Vietnam’s state-owned PetroVietnam and Denmark-based investment firm Copenhagen Infrastructure Partners (CIP) have signed a cooperation agreement to advance the 1 GW Nam Trung Bo 1 (South Central 1) offshore wind project. The project is expected to require an investment of more than $4 billion and comprises two sub-phases. The partners are working on key feasibility issues, including investment incentives, power purchase agreements (PPAs), risk allocation, financing arrangements and implementation timelines.
Under the revised Power Development Plan VIII, Vietnam targets approximately 6 GW of offshore wind capacity by 2030, 17 GW by 2035 and 113–139 GW by 2050. The country currently has no operational offshore wind farms or projects formally approved for investment. In July 2026, the government introduced new regulations clarifying survey procedures and investment approval requirements for offshore wind projects.