Hanoi (VNA) – The Vietnam Oil and Gas Group(Petrovietnam) has full capacity and advantages in offshore wind power development and in renewable energy projects in the future, held participants at a recentsymposium on offshore wind power and hydrogen production from this energy source.

A report released at the event showed that offshore windpower and hydrogen will play an important role in the global energy structureand an indispensable solution for energy transition and reduction of greenhousegas (GHG) emissions to achieve net zero emissions by 2050.

In the future, the hydrogen industry and the global hydrogenmarket, including Vietnam, is predicted to develop fast in the period after2030.

Commenting on the potential and development trend of theoffshore wind power industry in Vietnam in the future, the World Bank held thatVietnam has the largest potential in the Southeast Asian region at 475 GW. Thefigure in the draft National Power Development Plan for the 2021 - 2030 period,with a vision towards 2045 (PDP VIII), is 207 GW.

The development of offshore wind power is of greatsignificance for Vietnam because it can integrate the goals in socio-economicgrowth, energy security and industrialisation into with low carbon emissiontargets towards the goal of net zero emissions by 2050.

According to the PDP VIII, offshore wind power capacity willreach 7 GW and account for 4.8% of total power capacity by 2030 and 66.5 GW by2045.

Participants underlined that PetroVietnam has greatpotential in offshore wind power development, with high financial capacity, favourablecapital mobilisation with high credit ratings and easy access to green creditresources at low interest rates as well as other incentives from the Governmentand international financial institutions supporting the development of cleanand green energy.

PetroVietnam and its member companies can promote theiradvantages in experience and human resources in designing, manufacturing andoperating sea-based works to engage in the supply chain and the development ofoffshore wind power projects, enhancing the localisation rate ofequipment, reducing the cost of electricity production in order to create apremise for the development of hydrogen energy in the future.

PetroVietnam has owned the infrastructure and experience that can be applied throughout the entire value chain fromproduction to transportation, storage and use of hydrogen.

At the event, the Department of Electricity and RenewableEnergy of PetroVietnam released a report on opportunities and challenges forwind power to develop together with the value chain.

The report analysed and clarified the offshore wind powermarket in the region and the world, and the structure of an offshore wind powerproject. It also gave specific evaluation of the capacity of Petrovietnam inthe field of import and export, while proposing some solutions, recommendationson the roadmap and orientations in this field if Petrovietnam is allowed tooperate in the area.

Concluding the event, Chairman of PetroVietnam’s Board ofDirectors Hoang Quoc Vuong reiterated the direction from Prime Minister Pham Minh Chinh duringhis working session with the firm on September 11, asking the PetroVietnam, as a leading economic and energy group of the country, to play the pioneeringrole in guiding the development of the renewable energy industry.

Vuong affirmed that PetroVietnam boasts high potential,strength and capacity in manufacturing equipment and experience in operating atsea, which prompts it to be active in building strategy and roadmap to boost offshorewind power and hydrogen development in a timely, suitable and effective manneramid the current fast and strong energy transition.

The PetroVietnam leader also reminded member companies tofurther improve their management capacity, enrich their experience, and enhancethe quality of human resources to actively grasp all opportunities to promotethe group to the leading position in the renewable energy industry./.