The board said on Thursday that the extension would help the wind industry cope with the hardships caused by the Covid-19 pandemic and encourage investment in offshore power plants in the future.
The FIT for offshore and onshore wind power is currently 9.8 cents and 8.5 cents per kilowatt hour, respectively. It applies for 20 years to factories that start commercial operations before November 1.
The board estimates that about 4,000 MW of wind projects would not be completed by the deadline in order to benefit from the FIT price incentives due to delays caused by the pandemic.
As a result, an investment of approximately $ 6.7 billion in this form of energy, including $ 6.5 billion in capital costs and $ 151 million in operating costs over 25 years, as well as nearly of 21,000 job opportunities, will be threatened, the council said.
GWEC Chairman Ben Blackwell said supportive measures are needed to remove difficulties for the Vietnamese wind industry amid Covid-19.
Without the extension of the FIT, wind projects might not be able to continue, which would have negative impacts on local economic development, he added.
According to the national utility Vietnam Electricity, 106 wind power plants with a total capacity of 5,655.5 MW have been requested for a commercial operation date. However, in August, only three projects with a capacity of 48.8 MW received the certifications.
Vietnam has 24 commercial wind power plants with a total capacity of 963 MW in the first eight months of this year.