Investors of the Vinh Phong Offshore Wind project, represented by DEME Concessions Wind and Zarubezhneft JSC, and their subsidiaries DEME Offshore and Vietsovpetro have signed a joint Memorandum of Understanding following recent establishment of a consortium for the project development.

This Memorandum of Understanding was signed in the framework of the Consortium’s strategic plan to implement an energy project which could become the first offshore wind power plant in Vietnam.

The partners of the Consortium are eager to commission the first phase with 600 MW capacity by 2026 and the second phase with 400 MW capacity in 2030.

Vinh Phong will need to raise 72,900 billion VND of investments and it will be capable of providing a total of 10,000 billion VND of tax contributions. During the project implementation it is planned to create 2500 qualified jobs, including 1800 jobs at the construction stage, 200 jobs at the operation stage and 500 jobs at the dismantling stage.

The Memorandum contemplates that Zarubezhneft JSC and DEME Concessions Wind will become the main investors of the future project, and JV Vietsovpetro and DEME Offshore, having necessary technological knowledge and construction experience, will become exclusive contractors.

KeyFacts Energy: Zarubezhneft Vietnam country profile