Ho Chi Minh City, 15 October 2026
With the goal of achieving net-zero emissions by 2050, Vietnam is moving to increase the share of renewable energy in its power generation mix, as reflected in Decision No. 768/QD-TTg dated 15 April 2025 of the Prime Minister approving the adjusted National Power Development Plan for 2021 – 2030, with a vision to 2050 (“Adjusted PDP8”), which prioritises the maximum development of renewable power sources to drive the energy transition and ensure sustainable development.
Against this backdrop, and to implement Resolution No. 253/2025/QH15 dated 11 December 2025 of the National Assembly on mechanisms and policies for national energy development for 2026 – 2030 (“Resolution 253”), the Government issued Decree No. 272/2026/ND-CP (“Decree 272”) detailing regulations on certain provisions of Resolution 253 and measures for its implementation and guidance. Decree 272 is effective from 4 July 2026 until 31 December 2030 and notably sets out rules on the offshore wind development roadmap, conditions for survey entities and investors, dossier requirements for investment policy approval of offshore wind projects, and the procedure for investor approval of grid projects.
Two-Phase Offshore Wind Development Roadmap
Building on Resolution 253, Decree 272 divides offshore wind projects into two groups based on their expected operation period (2025 – 2030 and 2031 – 2035), resulting in differences in procedures, the level of dossier preparation and project implementation conditions, particularly with respect to on-site survey requirements, as follows:
(i) Projects operating in 2025 – 2030: Investors may submit an application for investment policy approval on the basis of research data or existing data, without being required to complete an on-site survey.
(ii) Projects operating in 2031 – 2035: Investors must be allocated a sea area for survey purposes and may only submit their application once on-site survey results are available.
This distinction allows projects expected to operate in 2025 – 2030 to proceed with investment procedures earlier, while also requiring the preparation of actual field survey data for projects scheduled to commence operations in the subsequent period (2031 – 2035).
Conditions for Survey Entities
Under Decree 272, a survey entity is an organisation that applies for the allocation of a sea area to conduct surveys for the development of offshore wind projects. Decree 272 a stricter regulatory framework for survey rights and sets out eligibility requirements to screen survey organizations and prioritize those with genuine capabilities. Accordingly, the survey phase serves as an initial screening stage to prioritize capable investors and prevent survey applications from being submitted merely to reserve potential project sites.
Specifically, a survey entity must:
- Have minimum owner’s equity of VND 1 billion per MW of proposed survey capacity; where multiple projects are surveyed, this threshold is determined based on the total proposed capacity;
- Commit not to seek reimbursement of survey , except for enterprises wholly owned by the State that are assigned the task by a competent authority in accordance with the electricity law;
- Have a clear, appropriate and feasible survey plan, and commit to using domestic workforce, goods and services on the basis of competitive pricing, quality, timeline and supply capability;
- Comply with regulations on national defence, security, information security and environmental protection, and obtain written consent from the Ministry of National Defence, the Ministry of Public Security, the Ministry of Industry and Trade and the Ministry of Foreign Affairs as prescribed.
In terms of management, Decree 272 provides that each project may only be allocated to one survey entity, and an application for investment policy approval will not be considered if the sea area is currently allocated for survey or overlaps with an area already allocated for survey for another project, unless the application is submitted by the survey entity itself. This rule aims to prevent overlapping applications and limit inefficient competition.
Conditions for Offshore Wind Project Investors
Under Decree 272, an enterprise applying for investment policy approval together with investor approval for an offshore wind project selling electricity to the national grid (included in the power development plan and expected to operate in 2025 – 2030 or 2031 – 2035) must have owner’s equity of no less than 20% of the project’s total investment capital, together with loan commitments from banks, foreign bank branches or other credit institutions for the remaining capital. Where several enterprises apply as a consortium, the equity requirement is assessed on the combined capability of the consortium members.
In addition, the requirements on investors’ capital contribution ratios and structure are as follows:
Accordingly, investors need to assess both their financing capability and intended ownership structure from the project preparation stage. For foreign investors, the selection of a Vietnamese partner and compliance with the requirement for the participation of state-owned enterprises, where applicable, should be considered when structuring the investment plan.
Requirements for Investment Policy Approval Dossiers
In addition to the documents required under investment law, an application for investment policy approval for an offshore wind project selling electricity to the national grid must include information on the preliminary grid connection plan and the expected key project milestones.
Depending on the expected operation period as mentioned above, the requirements for survey and sea area information also differ:
(i) Projects operating in 2025 – 2030: For projects without on-site survey results, the dossier must include information on the expected size and location of the sea area to be surveyed and the survey timeline. For projects with on-site survey results, the dossier must include information on the expected location, coordinates and size of the sea area to be used for the project.
In both cases, the dossier must include research data or collected data for the area proposed for the offshore wind project.
(ii) Projects operating in 2031 – 2035: In addition to information on the expected location, coordinates and size of the sea area to be used for the project, the enterprise must have on-site survey results, including actual data from the allocated survey area (wind speed, topographical, geological, meteorological and oceanographic conditions, etc.).
During appraisal, project dossiers are also assessed for compliance with requirements on national defence, security, marine resources and environment, maritime affairs, oil and gas, as well as relevant plans and legal regulations. Enterprises should therefore review these legal requirements from the dossier preparation stage to minimise the risk of issues arising during appraisal.
Specific Procedures for Investor Approval of Grid Projects
The development of renewable power sources requires synchronised investment in transmission infrastructure to reduce grid congestion and curtailment. Accordingly, Adjusted PDP8 sets the direction to develop the transmission system in step with the progress of power sources and local load growth, using modern technology, meeting international standards and ready for regional interconnection. To realise this direction, Resolution 253 removed the investment policy approval procedure for many grid projects included in the plan, but did not specifically regulate the investor approval procedure for these projects.
Accordingly, Decree 272 has supplemented specific regulations on the sequence, procedures and dossiers for investor approval of grid projects included in the power development plan, with a view to simplification: dossiers need only be submitted to a single point of contact, namely the competent provincial People’s Committee; for transmission lines running through multiple provinces, investors need only submit their dossier in the province where the line begins.
Conclusion
Decree 272 requires investors to be more proactive in preparing survey data, structuring their financing and ownership, and meeting legal requirements relating to project site and implementation. Early review of their ability to satisfy these conditions will help investors minimise procedural obstacles while enhancing the feasibility and effectiveness of offshore wind and grid projects.
—
If you would like to discuss how Decree No. 272/2026/ND-CP may affect your offshore wind or grid development projects, or require tailored legal advice, please contact our team:
📧 info@indochinecounsel.com
☎️ (+84) 28 3823 9640
