Vietnam's wind power booms: Danish and Australian eye investments


Deputy Prime Minister met with Deputy Head of Mission of Danish Embassy and Chairman of Vestas. (Photo:VGP)

On the 13th, Vietnamese Deputy Prime Minister Tran Hong Ha met with Anders Runevad, CEO of Danish wind turbine manufacturer Vestas Group, and warmly welcomed more Danish businesses to invest in and share their experience and technology to accelerate Vietnam's energy transition. And developers from Denmark and Australia have both recently signed cooperation agreements.

Tran Hong Ha mentioned that Vietnam's National Power Development Plan (PDP8), does not limit the development of renewable power sources for exports, hydrogen energy, and energy sources for trading directly through Direct Power Purchase Agreements (DPPA). Therefore, he hopes that more businesses will participate in laying the foundation for Vietnam's renewable energy industry.

Vestas is one of the world's largest wind turbine manufacturers, with many factories in Europe, America, and Asia, holding a 28% market share. They provide maintenance services for more than 47,000 wind turbines of different brands in 69 countries around the world. Vestas was also one of the first foreign companies involved in Vietnam's wind power market development, with an installed local wind turbine capacity of 1,400 MW.

Vestas continues to expand its territory in Vietnam, as evidenced by its announcement on the 12th about its intention to collaborate with the Vietnamese developer IPICO (Son My Industrial Park Investment Construction and Trading Infrastructure Company) on wind power projects in Binh Thuan province.

IPICO is the developer of the Son My 1 Industrial Park in Binh Thuan province, covering an area of ​​1,070 hectares. The industrial park is expected to feature two liquefied natural gas (LNG) power plants with a total capacity of approximately 4,500 MW and aims to attract investment from large enterprises from Vietnam, the US, France, Japan, and other countries. It is expected to be completed and put into operation in 2025.

According to PDP8, Vietnam's onshore wind power installed capacity is expected to reach 21,880 MW by 2030 and between 60,050 and 77,050 MW by 2050. Additionally, offshore wind power is projected to reach 6,000 MW by 2030 and between 70,000 and 91,500 MW by 2050. These roadmaps have attracted significant interest from relevant industry players.

Since March, at least two wind power developers have signed Memoranda of Understanding (MOUs) with Vietnamese companies. Including Copenhagen Infrastructure Partners (CIP) partnered with PetroVietnam (PVN). And Corio, a subsidiary of Australia's Macquarie Group, signed an agreement with EVNGENCO3 power generator, a subsidiary of Vietnam Electricity Group (EVN), to jointly promote the development of wind power in Vietnam.

Related Topics
U.S. to fund $500 million in green exports to Vietnam
Finland's Wartsila Group plans to develop Vietnam's first flexible power plant

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