Vietnam: New Offshore Wind and Planning Guidance

In brief On 4 July 2026, the Government of Vietnam issued Decree No. 272/2026/ND-CP (" Decree No. 272 "), providing detailed guidance on the implementation of certain key mechanisms and policies for Vietnam's national energy development, as set out in Resolution No. 253/2025/QH15 of the National Assembly (" Resolution No. 253 ") 1 . Decree No. 272 clarifies requirements applicable to offshore wind (OSW) survey entities and enterprises preparing OSW investment policy approval (IPA) applications, establishes application-handling mechanisms for OSW projects operating during 2025-2030 and 2031-2035, and introduces procedures for power master plan adjustments and updates. Effective from 4 July 2026 until 31 December 2030, Decree No. 272 is expected to play a significant role in facilitating power master plan implementation and OSW development in Vietnam during 2026-2030. Key takeaways We summarize the key points of Decree No. 272 below. 1. Requirements applicable to OSW survey entities: OSW survey entities are entities requesting allocation of sea areas for surveying OSW power project development. Those entities shall satisfy the following requirements: Minimum equity capital of survey entity : at least VND 1 billion per MW corresponding to proposed OSW capacity for which sea area allocation is applied for survey, as evidenced by at least one of the following: (i) Audited financial statements for the two most recent years (ii) Parent company's financial support commitment (iii) Other documents proving its financial capacity. Non-refund commitment : survey entities (other than wholly state-owned enterprises (SOEs) assigned to conduct OSW survey) must commit to bearing all survey costs without reimbursement under any circumstances. Other qualifications : (i) Clear, appropriate and feasible survey plan (ii) Commitment to utilize domestic workforce, goods and services on a competitive basis (iii) Written consensus from Ministry of National Defense (MOND), Ministry of Public Security (MOPS), MOIT and Ministry of Foreign Affairs (MOFA) (iv) Commitment to comply with relevant regulations on national defense, security, information security, maritime safety, safety of equipment and facilities, and environmental protection. 2. Requirements applicable to enterprises preparing IPA application dossier for OSW projects: For OSW project selling electricity to national power system and operating during 2025-2030 and 2031-2035, the following requirements apply: Equity capital of project owner : at least 20% of total project investment capital, with loan commitments from banks/credit institutions covering the remaining project capital. Foreign enterprises or foreign-invested enterprises : (i) At least 5% of charter capital or voting shares in the project company held by domestic enterprises being wholly SOEs or enterprises with more than 50% of charter capital or voting shares held by wholly SOEs (i.e., foreign ownership capped at 95% ) (ii) Written consensus from MOND, MOPS and MOFA (iii) Commitment to utilize domestic workforce, goods and services on a competitive basis (iv) Minimum investment capital contribution ratio in the project of 15% . Domestic enterprises without foreign member/shareholder : minimum investment capital contribution ratio in the project of 5%. Application dossier : the investor shall prepare an application dossier in accordance with investment laws and include the following: (i) Proposed sea area information (ii) Wind resource and site data (iii) Preliminary grid connection plan (iv) Key project implementation milestones. 3. Handling of applications for OSW projects selling electricity to national power system: 2025-2030 operational projects : (i) During the 2025-2030 period, the Prime Minister has authority to grant IPA concurrently with investor approval for OSW projects without undergoing land use rights auction or project bidding, provided that the project meets national defense, security, sovereignty, marine and island resources and environment, maritime, oil and gas requirements. (ii) Ministry of Agriculture and Environment (MOAE) will only accept sea area allocation applications for OSW project survey after the Prime Minister has granted IPA concurrently with investor approval, except in limited cases involving additional sea area allocation for an existing survey entity. (iii) MOF will not process IPA applications for OSW projects located within sea areas that are currently allocated for survey, or that overlap with sea areas currently allocated for other OSW project survey, except where the survey entity itself applies for IPA, independently or through a consortium, during the survey period and within the allocated survey area. (iv) Competing applications for the same project will be handled on a first-valid-filed basis. 2031-2035 operational projects : (i) During the 2031-2035 period, MOAE will accept and appraise sea area allocation applications for survey in accordance with the law on marine and island resources and environment. (ii) PPC Chairperson of the locality where the OSW projects' capacity aggregation point is located will only accept IPA applications after site survey results become available. (iii) Investor selection will be conducted in accordance with the applicable investment, bidding, electricity laws and other relevant laws. 4. Procedures for adjustments and updates to power master plans Resolution No. 253 sets out special cases where a national or provincial power master plan may be adjusted and updated, without being subject to the cases of planning adjustments under planning laws. 2 Accordingly, Decree No. 272 provides detailed guidance on the authority, application dossiers, and procedures for such updates and adjustments. For national power development plan : Provincial People's Committee (PPC) of the relevant locality will assign a subordinate agency/unit to prepare dossier, and submit to Ministry of Industry and Trade (MOIT) for appraisal and approval by MOIT Minister. For provincial power network development plan : PPC will assign a specialized agency or subordinate agency/unit to prepare dossier, which will then be reported to PPC for appraisal and approval by PPC Chairperson. Dossier : including, among others, a report presenting the following: (i) Legal basis and necessity for the planning adjustments and updates (ii) Current status of the regional/local power system (iii) Scale, implementation schedule and key parameters of the project proposed for planning adjustments and updates (iv) Relevant assessments, solutions and recommendations. The procedures and timelines for appraisal and approval of dossiers are set out in Decree No. 272. *** If you would like to discuss the details of any specific issues, developments and transactions in relation to Decree No. 272, please do not hesitate to contact us. 1 Our legal alert on Resolution No. 253 can be accessed via this link: Vietnam: New Mechanisms and Policies Accelerating Energy Development | Insight | Baker McKenzie 2 Section No. 5 of our legal alert on Resolution No. 253, accessed via this link: Vietnam: New Mechanisms and Policies Accelerating Energy Development | Insight | Baker McKenzie