Vietnam’s PTSC M&C first steel cut for major Taiwan wind offshore substations

By Nguyen Tuong
Tue, November 8, 2022 | 10:44 am GMT+7

Petrovietnam’s mechanical and construction company PTSC M&C has conducted the first cut of steel for the two offshore substations Hai Long 2 and Hai Long 3 of the 1,044-megawatt Hai Long Offshore Wind Project in Taiwan Strait.

“The first cut of steel for the offshore substations marks an important milestone for the Hai Long project, as it signals the start of the fabrication phase for our project,” Felipe Montero, project director of Hai Long, said in a release last Friday.

”The substations are an essential part of the Hai Long wind farm. Starting the fabrication as planned is important for the future success of Hai Long,” he noted.

In October 2021, the project announced a consortium of Vietnam's PTSC M&C and Danish company Semco Maritime selected as the supplier of the two offshore substations, and signed the contract with the joint venture in July this year. The scope of collaboration covers the detailed design, procurement, construction, and commissioning of the two substations and their underwater jacket foundations.

In Vung Tau which is about 2.5 hours’ drive from Ho Chi Minh City, the consortium and Hai Long held the ceremonial first cut of steel on last Wednesday.

The first steel cutting ceremony in Vung Tau, southern Vietnam, on November 2, 2022. Photo courtesy of Hai Long.

The first steel cutting ceremony in Vung Tau, southern Vietnam, on November 2, 2022. Photo courtesy of Hai Long.

Hai Long has to date procured more than 90% of the steel required for offshore substations and is now making progress in accordance with the construction schedule, the developer said. The offshore installation will be carried out in 2024-2025, followed by commissioning and grid connection in 2025-2026, according to the firm.

The project, consisting of Hai Long 2 and Hai Long 3 wind farms in the Taiwan Strait, is jointly built by Canada-based Northland Power Inc. and Yushan Energy, a partnership between Singapore-headquartered Enterprize Energy and Japan’s Mitsui & Co., Ltd.

Enterprize Energy is a low-carbon energy business that has operations in Britain and Vietnam, in addition to the Hai Long project. In Vietnam, it has completed the survey period in Thang Long area off Ke Ga Cape in the south-central province of Binh Thuan, and is waiting for government approval to develop the Thang Long Wind project to connect to the national electricity grid with a total capacity of 3.4 gigawatts and total investment of about $11.9 billion.

Its Thang Long plans for the area also include Thang Long Wind 2, a project Enterprize Energy wants to develop to produce and export green hydrogen from offshore wind with an installed capacity of 2 GW and a total investment of $5 billion.

This August, Binh Thuan’s administration sent a proposal to the government, the ministries of Industry and Trade, and Natural Resources and Environment to add Thang Long 2 to Vietnam’s draft National Power Development Plan VIII (PDP VIII).

PTSC M&C specializes in building oil platforms, and the deal is its first contractor project in renewables services, opening a new gate for the Vietnamese engineering and contracting firm to clean energy development from fossil fuels.

PTSC M&C signed a memorandum of understanding with Danish wind power giant Orsted this August to collaborate on offshore wind projects in Vietnam.

Comments ( 0)
  • Read More
TikTok Shop narrows gap with Shopee as Vietnam e-commerce becomes duopoly

TikTok Shop narrows gap with Shopee as Vietnam e-commerce becomes duopoly

Vietnam’s e-commerce market is rapidly evolving into a two-player battleground as TikTok Shop aggressively gains ground on Shopee, reshaping how consumers shop online and how brands allocate advertising and sales budgets.

Economy - Wed, June 3, 2026 | 4:51 pm GMT+7

Vietnam regulator confirms foreign ownership limits for PV Drilling, PVTrans

Vietnam regulator confirms foreign ownership limits for PV Drilling, PVTrans

Vietnam’s securities regulator has confirmed foreign ownership limits for two major state-controlled oil and gas companies, leaving significant room for overseas investors to increase holdings in both firms.

Companies - Wed, June 3, 2026 | 4:34 pm GMT+7

Vietnam power firms post strong profits as heatwave drives electricity demand, but stocks lag

Vietnam power firms post strong profits as heatwave drives electricity demand, but stocks lag

Vietnamese power producers reported sharply higher first-quarter profits as electricity demand surged amid prolonged heatwaves, although their shares have yet to reflect the sector's improving fundamentals.

Companies - Wed, June 3, 2026 | 3:35 pm GMT+7

Nghe An emerges as leading FDI destination with Quynh Lap LNG power project, WHA industrial zone development

Nghe An emerges as leading FDI destination with Quynh Lap LNG power project, WHA industrial zone development

Nghe An province is cementing its status as a premier destination for foreign direct investment (FDI) in Vietnam.

Industries - Wed, June 3, 2026 | 1:37 pm GMT+7

K-Pop mogul-linked $99 mln entertainment, tourism project in central Vietnam clears key hurdle

K-Pop mogul-linked $99 mln entertainment, tourism project in central Vietnam clears key hurdle

A nearly VND2.6 trillion ($98.74 million) entertainment and tourism project backed by a company associated with K-pop mogul Lee Soo Man has cleared a major regulatory hurdle after Gia Lai province authorities okayed the conversion of more than 191 hectares of forest land for its implementation.

Real Estate - Wed, June 3, 2026 | 12:26 pm GMT+7

Vietnam industrial real estate enters race for new capital

Vietnam industrial real estate enters race for new capital

As foreign direct investment becomes increasingly selective and low costs cease to be a competitive advantage, Vietnam’s industrial real estate developers are being forced to reinvent themselves, demonstrating project execution capabilities, cost management expertise, and compliance with green standards.

Industrial real estate - Wed, June 3, 2026 | 11:26 am GMT+7

Golden Gate targets 200% profit hike as restaurant operator accelerates expansion

Golden Gate targets 200% profit hike as restaurant operator accelerates expansion

Vietnamese restaurant operator Golden Gate Group is targeting record revenue and a sharp rebound in profit in 2026 as the company accelerates expansion across its dining and beverage chains, including efforts to revive coffee brand The Coffee House.

Companies - Wed, June 3, 2026 | 8:00 am GMT+7

PVFCCo wins two awards for digital transformation, smart manufacturing

PVFCCo wins two awards for digital transformation, smart manufacturing

PetroVietnam Fertilizer and Chemicals Corporation (PVFCCo), Vietnam's leading fertilizer producer, received two awards at the Vietnam I4 Impact Awards 2026, recognizing its achievements in smart manufacturing and digital services as the company accelerates its digital transformation strategy.

Companies - Tue, June 2, 2026 | 5:38 pm GMT+7

Masan Consumer showcases Vietnamese brands at THAIFEX 2026

Masan Consumer showcases Vietnamese brands at THAIFEX 2026

Masan Consumer took part in THAIFEX – Anuga Asia 2026, one of Asia's largest food and beverage trade exhibitions, as the Vietnamese consumer goods company seeks to expand its international footprint and promote Vietnamese cuisine to global consumers.

Companies - Tue, June 2, 2026 | 5:12 pm GMT+7

Phu My Hung expands northern Vietnam footprint with eco-urban project near Hanoi

Phu My Hung expands northern Vietnam footprint with eco-urban project near Hanoi

Taiwan-backed Phu My Hung is moving ahead with a large eco-urban project in Vietnam’s northern province of Phu Tho as the developer accelerates its expansion beyond Ho Chi Minh City.

Real Estate - Tue, June 2, 2026 | 4:19 pm GMT+7

HSBC provides sustainability-linked trade facilities to Vietnam's leading modern grocery chain Bach Hoa Xanh

HSBC provides sustainability-linked trade facilities to Vietnam's leading modern grocery chain Bach Hoa Xanh

HSBC Vietnam has provided short-term sustainability-linked trade facilities to Bach Hoa Xanh Trading JSC, one of Vietnam’s leading modern grocery chains owned by Mobile World Investment Corporation (HoSE: MWG).

Banking - Tue, June 2, 2026 | 3:09 pm GMT+7

Leading Vietnamese insurer Bao Minh targets $76 mln capital base by 2029

Leading Vietnamese insurer Bao Minh targets $76 mln capital base by 2029

Bao Minh Insurance Corporation (BMI) plans to raise its charter capital to VND2 trillion ($75.96 million) by 2029 and maintain a minimum 15% dividend payout, executives said at the insurer's annual shareholder meeting in Ho Chi Minh City on Monday.

Finance - Tue, June 2, 2026 | 1:57 pm GMT+7

Vietnam's central bank to publish FX purchase, reserve data from 2027

Vietnam's central bank to publish FX purchase, reserve data from 2027

The State Bank of Vietnam (SBV) has committed to publishing data on its foreign currency purchases and foreign exchange reserves starting in 2027, according to a joint statement issued by the Vietnamese central bank and the U.S. Treasury Department.

Banking - Tue, June 2, 2026 | 12:08 pm GMT+7

Antesco raises foreign ownership cap to 49% to attract international capital

Antesco raises foreign ownership cap to 49% to attract international capital

Following its listing on the Ho Chi Minh Stock Exchange (HoSE), food processor An Giang Fruit-Vegetables & Foodstuff JSC (Antesco) is stepping up efforts to attract international investors through ESG initiatives and a higher foreign ownership limit.

Companies - Tue, June 2, 2026 | 11:11 am GMT+7

State-controlled Hai Phong Port eyes record profit as major port expansion restores market leadership

State-controlled Hai Phong Port eyes record profit as major port expansion restores market leadership

State-controlled Port of Hai Phong JSC (UPCoM: PHP) is targeting record earnings in 2026 after new deep-water terminals at Lach Huyen helped the company regain its leading position in the northern city of Hai Phong.

Companies - Tue, June 2, 2026 | 8:30 am GMT+7

Vietnam Education Publishing House promotes Vietnamese knowledge, culture abroad

Vietnam Education Publishing House promotes Vietnamese knowledge, culture abroad

Vietnam Education Publishing House has launched a “Vietnamese Bookshelf” at the Russia-Vietnam Cultural Center in St. Petersburg, marking a key event during “Vietnam Week” in the Russian city.

Companies - Tue, June 2, 2026 | 7:30 am GMT+7