Phu Quoc island wind power project is a feasible renewable energy study, which is a business opportunities for Finnish investors. The study aims to propose an effective business model for Finnish companies to invest in wind energy business in Phu Quoc.
The theoretical part explains research method and develops theories including technology transfer, entry mode strategy, stakeholder analysis and legislation. This study uses deductive method and qualitative design. To build the business model, wind energy technology is briefly explained. Different choices of market entry modes are presented. Analysis of stakeholders and legislation were also introduced.
The empirical part consists of the survey conducted in Phu Quoc. The interviewed groups include local authorities (Ministry of Industry and Trade, Phu Quoc Investment and Development Management, Phu Quoc Power branch), local hotels (Sai Gon-Phu Quoc resort, Thien Hai Son resort, Lunar Moon hotel), and local residents. The intent was to investigate the actual situation of electricity shortage, their opinions about using wind energy as a solution. Part of the survey was conducted in Hanoi for interviewing Ministry of Industry and Trade (MOIT – policy maker); Electricity Vietnam (EVN) and Hanoi University of Technology (HUT). This aims to clarify the legal basis for wind energy, EVN’s activities and other relevant comments on wind energy development.
The results showed that wind energy is being developed with more and more effective incentives and legal framework to be issued in future. It is feasible to develop a wind power project in Phu Quoc thanks to sufficient wind resource and encouraged investment policies. A business model has been proposed, in which 100% foreign investment entry is suggested. The proposed project location is in Ganh Dau commune – the northern end of Phu Quoc. 25-year BOT contract project is suggested with tentative project implementation plan.