OFFSHORE WIND: KEY CHANGES UNDER DECREE 272/2026/ND-CP

This Decree No. 272/2026/ND-CP implements Article 4, Articles 10–12, and part of Article 15 of Resolution No. 253/2025/QH15. It covers three principal areas: 

(i) procedures and dossiers for adjustments and updates to the National Power Development Plan and provincial power network plans; 

(ii) a comprehensive regulatory framework for offshore wind power projects, including eligibility requirements for survey entities and investors, application procedures, and inter-agency coordination mechanisms for sea area allocation and investment policy approval; and 

(iii) detailed guidance on investor approval for power grid projects.

This Decree shall enter into force on 4 July 2026 and shall remain effective until 31 December 2030.

Key Highlights of the Decree

1. Eligibility requirements for offshore wind survey entities

A survey entity must satisfy the following requirements:

a) Minimum equity capital: At least VND 1 billion per MW of offshore wind capacity proposed for the requested survey sea area. Where multiple offshore wind projects are proposed, the minimum equity capital must correspond to the aggregate proposed capacity.

b) Technical capacity and commitments:

• A clear, appropriate, and feasible survey implementation plan for offshore wind project development; 
• A commitment to prioritize the use of domestic personnel, goods, and services on the basis of competitiveness in price, quality, schedule, and availability; 
• Written concurrence from the Ministry of National Defence, the Ministry of Public Security, the Ministry of Industry and Trade, and the Ministry of Foreign Affairs; 
• A commitment to comply with the Law on Electricity and applicable laws on the sea, marine resources and environment, islands, and environmental protection; 
• A commitment not to claim reimbursement of survey costs under any circumstances, except where the survey entity is a wholly state-owned enterprise assigned the survey task by a competent authority.

2. Eligibility requirements for enterprises applying for investment policy approval of offshore wind power projects supplying electricity to the national grid

These requirements apply to projects included in the power development plan and scheduled for operation during 2025–2030 and 2031–2035.

a) The investor must contribute equity of at least 20% of the total project investment and obtain a financing commitment from a bank, foreign bank branch, or other credit institution for the remaining project capital.

b) Where the applicant is a foreign investor or a foreign-invested economic organization, it must satisfy the conditions set out in Points c, d, and đ, Clause 1, Article 28 of Decree No. 58/2025/ND-CP and hold at least 15% of the project’s investment capital.

c) Where the applicant is a domestic enterprise without any foreign investor as a member or shareholder, it must hold at least 5% of the project’s investment capital.

d) Where the investor is a consortium, the financial capacity requirements shall be assessed based on the combined capacity of all consortium members.

Application dossier: In addition to documents required under the investment laws, the investor must submit:

(i) Proposed sea area, location, and area of use; 

(ii) Wind resource and site data; 

(iii) Preliminary grid connection plan; 

(iv) Proposed project milestones, including investment approval, commencement of construction of the main works, and commercial operation.

3. Vietnam’s first dedicated offshore wind survey approval framework

Decree No. 272/2026/ND-CP establishes Vietnam’s first comprehensive legal framework governing offshore wind resource surveys, including:

• Eligibility criteria for survey entities; 
• Eligibility requirements for investors applying for investment policy approval; 
• Requirements for project dossiers and survey data; 
• Mechanisms for survey cost allocation and data transfer; 
• Procedures for application processing, overlap resolution, and sea area allocation.

4. Separate approval mechanisms by project development phase

Projects scheduled for operation during 2025–2030

Competent authority: The Ministry of Finance is responsible for receiving applications for investment policy approval. To avoid overlapping rights, the Ministry will reject applications covering sea areas already allocated to another survey entity, unless the applicant is the entity currently holding the survey rights (either independently or as part of a consortium). 

Sea area allocation procedure: The Ministry of Agriculture and Environment will only receive applications for sea area allocation after the Prime Minister has approved both the investment policy and the investor, except where an additional sea area is requested. 

Data requirements: Applications may rely on existing research or collected data (where field surveys have not yet been conducted) to identify the proposed sea area, location, and coordinates. Such preliminary data will serve as the legal basis for preparing the feasibility study following completion of field surveys.

Projects scheduled for operation during 2031–2035

Decentralized authority: The Chairperson of the provincial People’s Committee where the project’s power collection point is located will receive applications for investment policy approval. The Ministry of Agriculture and Environment will separately receive and assess applications for sea area allocation from the outset. 

Stricter prerequisite: Applications for investment policy approval will only be accepted after field surveys have been completed within the allocated sea area. 

Application requirements and investor selection: The application dossier must include field survey data (including wind speed, topography, geology, and oceanographic and meteorological data). Investor selection will be conducted in accordance with the laws on investment, procurement, and electricity.

Assessment of Midland & Partners:

1. A breakthrough legal framework

This Decree directly addresses the long-standing regulatory bottlenecks that have hindered the development of offshore wind power and power transmission infrastructure. Previously, projects often faced delays due to the absence of clear procedures for allocating marine areas, assessing investor qualifications, and managing risks associated with site surveys. Decree No. 272 fills these gaps by providing detailed guidance for Resolution No. 253/2025/QH15, establishing a transparent legal framework with clearly defined responsibilities, decentralized authority, and a structured roadmap for each stage of project development.

2. Significant impacts on the Offshore Wind sector

Strengthening investor screening and preventing speculation: By imposing stringent financial capacity requirements specifically, a minimum of VND 1 billion in equity for each MW of proposed survey capacity and a minimum equity contribution of 20% of the total project investment – the Decree effectively screens out underqualified developers and prevents speculative practices, such as reserving marine areas without genuine development intent or transferring projects for profit.

Protecting investor rights and resolving overlapping survey applications: The Decree establishes an exclusivity principle whereby each planned offshore wind project may be assigned to only one survey entity. Where multiple applications overlap, the competent authority will prioritize the first valid application submitted and reject subsequent overlapping applications. This provides developers with greater legal certainty and confidence to invest in costly offshore survey activities without the risk of future disputes.

Accelerating project development toward the 2030 targets: The Decree introduces a special mechanism applicable during the 2025–2030 period, allowing investors to apply for investment policy approval based on projected research data rather than requiring completed field survey data. It also permits investor approval before the formal allocation of marine areas. These measures significantly reduce administrative lead times, enabling projects to commence construction earlier and contribute to achieving Vietnam’s 2030 offshore wind and power development objectives.

Facilitating transparent competitive bidding through state-owned enterprises: The Decree authorizes wholly state-owned enterprises to undertake preliminary offshore surveys ahead of the competitive bidding process. If a private investor or another developer is subsequently selected through bidding, the successful bidder must reimburse the state-owned enterprise for all survey costs incurred. This mechanism reduces early-stage exploration risks for private investors while creating “survey-ready” marine sites that can be competitively tendered in a fair and transparent manner.

By Phuong Anh, Paralegal, Midland & Partners