Vietnam’s state-owned energy group PetroVietnam and Danish investment firm Copenhagen Infrastructure Partners (CIP) have signed a new cooperation agreement to advance offshore wind development in Vietnam, notably the 1 GW Nam Trung Bo 1 (South Central 1) offshore wind project (PetroVietnam press release, 22/10/2026). The project, which is expected to require an investment of more than USD4bn, consists of two sub-phases. The partners are currently working on issues crucial to the project's feasibility, including investment incentives, power purchase agreements (PPAs), risk allocation, financing arrangements, and timelines.
Under the revised Power Development Plan VIII, the government targets around 6 GW of offshore wind capacity by 2030, 17 GW by 2035 and 113-139 GW by 2050. The country, which currently has no offshore wind plants in operation and no projects formally approved for investment, introduced new rules in July 2026 to clarify how offshore wind projects can carry out surveys and obtain investment approval.
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