Pacifico Energy eyes offshore wind power development in Vietnam

By Lan Do
Fri, September 22, 2023 | 12:49 pm GMT+7

Vietnam is one of the three most important markets for Pacifico Energy, and the group is interested in developing offshore wind power projects in the country.

Chairman of Pacifico Energy Group Nate Franklin said so in a meeting with Vietnamese Prime Minister Pham Minh Chinh on Wednesday (local time) within the framework of his seven-day visit to the U.S.

Franklin said he highly appreciated the establishment of a comprehensive strategic partnership between Vietnam and the U.S. and the prime minister's trip to the U.S.

Vietnamese Prime Minister Pham Minh Chinh (right) and chairman of Pacifico Energy Group Nate Franklin. Photo courtesy of Vietnam's government portal.

Vietnamese Prime Minister Pham Minh Chinh (right) and chairman of Pacifico Energy Group Nate Franklin. Photo courtesy of Vietnam's government portal.

Franklin commented that Vietnam, along with Japan and South Korea, are the three most important markets for the group. He also said that Pacifico Energy wants to continue investing in renewable energy and shared ideas for developing offshore wind power in Vietnam.

The prime minister affirmed that Vietnam always welcomes, encourages, and creates favorable conditions for foreign investors, including investment projects in the field of renewable energy.

"The cooperation is based on the spirit of "harmonious benefits; shared risks" between the government, businesses, and people; and comprehensive calculations of five factors, namely power source, power load, distribution, power use, and suitable electricity prices," he noted.

Pacifico Energy is a privately held, utility-scale renewable power company headquartered in the U.S., specializing in the development of solar photovoltaic and wind projects, with offices in Japan, South Korea, Vietnam, and the U.S. The group has over 1.5 GW of operational projects and an additional 7 GW of pipeline in development.

In Vietnam, Pacifico Energy is currently the largest renewable energy investor from the U.S., with the 40 MW Mui Ne solar power project in Binh Thuan province and the 30 MW Sunpro wind power project in Ben Tre province.

Previously, Deputy Prime Minister Tran Hong Ha asked the Ministry of Industry and Trade to redo its deployment proposal for the national power development plan VIII (PDP VIII) towards making it more comprehensive. He also asked the ministry to build a pilot mechanism to allow state utility Vietnam Electricity (EVN) and qualified domestic businesses conduct offshore wind power projects.

The PDP VIII mentions that Vietnam has the technical potential of generating 600,000 MW from offshore wind power. The target is to develop 6,000 MW by 2030 to serve the domestic market and move towards 70,000-91,500 MW by 2050.

Vietnam is in a position to attract offshore wind power investments, but failure to provide timely support policies can turn investors and suppliers away, the Global Wind Energy Council (GWEC) said in its newly-released “Global Offshore Wind Report 2023”. The GWEC emphasizes that major wind energy developers have been facing a profitability crunch in recent years, causing them to retrench and withdraw from smaller or slower-moving markets.

Vietnam and the U.S. agreed to raise bilateral ties to a comprehensive strategic partnership, the highest in Vietnam’s diplomatic hierarchy, during President Joe Biden’s visit to Hanoi this month. The upgrade takes Vietnam-U.S. relations on a par with Vietnam's relationships with China, Russia, India and South Korea.

Comments (0)
  • Read More
VPBank issues Vietnam’s first international sustainable bonds

VPBank issues Vietnam’s first international sustainable bonds

VPBank has become the first bank in Vietnam to successfully issue $300 million in sustainable bonds on the international market.

Companies - Wed, September 17, 2025 | 10:24 pm GMT+7

Vietnam’s private conglomerate Vingroup reclaims market capitalization crown after 5 years

Vietnam’s private conglomerate Vingroup reclaims market capitalization crown after 5 years

Vingroup has surpassed state-controlled lender Vietcombank to become the largest market capitalization company in Vietnam as its stock price rose 3.5 times in the past seven months.

Companies - Wed, September 17, 2025 | 10:16 pm GMT+7

First wave of ETF buying could exceed $680 mln if Vietnam secures FTSE market upgrade: broker

First wave of ETF buying could exceed $680 mln if Vietnam secures FTSE market upgrade: broker

Vietnam’s stock market has a strong chance of being upgraded by FTSE Russell in its October 2025 review, a move that could unlock billions of dollars in foreign inflows, said an analyst at broker ASEAN Securities.

Economy - Wed, September 17, 2025 | 4:16 pm GMT+7

Vietnam Education Publishing House faces challenges in curbing fake textbooks

Vietnam Education Publishing House faces challenges in curbing fake textbooks

The Vietnam Education Publishing House (VEPH) is encountering a range of difficulties in fighting counterfeit textbooks as the situation is becoming increasingly sophisticated and complex.

Companies - Wed, September 17, 2025 | 3:54 pm GMT+7

Vietnam Airlines the largest holding in gov’t investment arm SCIC’s portfolio

Vietnam Airlines the largest holding in gov’t investment arm SCIC’s portfolio

National flag carrier Vietnam Airlines has overtaken Vinamilk and Sabeco to become the largest holding in State Capital Investment Corporation's (SCIC) stock portfolio following the latest capital funding.

Finance - Wed, September 17, 2025 | 3:20 pm GMT+7

Hoa Phat Agriculture submits documents for IPO

Hoa Phat Agriculture submits documents for IPO

Hoa Phat Agriculture Development JSC, a subsidiary of Hoa Phat Group, on Tuesday submitted documents for an IPO of its shares as early as December 2025.

Companies - Wed, September 17, 2025 | 3:03 pm GMT+7

Petrovietnam affirms plan to build eco-energy and industrial center in southern Vietnam

Petrovietnam affirms plan to build eco-energy and industrial center in southern Vietnam

Petrovietnam plans to develop an eco-energy and industrial center project in Can Tho city, the "heart" of the Mekong Delta, its representatives stated on Monday.

Energy - Wed, September 17, 2025 | 11:49 am GMT+7

Thailand - one of Southeast Asia’s fastest-growing markets for AI

Thailand - one of Southeast Asia’s fastest-growing markets for AI

Thailand has emerged as one of Southeast Asia’s fastest-growing markets for artificial intelligence (AI), with OpenAI reporting that weekly active users of ChatGPT in the country have quadrupled over the past year.

Southeast Asia - Wed, September 17, 2025 | 10:40 am GMT+7

MoMo co-founder urges single fintech regulator, faster sandbox in Vietnam

MoMo co-founder urges single fintech regulator, faster sandbox in Vietnam

Vietnam should establish a single regulatory focal point and adopt a more flexible sandbox regime to accelerate fintech innovation, said Nguyen Ba Diep, co-founder of e-wallet giant MoMo.

Finance - Wed, September 17, 2025 | 8:00 am GMT+7

Indonesia to end incentives for imported CBU BEVs in 2026

Indonesia to end incentives for imported CBU BEVs in 2026

The Indonesian government has confirmed that it will stop providing incentives for imported completely built-up (CBU) battery electric vehicles (BEVs) from 2026.

Southeast Asia - Tue, September 16, 2025 | 9:44 pm GMT+7

Aquatic sector advised to navigate challenges, secure exports to EU, US

Aquatic sector advised to navigate challenges, secure exports to EU, US

Despite positive production signals with growth in 2025 projected at 4.25%, Vietnam's aquatic sector is facing mounting export pressures, particularly strict technical barriers in major markets such as the EU and the U.S.

Companies - Tue, September 16, 2025 | 9:41 pm GMT+7

Vietnam pledges favorable conditions for UK businesses

Vietnam pledges favorable conditions for UK businesses

Finance Minister Nguyen Van Thang has affirmed Vietnam’s commitment to improving its investment environment and creating favourable conditions for foreign enterprises, including those from the UK.

Companies - Tue, September 16, 2025 | 9:29 pm GMT+7

Lotte Shopping plans to open more shopping malls in Vietnam

Lotte Shopping plans to open more shopping malls in Vietnam

South Korean retail giant Lotte Shopping has unveiled plans to open an additional two to three large-scale shopping malls in major Vietnamese cities by 2030, underscoring the country’s growing role in the group’s international expansion strategy.

Companies - Tue, September 16, 2025 | 9:25 pm GMT+7

Vietnam ratifies WTO Agreement on Fisheries Subsidies

Vietnam ratifies WTO Agreement on Fisheries Subsidies

Vietnam officially deposited its instrument of ratification of the Agreement on Fisheries Subsidies at the WTO General Council’s special session in Switzerland on Monday.

Companies - Tue, September 16, 2025 | 9:21 pm GMT+7

What makes NobleGo - Vietnam’s first home-bidding livestream platform - so notable?

What makes NobleGo - Vietnam’s first home-bidding livestream platform - so notable?

NobleGo – Vietnam’s pioneering AI-powered livestream real estate bidding platform developed by Sunshine Group – has completed its first 20 livestream sessions.

Real Estate - Tue, September 16, 2025 | 4:53 pm GMT+7

Japanese retailer Aeon to debut another northern Vietnam shopping mall by end-2026

Japanese retailer Aeon to debut another northern Vietnam shopping mall by end-2026

Japanese-backed Aeonmall Vietnam is ramping up construction on its Aeon Mall Ha Long project in Quang Ninh province, home to Ha Long Bay, with an aim to open it to the public by end-2026.

Industries - Tue, September 16, 2025 | 3:54 pm GMT+7