A company spokesperson revealed that Norway's state controlled energy giant Equinor had cancelled plans to invest into Vietnam's offshore sector. This is a blow for Vietnam's green energy ambitions.

According to the World Bank Group's report, Vietnam has drawn international attention to its renewable energy plans due to its strong wind in shallow water near densely populated coastal areas. However, delays in regulatory reforms recently have prompted some potential investors to reconsider their plans.

In an interview, an Equinor representative said: "We've decided to discontinue business development in Vietnam and close our Hanoi office."

This is the first time Equinor closes an international office focusing on offshore wind.

The company has already exited over a dozen countries in which it had oil and natural gas operations to focus on low-carbon and renewable systems. Reporting by Francesco Guarascio and Nerijus Adomiaitis from Hanoi, Norway; Additional reporting by Khanh Vu from Hanoi; Editing by Gwladys Fouche & Louise Heavens

(source: Reuters)