Vietnam has introduced a new electricity decree, Decree No. 58/2025/ND-CP, aimed at accelerating the development of renewable energy projects. The decree, an extension of the 2024 'New Electricity Law,' focuses on boosting large-scale offshore wind and solar projects and energy storage systems. It provides incentives for projects utilizing 100% green hydrogen and green ammonia for power generation. Projects transmitting renewable energy to the national grid will receive priority, with fee exemptions for green hydrogen and green ammonia projects. Maritime and land-based projects will benefit from fee exemptions and reductions to support green hydrogen and green ammonia-based power generation. Additionally, regulations have been put in place to ensure local participation in offshore wind projects, with Vietnamese entities required to hold a minimum share percentage. Despite facing delays in implementation, the National Power Development Plan in Vietnam aims for a significant offshore wind capacity increase by 2035, with a long-term target of 130 GW by 2050. The government has adjusted the deployment timeline to achieve this goal, emphasizing phased development between 2030 and 2035.