Petrovietnam subsidiary to build offshore wind farm foundations for Orsted
Petrovietnam Technical Services Corp (PTSC) on Friday signed a contract to build offshore wind farm foundations for Orsted, becoming the first Vietnamese business to receive a mass order for offshore wind power equipment.
The technical arm of national oil & gas group Petrovietnam will manufacture 33 suction bucket foundations for turbine operation following an eco-friendly design developed by the Danish energy giant.
It is the first time such advanced production technology has been deployed in the Asia-Pacific region, said Orsted project development director Jonas Solhøj.
The move is part of PTSC's transition to mass production, a major development from single production, unlike traditional oil-gas activities, said PTSC CEO Le Manh Cuong. The contract will demonstrate PTSC and Vietnam’s capabilities in the global offshore wind power sector, he added. The project is set to use 70,000 tons of steel and employ thousands of people.
The products will be installed at the Great Changuha 2b & 4 offshore wind power (CHW2204) projects in Taiwan. Orsted secured a corporate power purchase agreement (CPPA) for the 920-MW project with Taiwan Semiconductor Manufacturing Company Limited (TSMC) in July 2020.
Located 35-60 kilometers off the Changhua coast, the project is scheduled to conduct onshore construction later this year, fabrication of components in 2023-2024, and completion of offshore construction by the end of 2025.

Representatives of Orsted and PTSC sign a contract in Ba Ria-Vung Tau province, southern Vietnam on May 19, 2023, under which the latter will build offshore wind farm foundations for the former. Photo courtesy of PTSC.
In November 2022, Petrovietnam’s mechanical and construction company PTSC M&C conducted the first cut of steel for the offshore substations Hai Long 2 and Hai Long 3 at the 1,044-megawatt Hai Long Offshore Wind Project in the Taiwan Strait.
In October 2021, the project announced a consortium of Vietnam's PTSC M&C and Danish company Semco Maritime had been selected as the suppliers for the two offshore substations.
Petrovietnam is currently not allowed to invest in offshore wind power projects under a resolution of Politburo, the Communist Party's premier decision-making body. But the state-owned oil and gas group is strongly capable of such a business, said its vice chairman Pham Tien Dung at a workshop in March to promote Vietnam’s offshore wind power development.
Resolution 41 dated July 2015 specifies development orientations for Vietnam's oil and gas industry until 2025, with a vision until 2030.
"Petrovietnam is capable of all offshore wind power activities, from the start to the end phases. In seabed surveys, hydrogeological tasks, data analysis and research, Petrovietnam is the best in Vietnam, thanks to its experience working at sea over the past 60 years," Dung said.
- Read More
Vietnam’s finance ministry proposes raising personal deduction to $588 per month
Vietnam’s Ministry of Finance has proposed raising the personal income tax deduction to VND15.5 million ($588) per month and the dependent deduction to VND6.2 million ($235).
Economy - Tue, September 9, 2025 | 4:09 pm GMT+7
PM urges prompt finalization of feasibility study for Lao Cai-Hanoi-Hai Phong railway project
Prime Minister Pham Minh Chinh on Sunday evening chaired a high-level meeting with key ministries and agencies to accelerate the implementation of the Lao Cai-Hanoi-Hai Phong railway project, during which he stressed the need for prompt completion of the project’s feasibility study.
Economy - Tue, September 9, 2025 | 3:06 pm GMT+7
WB, ADB to provide over $12 bln to green projects in ASEAN
The World Bank has allocated $2.5 billion, while the Asian Development Bank has set aside $10 billion to support green projects in ASEAN, said Malaysian Deputy Prime Minister Datuk Seri Fadillah Yusof.
Southeast Asia - Tue, September 9, 2025 | 3:01 pm GMT+7
Central Vietnam province seeks investors for $42 mln wind power project
Vietnam’s central province of Quang Tri is seeking investors for the Hung Bac wind power project, with total investment estimated at VND1.1 trillion ($41.69 million), according to the provincial People’s Committee.
Energy - Tue, September 9, 2025 | 2:56 pm GMT+7
Vietnam's leading conglomerate Vingroup sues 68 entities, individuals for false information
Vingroup JSC (HoSE: VIC) on Monday reported to authorities, notified foreign embassies, and filed civil lawsuits against 68 organizations and individuals at home and abroad for spreading false information about the corporation online.
Companies - Tue, September 9, 2025 | 10:45 am GMT+7
Warburg Pincus unit, Masterise eye $739 mln expressway to Vietnam’s mega airport
A subsidiary of U.S. private equity firm Warburg Pincus and Vietnamese developer Masterise Group have separately proposed building an over VND19.52 trillion ($739 million) expressway connecting a major tourism area to the under-construction Long Thanh International Airport in the southern region.
Infrastructure - Tue, September 9, 2025 | 8:00 am GMT+7
Hoa Binh Construction wins $5 bln contract for mega urban project in southern Vietnam
Vietnam's leading contractor Hoa Binh Construction Group has secured a contract to build the first phase of a mega urban area project in Vietnam’s southern metropolis of Ho Chi Minh City.
Real Estate - Mon, September 8, 2025 | 9:22 pm GMT+7
Vietnam's monetary policy remains accommodative: WB
Vietnam's monetary policy has remained accommodative, as State Bank of Vietnam (SBV) interventions contained foreign exchange pressures and increased credit growth, the World Bank Group said in its country economic update.
Economy - Mon, September 8, 2025 | 7:46 pm GMT+7
Property, technology, energy among sectors recording highest M&A activity in Vietnam
Vietnam’s M&A landscape in July recorded 34 completed transactions with the total disclosed and estimated deal value of $786 million, according to Grant Thornton Vietnam.
Economy - Mon, September 8, 2025 | 3:49 pm GMT+7
Vietnam's Van Thinh Phat-tied firm incurs $14 mln loss in H1 as legal woes persist
Bong Sen Corp, the hotel and property arm of troubled Van Thinh Phat Group, posted a net loss of nearly VND356 billion ($14 million) in the first half of 2025, its filing to the Hanoi Stock Exchange (HNX) showed.
Companies - Mon, September 8, 2025 | 3:24 pm GMT+7
Airport-centric urbanization - Vietnam’s new growth engine
In the past, cities in Vietnam would build airports to meet growing transportation needs, but today, airports themselves are becoming the nucleus around which new urban areas emerge.
Real Estate - Mon, September 8, 2025 | 1:36 pm GMT+7
Vietnam’s 8.3-8.5% growth target for 2025 ‘appropriate’: policy advisory council
The Vietnamese government’s GDP growth target of 8.3-8.5% for 2025 and double-digit expansion for 2026-2030 is "appropriate" in the context of favorable macroeconomic conditions and structural reforms, according to the Prime Minister’s Policy Advisory Council.
Economy - Mon, September 8, 2025 | 1:03 pm GMT+7
Enertrag SE proposes 55 MW wind power project in northern Vietnam
The Bac Ninh province People’s Committee is seeking public and ministerial feedback on a 55 MW wind power plant initiated by Enertrag Vietnam Co., Ltd, a subsidiary of German-based global renewables developer Enertrag SE.
Energy - Mon, September 8, 2025 | 11:29 am GMT+7
Southern Vietnam airport project Long Thanh on fast track, test flights set for December
Construction of the Long Thanh International Airport in the southern province of Dong Nai is progressing on schedule, with calibration flights for Runway 1 planned for September 25 and a technical test flight expected on December 19.
Infrastructure - Mon, September 8, 2025 | 11:13 am GMT+7
Why Vietnamese agricultural machinery major VEAM shares on sidelines of market rally?
While Vietnam’s stock market has surged in recent months, sending the benchmark VN-Index from around 1,090 points to nearly 1,700, state-controlled VEAM’s stock VEA has remained flat, trading sideways at around VND39,000 ($1.48) per share over the past year.
Companies - Mon, September 8, 2025 | 8:30 am GMT+7
New train helps tourists explore landmarks of Hanoi, Bac Ninh province
The Hanoi Train officially began operation on Saturday, offering visitors a new way to explore the capital’s landmarks and travel to Tu Son in Bac Ninh province.
Travel - Sun, September 7, 2025 | 8:20 pm GMT+7