HANOI (Reuters): Norway's state-controlled energy giant Equinor has cancelled plans to invest in Vietnam's offshore wind sector, a company spokesperson told Reuters, in a setback for the South-East Asian country's green power ambitions.
Vietnam has attracted international interest in its renewables plans because of its strong winds in shallow waters near coastal, densely populated areas, according to the World Bank Group, but delays in regulatory reforms have recently pushed some would-be investors to reconsider their plans.
"We have decided to discontinue our business development in Vietnam and to close our office in Hanoi," an Equinor spokesperson said in an interview.
It is the first time Equinor has closed an international office focused on offshore wind development.
The company has previously exited more than a dozen countries where it had oil and gas activities over the last few years to focus on renewables and low-carbon systems. - Reuters
