Vietnam’s Petrovietnam and Denmark’s CIP have agreed to advance a 1,000 MW offshore wind project requiring more than US$4 billion, supporting Vietnam’s renewable energy targets and offshore wind development.
Vietnam National Industry-Energy Group (Petrovietnam or PVN) and Denmark-based Copenhagen Infrastructure Partners (CIP) have signed an agreement to jointly develop the Nam Trung Bo 1 offshore wind power project in Vietnam’s south-central region, with a planned capacity of 1,000 megawatts (MW) and a potential investment exceeding US$4 billion. The agreement was exchanged at the Vietnam-Denmark Business Forum in Copenhagen, during Vietnamese President To Lam’s state visit to Denmark.
The project remains in its early development stage, with both partners working to assess its feasibility and establish the conditions required for implementation. Key issues under consideration include investment incentives, power purchase agreements, risk allocation, financing arrangements and the project schedule, according to PVN Chief Executive Officer Le Manh Cuong.
Also Read: How Digital Thread is Revolutionizing Manufacturing
The partnership combines Petrovietnam’s offshore engineering capabilities, infrastructure and local market knowledge with CIP’s international experience in renewable energy investment and offshore wind development. The companies aim to advance the project while supporting the development of Vietnam’s domestic offshore wind supply chain and attracting additional investment into the renewable energy sector.
The agreement builds on a joint development agreement signed by the companies in August 2025. Their latest cooperation marks further progress towards advancing one of Vietnam’s planned offshore wind projects, although the project still requires development work and relevant regulatory approvals before construction can proceed.
Vietnam is seeking to expand renewable energy generation and diversify its power mix as electricity demand increases. Under its Power Development Plan VIII, the country targets 6,000 MW of offshore wind capacity by 2030 and 17,500 MW by 2035. Its longer-term plan envisages total wind power capacity reaching between 113,000 MW and 139,000 MW by 2050.
CIP is an international renewable energy investor and developer whose Growth Markets Fund II, valued at US$3 billion, targets opportunities in emerging markets, including Vietnam. The Nam Trung Bo 1 project could contribute to the country’s renewable energy ambitions while creating opportunities for local suppliers, engineering firms and other businesses involved in offshore infrastructure.
Also Read: Reasons why manufacturing in Malaysia is on the Rise
The agreement also reflects broader energy cooperation between Vietnam and Denmark, with both countries seeking to strengthen investment links and accelerate the development of renewable energy projects.