Copenhagen Infrastructure Partners (CIP), through its Growth Market Fund II, and the Vietnam National Industry-Energy Group (Petrovietnam) have signed a Joint Development Agreement (JDA) to work together on developing an offshore wind project in Vietnam's southern central region. The agreement was signed during a ceremony in Hanoi on August 22, 2025, marking a significant milestone in Vietnam's clean energy transition efforts.

Project Details and Development Phase

The offshore wind project is currently in its early development phase and remains subject to relevant regulatory approvals. The initiative is expected to be among Vietnam's first offshore wind projects, marking a significant step in the country's efforts to diversify its energy mix and accelerate its transition to a sustainable energy future.

CIP is developing the project together with Copenhagen Offshore Partners, which serves as CIP's exclusive offshore wind development partner. The project is expected to unlock long-term economic value, contribute significantly to Vietnam's energy security, and lay the foundation for the development of a robust local supply chain.

Partnership Background and Collaboration

The Joint Development Agreement builds upon a Memorandum of Understanding signed in March 2024 by both parties. Since 2024, working teams from both organizations have collaborated closely, sharing knowledge and technical expertise while exploring opportunities for potential joint projects. The partnership combines CIP's global offshore wind expertise with Petrovietnam's deep local market knowledge and offshore operational capabilities.

This collaboration demonstrates the mutual trust, commitment, and shared vision between the two companies in supporting Vietnam's energy transition.

Executive Statements

Robert Helms, Partner at Copenhagen Infrastructure Partners, said that the agreement marks a major step forward in the partnership with Petrovietnam and shows the Growth Markets Fund II's long-term commitment to Vietnam. He highlighted that by combining CIP's global offshore wind experience with Petrovietnam's proven offshore expertise and local knowledge, the companies are well-positioned to deliver one of Vietnam's first offshore wind projects and lay the foundation for future offshore wind developments in the country.

Dr. Le Manh Hung, Vice President and Deputy CEO of Petrovietnam, commented that Petrovietnam and CIP have built a meaningful partnership, working closely and effectively to reach this critical step. He noted that the Joint Development Agreement demonstrates mutual trust, commitment, and shared vision in supporting Vietnam's energy transition, with the goal of not only developing successful offshore wind projects but also building a clean energy value chain in Vietnam.

Company Profiles

Copenhagen Infrastructure Partners was founded in 2012 and is currently the world's largest dedicated fund manager within greenfield energy investments. The funds managed by CIP focus on investments in offshore and onshore wind, storage, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity, advanced bioenergy, and Power-to-X technologies.

CIP manages 13 funds and has raised approximately EUR 32 billion for investments in energy and associated infrastructure from approximately 180 international institutional investors. The company has projects in more than 30 countries and employs more than 2,300 people across its platforms. Vietnam National Industry Energy Group (Petrovietnam) is a leading state-owned enterprise in the national economy and a pioneer in the oil and gas energy sector.

The company's mission includes ensuring energy security, making contributions to socio-economic development, and protecting national sovereignty. Over the past decade, Petrovietnam has evolved from a traditional oil and gas group to a multi-industry energy conglomerate, with a mission to lead the national energy transition.

The signing ceremony photograph shows Mr. Le Manh Cuong, Vice President and Deputy CEO of Petrovietnam, signing the agreement, representing the formal partnership between the two organizations in this offshore wind development initiative.

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