Equinor will not continue with its plans to develop offshore wind projects in Vietnam, a representative of the Norwegian state-owned energy company recently confirmed to Reuters.
The same representative also said that Equinor will close its office in Hanoi, marking the first time that the company will close an international office dedicated to offshore wind projects.
Although the World Bank has regarded Vietnam as a viable market for foreign investors, some of the latter have cited issues such as delays in regulatory reforms and the recent political turbulence as preventing them from further exploring opportunities in the Southeast Asian country.
The Vietnamese government had earlier disclosed plans for the construction of offshore wind farms with a combined capacity of six GW and a target completion date of 2030 in line with a campaign to reduce the country's reliance on coal. Longer-term plans will see a total capacity of 70 to 91 GW following the construction of additional offshore wind farms by 2050.