Denmark’s offshore wind power developer CIP willing to partner with Vietnamese SOEs: exec

By Tri Duc
Sat, November 30, 2024 | 9:47 am GMT+7

Copenhagen Infrastructure Partners (CIP), a major Danish offshore wind power developer, is willing to collaborate with Vietnamese state-owned enterprises (SOEs), says Stuart Livesey, CEO of Copenhagen Offshore Partners, a partner of CIP.

“It’s vital that state-owned enterprises are able to seek support from private developers to transfer knowledge, unlock supply chain access, and manage risk effectively,” the executive said Thursday on his Linkedin profile, referring to Vietnamese Deputy Prime Minister Tran Hong Ha's recent working session with CIP.

CIP is committed to supporting Vietnam's green transition, pioneering the first offshore wind project in the country, he emphasized.

Stuart Livesey, CEO of Copenhagen Offshore Partners (COP) Vietnam. Photo courtesy of GEFE.

Stuart Livesey, CEO of Copenhagen Offshore Partners (COP) Vietnam. Photo courtesy of GEFE.

CIP plans to invest $10.5 billion in a 3.5 GW offshore wind power project in Vietnam’s central province of Binh Thuan, named La Gan Offshore Wind Farm.

In March, CIP and state-owned Petrovietnam signed an MoU on renewable energy and offshore wind power. The two sides will explore opportunities to collaborate on developing specific offshore wind power projects in Vietnam, CIP emphasized.

Offshore wind power as a new industry

However, as offshore wind power is a new industry in Vietnam, the legal framework is not available yet.

In June last year, Per Mejnert Kristensen, senior vice president and Asia-Pacific president of Orsted, stated that this Danish wind power giant had "paused market development activities in Vietnam".

Petrovietnam Technical Services Corp (PTSC), a partner of Orsted in Vietnam, later commented that “a lack of detailed policies and guidelines for wind energy investment in Vietnam is making foreign investors turn to other markets.”

In September 2023, the Global Wind Energy Council (GWEC) stressed that Vietnam is in a position to attract offshore wind power investments, but failures to timely provide supporting policy can turn investors and suppliers away.

The Ministry of Industry and Trade is drafting a piloting mechanism for offshore wind power. As the sector is linked with national defense-security, the ministry plans to only let state-owned companies join the sector.

Binh Dinh province officials have suggested that the ministry should allow state-owned companies to collaborate with private businesses to proceed with projects.

Comments (0)
  • Read More
Southern Vietnam port operator Phuoc An posts heavy loss as forecast

Southern Vietnam port operator Phuoc An posts heavy loss as forecast

Dong Nai province-based Petrovietnam Phuoc An Port Investment and Operation JSC (UPCoM: PAP) reported a post-tax loss of over VND125 billion ($4.78 million) in Q2/2025, its highest quarterly loss to date, due to revenue falling short of covering cost of goods sold and financial expenses.

Companies - Tue, July 29, 2025 | 10:37 am GMT+7

Council formed to appraise investment proposals for Cai Mep Ha downstream port complex in HCMC

Council formed to appraise investment proposals for Cai Mep Ha downstream port complex in HCMC

A state appraisal council will be established to review investment proposals for the Cai Mep Ha downstream port complex project in Ho Chi Minh City, under a decision recently signed by Deputy Prime Minister Tran Hong Ha.

Economy - Tue, July 29, 2025 | 10:12 am GMT+7

Vietnam's pharma major Phytopharma posts 24% decline in Q2 profit

Vietnam's pharma major Phytopharma posts 24% decline in Q2 profit

Ho Chi Minh City-headquartered Phytopharma, one of the leading pharmaceutical firms in Vietnam, reported an after-tax profit of VND15 billion ($57,340) in the second quarter of this year, down 24% year-on-year.

Companies - Tue, July 29, 2025 | 9:30 am GMT+7

Vietnam Rubber Group proposes renewable energy investment in central province

Vietnam Rubber Group proposes renewable energy investment in central province

The state-controlled Vietnam Rubber Group (VRG) is eyeing opportunities to study renewable energy development on rubber plantation land in the central province of Gia Lai, in line with a new resolution by local authorities.

Companies - Tue, July 29, 2025 | 8:00 am GMT+7

Vietnam's retail giant Mobile World posts record revenue in Q2

Vietnam's retail giant Mobile World posts record revenue in Q2

Mobile World Investment Corporation (MWG), a leading retailer in Vietnam, delivered its highest-ever quarterly revenue in Q2/2025, rising nearly 10% from a year earlier to over VND37.52 trillion ($1.44 billion).

Companies - Mon, July 28, 2025 | 4:23 pm GMT+7

Techcombank named domestic retail bank of the year by Asian Banking & Finance for 4th consecutive year

Techcombank named domestic retail bank of the year by Asian Banking & Finance for 4th consecutive year

Techcombank has been named Domestic Retail Bank of the Year - Vietnam at the Asian Banking & Finance Retail Banking Awards 2025.

Companies - Mon, July 28, 2025 | 3:06 pm GMT+7

Navigating tariff shocks: Vietnam’s path forward through diversification

Navigating tariff shocks: Vietnam’s path forward through diversification

Market diversification is not a choice but an urgent necessity for Vietnam to safeguard export growth and mitigate risks from global policy and market fluctuations, writes Huong Vu, general director of EY Consulting Vietnam Joint Stock Company and vice chairwoman of Vietnam's Association of Foreign Invested Enterprises (VAFIE).

Consulting - Mon, July 28, 2025 | 2:16 pm GMT+7

UK Jadestone Energy seeks more cooperation with Petrovietnam

UK Jadestone Energy seeks more cooperation with Petrovietnam

UK Jadestone Energy, an independent upstream production and development company focused on the Asia-Pacific region, is eyeing opportunities to further cooperate with Vietnam's state giant Petrovietnam.

Energy - Mon, July 28, 2025 | 10:30 am GMT+7

Malaysia urges strengthening intra-ASEAN trade

Malaysia urges strengthening intra-ASEAN trade

Malaysia is focusing on strengthening the ASEAN economic framework by boosting intra-bloc trade to ensure the continuity of the region’s agenda, Malaysian Foreign Minister Datuk Seri Mohamad Hasan said last Thursday.

Southeast Asia - Mon, July 28, 2025 | 10:26 am GMT+7

Vietnam's fertilizer major PVFCCo launches new product using 100% potassium sulphate

Vietnam's fertilizer major PVFCCo launches new product using 100% potassium sulphate

Petrovietnam Fertilizer and Chemicals Corporation (PVFCCo or Phu My Fertilizer), has officially introduced its new product to the market: NPK PHU MY 15-15-15+5S+TE SOP, an advanced nutritional solution that contributes to the sustainable development of Vietnam’s agricultural sector.

Companies - Mon, July 28, 2025 | 10:19 am GMT+7

Vietnam insurer MIC earns B++ credit rating, sets sights on becoming regional leading digital insurer

Vietnam insurer MIC earns B++ credit rating, sets sights on becoming regional leading digital insurer

Vietnam’s Military Insurance Corporation (MIC), listed on the Ho Chi Minh Stock Exchnage as MIG, has secured a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating of “bbb” (Good), both with a stable outlook, from global credit rating agency AM Best.

Finance - Mon, July 28, 2025 | 9:55 am GMT+7

Military Bank leads in CASA ratio, securing spot among Vietnam’s Big 5 lenders

Military Bank leads in CASA ratio, securing spot among Vietnam’s Big 5 lenders

Hanoi-based Military Bank’s (MB) emerged as a banking sector leader in current account savings account (CASA) ratio from mid-2024 to Q1/2025, earning a spot among Vietnam’s Big 5 lenders.

Banking - Mon, July 28, 2025 | 9:44 am GMT+7

HCMC-based Thuduc House returns to profit under new board of directors

HCMC-based Thuduc House returns to profit under new board of directors

Thuduc Housing Development Corporation (Thuduc House) posted nearly VND19 billion ($726,720) in H1 net profit, a sharp turnaround from a loss of more than VND33 billion ($1.26 million) in the same period last year.

Companies - Mon, July 28, 2025 | 9:32 am GMT+7

HCMC institute proposes standardized EV battery recycling center

HCMC institute proposes standardized EV battery recycling center

As part of a roadmap to transition 400,000 vehicles to electric in Ho Chi Minh City, the municipal Institute for Development Studies (HIDS) has proposed building a standardized battery recycling center or plant capable of recovering up to 95% of the valuable metals in EV batteries.

Economy - Mon, July 28, 2025 | 9:00 am GMT+7

AI cannot match human empathy, creativity: fintech company exec

AI cannot match human empathy, creativity: fintech company exec

AI automates a range of repetitive office tasks such as data analysis and reporting but cannot have the same emotions and creativity as humans, said Colin Blackwell, chairman of Hyperion Fintech, a Swiss financial technology services company.

Executive Talk - Mon, July 28, 2025 | 8:05 am GMT+7

Over 80,000 online shops in Vietnam record no orders in H1

Over 80,000 online shops in Vietnam record no orders in H1

Vietnam’s e-commerce landscape is undergoing a more intense shakeout, with over 80,000 online shops recording no orders in the first half of 2025.

Economy - Mon, July 28, 2025 | 8:00 am GMT+7