Vietnam And Denmark’s CIP Plan $4 Billion Investment In 1,000 MW Offshore Wind Project

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. The proposed project has a planned capacity of 1,000 MW and could require an investment of more than $4 billion.

PVN announced the agreement on Thursday during the Vietnam-Denmark Business Forum in Copenhagen. The event was held as part of Vietnamese General Secretary and State President To Lam’s state visit to Denmark, highlighting cooperation between the two countries in the energy sector.

According to PVN Chief Executive Officer Le Manh Cuong, the project remains at an early development stage. Key areas under consideration include feasibility studies, incentive mechanisms, power purchase agreements, risk allocation, financing arrangements and the implementation schedule.

The partnership reflects Vietnam’s efforts to expand renewable energy capacity and strengthen international cooperation in offshore wind development. Denmark has established expertise in offshore wind technology, while CIP focuses on investing in and developing renewable energy projects across global markets.

Vietnam’s Power Development Plan VIII targets 6,000 MW of offshore wind capacity by 2030 and 17,500 MW by 2035. The country aims to achieve total wind power capacity of 113,000 MW to 139,000 MW by 2050.

CIP’s Growth Markets Fund II, valued at $3 billion, targets emerging markets, including Vietnam. The Nam Trung Bo 1 project could support Vietnam’s long-term energy transition and offshore wind ambitions.