Vietnam is primed for offshore wind (OSW) development, particularly in regions like Binh Thuan and Ninh Thuan provinces, with excellent wind speeds and proximity to shore, making installation cost-effective. The country boasts a mature supply chain for OSW equipment and has potential to transition from offshore oil and gas to renewable energy. The challenges faced by Vietnam in the renewable energy sector include regulatory delays and stagnant project implementation. Recent legislative developments show promise in reviving the industry, aiming for a transition to a renewable energy hub. The country is also exploring the potential of power-to-X (PtX) and hydrogen technologies, leveraging its abundant renewable resources for future energy solutions. Despite the opportunities, Vietnam needs to address regulatory frameworks, infrastructure development, and market demand to become a hydrogen production hub. Policies, incentives, and infrastructure for green hydrogen are underdeveloped. Investment barriers and cost competitiveness remain challenges. To accelerate progress, Vietnam must provide clear project development guidelines, stable policies, and transparent procedures to attract investors. Building necessary infrastructure and addressing investment barriers are vital for the success of the renewable energy sector. While focusing on mature renewable energy sources in the short term, Vietnam aims to position itself as a key player in PtX and green hydrogen technologies in the Asia-Pacific region.