Within the framework of the State visit to Denmark by Party General Secretary and State President To Lam, during which the two nations upgraded their relationship to a Comprehensive Strategic Partnership, Mr. Le Manh Cuong, CEO of the Vietnam National Industry and Energy Group (PetroVietnam), held bilateral working sessions with Danish partners, addressed the Vietnam-Denmark Business Forum, and oversaw the exchange of energy cooperation agreements focusing on offshore wind, from October 19 to 20 in Copenhagen.
The Joint Statement on the Vietnam-Denmark Comprehensive Strategic Partnership emphasized strengthening supply chain connectivity, including in renewable energy and energy security.
Speaking at the bilateral Business Forum, Party General Secretary and State President To Lam called on enterprises to shift from “investing in Vietnam” to “investing with Vietnam.”
Pioneering offshore wind from an oil and gas foundation
In line with this direction, Mr. Cuong highlighted during a panel discussion at the Forum that offshore wind represents not only a new power source but also an opportunity to build a marine energy industry and maritime economic chain, boosting manufacturing and offshore technical services. He stressed that developing the industry must remain closely aligned with national defense, security, and maritime sovereignty requirements.
Under this approach, PetroVietnam is concurrently pursuing three main pillars: pioneering the development of the South Central Coast No. 1 Offshore Wind Project, participating in recommendations to refine the legal framework, and building a domestic supply chain.
Offshore engineering, manufacturing, port, logistics, and technical service capabilities accumulated from oil and gas operations serve as the foundation for the group to integrate deeper into the global offshore wind value chain.
Notably, the PetroVietnam Technical Services Corporation (PTSC), a subsidiary of the group, has supplied products and services for offshore wind projects in Taiwan (China) and the Baltic region.
Partnering with CIP on South Central Coast 1 Project
On October 19, Mr. Cuong held a working session with Copenhagen Infrastructure Partners (CIP), PetroVietnam’s direct partner in developing the South Central Coast No. 1 Offshore Wind Project.
Representatives from CIP spoke highly of the cooperation with PetroVietnam. Both sides are coordinating to address key factors determining the project’s feasibility, including investment incentive mechanisms, power purchase agreements, risk allocation, capital arrangements, and execution schedules.
Mr. Cuong affirmed that partnering with an experienced international investor like CIP enables access to advanced investment models, project management expertise, and global capital mobilization.
At the Forum on October 20, in the presence of Party General Secretary and State President To Lam and King Frederik X of Denmark, PetroVietnam and CIP exchanged a cooperation agreement to accelerate offshore wind development in Vietnam.
Partnering with Vestas to boost supply chain localization
Also on October 19, Mr. Cuong met with Mr. Javier Rodríguez Diez, Executive Vice President and Chief Sales Officer at the Vestas Group. The PetroVietnam leader requested Vestas to study solutions that leverage domestic industrial, mechanical engineering, and technical service capabilities to gradually increase localization rates in offshore wind projects.
Vestas expressed readiness to share international expertise in offshore wind development, build localization roadmaps, and refine policy frameworks, while strengthening coordination with PetroVietnam, PTSC, and relevant agencies.
To build a sustainable offshore wind supply chain in Vietnam, Vestas recommended ensuring policy stability and clarity alongside a clear roadmap for launching new projects. This would allow contracts to be signed and executed steadily over the long term, rather than being concentrated in a short phase.
Expanding cooperation from marine services to sustainable technology
On the same day, Mr. Cuong met with the Topsoe Group. The PetroVietnam leadership witnessed a signing ceremony for a strategic cooperation agreement in the 2026-2030 period between PTSC Mechanical & Construction Co., Ltd. (PTSC M&C) and Semco Maritime to enhance resources and develop the global market for offshore wind substation projects.
The PetroVietnam Fertilizer and Chemicals Corporation (PVFCCo) and the Topsoe Group also signed a cooperation agreement to promote technological solutions in chemicals, fertilizers, and sustainable energy. Both agreements were officially exchanged at the Forum on October 20.
The outcomes achieved in Denmark re-affirm PetroVietnam’s pioneering role in offshore wind development, contributing to the realization of the Vietnam-Denmark Comprehensive Strategic Partnership in the energy sector.
Moving forward, PetroVietnam and its subsidiaries will continue implementing these cooperative agreements to serve national energy transition and security goals.
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