The signing took place on July 22 within the framework of the Vietnam Energy Summit in Hanoi.
According to the Danish Embassy in Vietnam, with an estimated cost of US$10 billion, the project is expected to create a significant source of income and jobs for Binh Thuan Province and Vietnam in general.
The successful cooperation between Binh Thuan and CIP and its partners Asiapetro and Novasia Energy, could also be a platform to attract other foreign investors to offshore wind energy projects in Vietnam.
With this MoU, the project partners will work closely with Binh Thuan and the ministries concerned to formulate a detailed investment plan once the La Gan project is integrated into Vietnam’s power development plans.
Findings from a cooperative research project between Vietnam and Denmark show that Vietnam has up to 160GW of potential offshore wind energy, according to Danish Ambassador Kim Højlund Christensen.
That makes Vietnam one of the most promising markets for offshore wind development and the country needs to learn from the experience of other countries to reap the full benefits, the diplomat added.
With a potential capacity of 3.5GW, La Gan is one of the first large-scale wind power projects in Vietnam and is expected to enhance Vietnam’s regional and global position in the field of renewable energy.