Petrovietnam, Copenhagen Infrastructure Partners shake hands to develop offshore wind power in central Vietnam
Denmark-headquartered Copenhagen Infrastructure Partners (CIP) plans to cooperate with state-owned Petrovietnam to develop the 3.5 GW La Gan offshore wind power project in the former central province of Binh Thuan (now part of Lam Dong province), with a total estimated investment of $10.5 billion.

At the exchange of the Joint Development Agreement (JDA) on offshore wind power development between Petrovietnam and CI GMF II COÖPERATIEF U.A. – a fund managed by Copenhagen Infrastructure Partners on August 22, 2025. Photo courtesy of Petrovietnam.
The two sides exchanged the Joint Development Agreement (JDA) on offshore wind power development last Friday. Earlier, in March 2024, they had signed an MoU on this project.
This move came shortly after the Vietnamese government had issued Decree No. 58/2025/ND-CP in March 2025, detailing specific provisions of the Electricity Law regarding the development of renewable and new energy sources.
According to this decree, foreign investors and economic organizations with foreign capital that implement or participate in investment or bidding for offshore wind projects must meet conditions related to experience, financial capacity, and commitments to using domestic labor, goods, and services.
Notably, the decree requires the participation of domestic enterprises with a minimum 5% ownership of charter capital or voting shares in the implementing economic organization. These domestic enterprises include state-owned enterprises or those in which the state holds more than 50% of charter capital or voting shares.
According to Petrovietnam, its transformation from a national oil and gas group to a national industry and energy group with three strategic pillars – energy, industry, and high-quality services – reflects its vision to become an integrated energy producer and supplier, ready to lead in new energy sectors, particularly offshore wind power.
The group aims to provide diverse energy solutions, including renewables, to contribute significantly to national energy security and the development of the maritime economy, closely tied to safeguarding national sovereignty at sea.
Petrovietnam said it recognizes CIP as one of the world’s leading renewable energy developers, with decades of experience in offshore wind projects across Europe and Asia. CIP will bring strengths in capital management, large-scale project implementation, and especially an extensive international network.
At the ceremony, Le Manh Hung, chairman of Petrovietnam’s council of members, stated that the partnership is mutually complementary as Petrovietnam has technical expertise, human resources, and both onshore and offshore infrastructure, while CIP will contribute international experience, technology, and fundraising capacity.
He emphasized that the agreement aims not only to successfully develop offshore wind projects but also to build a domestic support industry chain, helping Vietnam become a new clean energy hub in the region.
On his part, Robert Helms, a board member of CIP, expressed hope that the collaboration with Petrovietnam would lay the foundation for future offshore wind projects, establish a local supply chain, create jobs, attract green FDI, and accelerate the clean energy transition, thereby enhancing energy security and achieving Vietnam’s development goals.
In an interview earlier this year, Stuart Livesey, CEO of CIP Vietnam, said CIP entered Vietnam in 2019, when the country first started planning offshore wind projects.
He emphasized the importance of involving major Vietnamese energy corporations like Petrovietnam and Vietnam Electricity (EVN) in the first offshore wind projects in the country.
In the long run, it’s important to attract investment into offshore wind not only from state-owned enterprises like EVN and Petrovietnam. Sharing risks and harmonizing benefits is reasonable. Foreign companies should not come to Vietnam just to execute projects, make a profit, and leave, said the CIP representative.
CIP wants to collaborate with local companies to ensure the combination of each side’s strengths, delivering reputable projects and mutual benefits, he added.
According to the revised National Power Development Plan VIII, approved by the Prime Minister in Decision No. 768/QD-TTg dated April 15, 2025, offshore wind power capacity serving domestic demand is targeted to hit 6,000 MW by 2030 and increase to 17,032 MW by 2035. By 2050, the capacity is projected to reach between 113,503 and 139,097 MW.
However, as of now, no offshore wind power project has officially received in-principle approval.
The Vietnamese government and the World Bank estimate Vietnam’s offshore wind potential at around 600 GW. This energy source is expected to supply 12% of the nation’s total electricity output by 2035.
- Read More
Vietnamese builder Central acquires 51% stake in IDIC 620 to expand into transport infrastructure
Vietnamese builder Central Construction JSC has acquired a 51% stake in 620 Infrastructure Development and Investment Corporation (IDIC 620), marking its push beyond civil and industrial projects into the transport infrastructure sector.
Companies - Tue, August 26, 2025 | 10:52 pm GMT+7
Vietnam’s utility major REE wins two wind power projects worth $152 mln in southern Vietnam
Ho Chi Minh City-based utility firm Refrigeration Electrical Engineering Corporation (HoSE: REE) has won bids for two nearshore wind power projects in the southern province of Vinh Long, with a total capacity of 80 MW and an estimated investment of VND3.86 trillion ($146.58 million).
Energy - Tue, August 26, 2025 | 2:26 pm GMT+7
Sun Group plans renewable-powered digital infrastructure project in northern Vietnam
Sun Group, a real estate giant in Vietnam, plans a project on developing decentralized digital infrastructure powered by renewable energy in the northern province of Lai Chau.
Industries - Tue, August 26, 2025 | 1:54 pm GMT+7
Vietnam’s FPT Telecom posts record net profit in Q2
FPT Telecom reported its highest-ever quarterly net profit in Q2/2025, accompanied by a massive cash and bank deposit balance of over VND13 trillion ($497 million).
Companies - Tue, August 26, 2025 | 1:50 pm GMT+7
Northern Vietnam province to finalize land clearance procedures for $2.2 bln LNG power project in Sept
Concerned authorities in Quang Ninh province gathered on Monday to discuss resolving land clearance and compensation bottlenecks for a $2.2 billion LNG-to-power plant project.
Energy - Tue, August 26, 2025 | 11:25 am GMT+7
MB becomes second biggest Vietnamese bank by chartered capital
Military Bank (MB) has become the second largest Vietnamese bank, after Vietcombank, following a chartered capital hike to VND80,550 billion ($3.06 billion).
Banking - Tue, August 26, 2025 | 10:00 am GMT+7
Consumers favor greener e-commerce in Vietnam
The rapid growth of e-commerce in Vietnam has brought undeniable convenience, yet it also generates mounting environmental challenges, from excessive plastic packaging to increased transport emissions.
Companies - Tue, August 26, 2025 | 8:26 am GMT+7
Vietnam among fastest-growing export markets: Emirates SkyCargo exec
Vietnam stands out as one of Emirates SkyCargo’s fastest-growing export markets in Southeast Asia, fueled by robust demand for high-value cargo such as electronics, textiles, and agricultural products, the company stated.
Companies - Mon, August 25, 2025 | 10:27 pm GMT+7
Vietnam benchmark VN-Index will increase beyond investors' imagination: exec
VN-Index, which represents the Ho Chi Minh Stock Exchange, will increase beyond all scenarios in the most imaginative minds of investors, said La Giang Trung, CEO of the Hanoi-based Passion Investment.
Finance - Mon, August 25, 2025 | 10:10 pm GMT+7
Netflix eyes Thailand as new content hub in Asia
Netflix has taken a significant strategic step, channeling more than $200 million into Thailand over the past four years with the goal of establishing the country as its new content hub in Asia.
Southeast Asia - Mon, August 25, 2025 | 5:49 pm GMT+7
Vietnam’s benchmark VN-Index plunges nearly 74 points over two sessions after strong rallies
The Vietnamese stock market recorded its second consecutive losing session on Monday, with the benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) declining by nearly 74 points.
Finance - Mon, August 25, 2025 | 5:33 pm GMT+7
S Korean chaebol Hyosung to invest hundreds of millions of USD more in Vietnam’s central hub
HS Hyosung Quang Nam Co., Ltd., a subsidiary of South Korea’s HS Hyosung, is considering investment plans worth hundreds of millions of USD in production of industrial yarn and automotive interior materials in the central city of Danang. The Investor talks with CEO Park Jung-kon about the detailed plans.
Executive Talk - Mon, August 25, 2025 | 5:06 pm GMT+7
Vietnam heavyweight Hoa Phat’s rail steel plant project could generate $29.4 mln in annual pre-tax profit: broker
A new rail and structural steel plant project commenced by Vietnamese steel giant Hoa Phat Group (HoSE: HPG) on August 19 is expected to generate VND773 billion ($29.4 million) in annual pre-tax profit, equating to a pre-tax margin of nearly 7%, according to Vietcap Securities.
Companies - Mon, August 25, 2025 | 3:16 pm GMT+7
Tran Luu Quang appointed Party chief of Vietnam's economic hub HCMC
Head of the Central Policy and Strategy Commission Tran Luu Quang, 58, has been appointed by the Politburo as Secretary of the Ho Chi Minh City Party Committee, the city's highest-level leader.
Politics - Mon, August 25, 2025 | 2:25 pm GMT+7
Hanoi streets severely flooded due to prolonged heavy rains
Under the impact of typhoon Kajiki, from Monday night to Tuesday morning, Hanoi has suffered from prolonged heavy rain, causing many roads to be severely flooded.
Society - Mon, August 25, 2025 | 1:01 pm GMT+7
Central Vietnam province unveils plan for gigantic 6,300ha eco-tourism project
Gia Lai province is moving forward with a plan to transform over 6,300 hectares of land in the Bien Ho-Chu Dang Ya area into a national-level resort, cultural, and eco-tourism destination.
Real Estate - Mon, August 25, 2025 | 11:28 am GMT+7