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OFFSHORE WIND ROADMAP for VIETNAM Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Offshore Wind Development Program OFFSHORE WIND ROADMAP FOR VIETNAM Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized 75983_ESMAP_Tech Report VM Wind_CVR.indd 3 4/5/21 7:20 AM © 2021 April | International Bank for Reconstruction and Development / The World Bank 1818 H Street NW, Washington, DC 20433 Telephone: 202-473-1000; Internet: www.worldbank.org Some rights reserved This work is a product of the World Bank with contributions given by the staff and consultants listed in the Acknowledgments. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of the World Bank, its Board of Executive Directors, or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of the World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. Nothing herein shall constitute or be considered to be a limitation upon or waiver of the privileges and immunities of The World Bank, all of which are specifically reserved. RIGHTS AND PERMISSIONS This work is available under the Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO) http:// creativecommons.org/licenses/by/3.0/igo. Under the Creative Commons Attribution license, you are free to copy, distribute, transmit, and adapt this work, including for commercial purposes, under the following conditions: Attribution—Please cite the work as follows: World Bank. 2021. Offshore Wind Roadmap for Vietnam. World Bank, Washington, DC. License: Creative Commons Attribution CC BY 3.0 IGO Translations—If you create a translation of this work, please add the following disclaimer along with the attribution: This translation was not created by The World Bank and should not be considered an official World Bank translation. The World Bank shall not be liable for any content or error in this translation. Adaptations—If you create an adaptation of this work, please add the following disclaimer along with the attribution: This is an adaptation of an original work by The World Bank. Views and opinions expressed in the adaptation are the sole responsibility of the author or authors of the adaptation and are not endorsed by The World Bank. Third-party content—The World Bank does not necessarily own each component of the content contained within the work. The World Bank therefore does not warrant that the use of any third party-owned individual component or part contained in the work will not infringe on the rights of those third parties. The risk of claims resulting from such infringement rests solely with you. If you wish to re-use a component of the work, it is your responsibility to determine whether permission is needed for that re-use and to obtain permission from the copyright owner. Examples of components can include, but are not limited to, tables, figures, or images. All queries on rights and licenses should be addressed to World Bank Publications, The World Bank Group, 1818 H Street NW, Washington, DC 20433, USA; e-mail: [email protected]. PRODUCTION CREDITS Production Editor | Heather Austin, The World Bank Designer | Shepherd, Inc. Images | Front Cover: Nobelwind offshore wind farm/© Vestas; p. 26: Aberdeen Bay offshore wind farm/© Vestas; Back Cover: Burbo Bank Extension offshore wind farm/© Vestas. All images remain the sole property of their source and may not be used for any purpose without written permission from the source. 75983_ESMAP_Tech Report VM Wind_CVR.indd 4 4/5/21 7:20 AM Offshore Wind Roadmap for Vietnam 75983_ESMAP_Tech Report VM Wind-NEW.indd 1 3/19/21 12:25 PM 75983_ESMAP_Tech Report VM Wind-NEW.indd 2 3/19/21 12:25 PM CONTENTS Abbreviations . xi Company and institute abbreviations . .xiv Acknowledgments . xvi. Executive Summary . xvii About this Roadmap . xvii Key findings . xvii Priority themes . xix. Recommended actions . .xix 1 . Introduction . .1 1 1. Report structure . 1 2 . Two Scenarios for Offshore Wind in Vietnam . 2 2 1. Types of offshore wind projects . 5 3 . Low Growth Scenario . 6 3 1. Development areas . 6 3 .2 Electricity mix . 7 3 .3 Levelized cost of energy and net benefit to consumers . 7 3 .4 Supply chain and economic impact . 8 3 5. Infrastructure . 10 3 6. Environment and social impacts . .10 3 7. Finance and procurement . 11 3 .8 Actions to deliver the low growth scenario . 11 3 .9 SWOT analysis for Vietnam in the low growth scenario . 11 4 . High Growth Scenario . 13 4 1. Development areas . 13 4 .2 Electricity mix . 13 4 .3 Levelized cost of energy and net benefit to consumers . 14 4 .4 Supply chain and economic impact . 15 4 5. Infrastructure . 16 4 6. Environment and social impacts . 17 iii 75983_ESMAP_Tech Report VM Wind-NEW.indd 3 3/19/21 12:25 PM 4 7. Finance and procurement . 17 4 .8 Actions to deliver the high growth scenario . 18 4 .9 SWOT analysis for Vietnam in the low growth scenario . 18 5 . Roadmap for Offshore Wind in Vietnam: Our Recommendations . 19 5 1. Vision and volume targets . 19 5 .2 Leasing, permitting, and power purchase . 20. 5 .3 Project finance . 21 5 .4 Transmission and port infrastructure . 21 5 .5 Supply chain development . 22 5 6. Standards and regulations . 23. Supporting Information . 26 6 . Key Ingredients for a Successful Offshore Wind Industry . 27. 6 1. Stable policies and pipeline visibility . 27. 6 .2 A coherent industrial strategy . 29. 6 .3 Resourced institutions . 30. 6 .4 Competitive environment . .30 6 .5 Supportive and engaged public . 32. 6 6. A commitment to safety . .32 6 7. Using the best locations . .32 7 . Benefits and Challenges of Offshore Wind . 36 7 1. Benefits . .36 7 2. Challenges . 38. 8 . Market Volume in Vietnam . 41 8 1. Story to date . 41 8 .2 A vision for offshore wind to 2050 . 41 8 .3 In Vietnam’s national context . .42 8 .4 Within East and Southeast Asia . 42. 8 5. Globally . .43 8 6. Vietnam offshore wind energy production and cost data . .44 9 . Cost of Energy Reduction . 47 9 1. Purpose . 47 9 2. Method . 47 9 3. Results . .49 9 .4 Key factors for cost reduction . 56. 9 .5 Background: Details of methodology . 56. iv Offshore Wind Roadmap for Vietnam 75983_ESMAP_Tech Report VM Wind-NEW.indd 4 3/19/21 12:25 PM 10 . Supply Chain Analysis . 62 10 1. Purpose . .62 10 2. Method . .62 10 3. Results . 64. 11 . Jobs and Economic Benefit . 78 11 1. Purpose . 78 11 2. Method . 78 11 3. Results . 79 11 .4 Background: Detail of method . .88 12 . Environmental and Social Considerations . 91 12 1. Purpose . 91 12 2. Method . 91 12 3. Results . 93. 13 . Leasing and Permitting . 103 13 1. Purpose . .103 13 2. Method . ..
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