HÀ NỘI — Vietnam National Industry - Energy Group (Petrovietnam) has signed a joint development agreement on offshore wind power with CI GMF II Cooperatief U.A., a fund under Denmark’s Copenhagen Infrastructure Partners (CIP), marking a new step forward for Việt Nam’s renewable energy sector.

The partnership is seen as complementary, as Petrovietnam brings its technical expertise, skilled workforce and onshore and offshore infrastructure, while CIP contributes advanced technology, global experience, and strong financial mobilisation capacity.

Petrovietnam Chairman Lê Mạnh Hùng said the agreement is expected not only to advance offshore wind projects but also to help build a domestic supply chain, positioning Việt Nam as a new clean energy hub in the region.

From CIP’s perspective, board member Robert Helms said the collaboration lays the foundation for future offshore wind projects, a local supply chain, job creation, and green foreign direct investment.

The agreement follows a memorandum of understanding (MoU) signed in March 2024, under which both sides agreed to share expertise on the energy transition from oil and gas to renewables, focusing on technology, supply chains, logistics, infrastructure and technical know-how.

CIP has also supported training programmes on emerging renewable technologies, such as Power-to-X (green hydrogen, ammonia), storage solutions and opportunities for offshore wind development in Việt Nam.

Building on the MoU, Petrovietnam and CIP have since accelerated cooperation, including project assessments, supply chain studies and policy recommendations.

The new deal highlights Petrovietnam’s ambition to drive Việt Nam’s shift to cleaner energy, in line with the national net zero target for 2050. Offshore wind, in particular, is expected to serve as a cornerstone of the country’s future power mix.

Petrovietnam has repositioned itself from Việt Nam’s oil and gas group into a national energy group, with three strategic pillars: energy, industry and high-quality services. It aims to pioneer the development of large-scale national energy hubs, provide diverse energy solutions and lead Việt Nam’s integration into the global energy industry.

CIP manages 13 funds and has to date raised approximately US$37 billion for investments in energy and has established a market leading renewables pipeline of approximately 150GW of energy projects across technologies and geographies. — BIZHUB/VNS