on the combined financial capacity of all consortium members.

This Decree shall take effect from July 4 this year and remains in force until December 31, 2030./.