The deal follows an MoU on renewable energy and offshore wind (OSW) signed between the two sides in March 2024.

Under the JDA, the two sides will jointly develop an OSW project in the south central region, marking one of the first OSW ventures in Vietnam.

Robert Helms, a partner at CIP, said, “This agreement marks an important step forward in CIP’s partnership with Petrovietnam. By combining CIP’s global experience and expertise in OSW with Petrovietnam’s proven offshore expertise and deep understanding of the local market, we are well-positioned to deliver one of Vietnam’s first OSW projects and to establish the groundwork for future offshore wind projects in Vietnam.”

Petrovietnam chairman Le Manh Hung underscored the group’s strategic role in advancing Vietnam’s energy transition towards net zero by 2050. He emphasised the complementarity of the partnership, combining Petrovietnam’s offshore expertise, infrastructure, and workforce with CIP’s global experience, technology, and financing capacity.

“The venture will lay the foundation for developing a domestic supply chain, creating jobs, attracting green foreign investment, and positioning Vietnam as a regional hub for clean energy,” Hung said.

Vietnam is uniquely positioned to benefit from this OSW trajectory. With a long coastline and promising wind conditions, the country has exceptional potential for OSW generation and related supply chain manufacturing.

As per the updated Power Development Plan VIII (PDP VIII), Vietnam is expected to achieve 6,000 MW of OSW capacity by 2030, 17,500 MW by 2035, and between 113,000 and 139,000 MW by 2050. This reflects Vietnam’s ambition to become a major global renewables player.