Belgium/Vietnam – T&T Group and Ørsted have signed a memorandum of understanding (MOU) to begin a strategic collaboration in Vietnam on offshore wind.
The signing took place as part of a Vietnamese high-level visit to Brussels headed by His Excellency Vuong Dinh Hue, President of the National Assembly of Vietnam.
The partnership between Ørsted and T&T brings together a multi-GW pipeline of greenfield offshore wind projects off the shores of Vietnam’s most favorable offshore wind development zones, the provinces of Binh Thuan and Ninh Thuan. Both partners will use their combined talents to help establish this offshore wind pipeline and promote the development of an effective offshore wind regulatory environment as well as a thriving new industry in Vietnam.
Vietnam has some of the best conditions for producing offshore wind in Asia, with more than 3,200 kilometres of coastline and high constant wind speeds. Vietnam’s offshore wind potential is estimated to be up to 500 GW by the World Bank Group. In addition to this world-class potential, Vietnam’s fast expanding power consumption means that additional large-scale, reliable power sources will be required in the next decades. These considerations, together with Vietnam’s excellent supply chain potential, have persuaded Ørsted and T&T Group that offshore wind will play a significant part in Vietnam’s future energy mix.