Energy: Vietnam’s Petrovietnam, Denmark’s CIP sign US$10.5 billion offshore wind agreement
Petrovietnam and Copenhagen Infrastructure Partners (CIP) have signed a Joint Development Agreement (JDA) to develop the 3.5 GW La Gan offshore wind project in Binh Thuan (now part of Lam Dong), with an estimated investment of US$10.5 billion, The Investor has reported → view source.
The JDA was concluded on 22 August 2025, following an MoU signed in March 2024.
Key details:
- Project size: 3.5 GW capacity, US$10.5 billion investment
- Partners: Petrovietnam (state-owned) and CIP (via CI GMF II COÖPERATIEF U.A.)
- Policy framework: Decree 58/2025/ND-CP requires foreign investors to meet experience and financial conditions, and mandates 5 percent domestic ownership by state or majority state-owned firms.
- Petrovietnam strategy: Transitioning from oil and gas to an integrated energy group with focus on renewables and maritime economic development.
- Partnership roles: Petrovietnam provides infrastructure, workforce, and local expertise; CIP contributes capital, technology, and global offshore wind experience.
- CIP’s stance: Seeks long-term collaboration with domestic firms, aiming to build a local supply chain, create jobs, attract green FDI, and support Vietnam’s clean energy transition.
Vietnam has set ambitious renewable energy goals under its Power Development Plan VIII, with offshore wind a cornerstone of its 2050 net-zero strategy.
It has, however, not got off to a strong start with a target of 6 GW by 2030 very unlikely to be reached.
