A Vietnamese-Russian joint venture has started geophysical surveys for a 3.5GW offshore wind project to be developed off Vietnam’s Binh Thuan province.
On July 15 La Gan Wind Power Development Corporation, the developer of the wind project, signed a contract with the joint venture, Vietsovpetro, which in turn is cooperating with two subcontractors – Fugro of Singapore and PetroVietnam Technical Services Corporation (PTSC) – to collect the seabed samples. The samples will be tested in laboratories to understand the seabed conditions and for the development of ground models and foundation designs.
This February, the developer signed four memoranda of understanding for foundation supply and harbour services with Vietnam-based suppliers, namely CS Wind Corporation, PTSC Mechanical and Construction, South Petroleum Construction J.S.C., and Vietsovpetro, in relation to the wind power project.
In July 2020 three investors – Denmark-based Copenhagen Infrastructure Partners (CIP), Asiapetro and Novasia Energy – signed a memorandum of understanding with the central province’s administration for the development of the wind farm.
According to the plan, the La Gan wind farm will be built in two phases. The first 500 MW to 600MW phase is scheduled to be up and running by 2024, and the remaining 3,000MW is expected to come on stream between 2026 and 2030.
The project is estimated to require a total investment of US$10 billion. According to an economic impact study conducted by BVG Associates, a consultant of the World Bank, the wind farm would contribute more than US$4.4 billion to the Vietnamese economy over its lifetime. It is also expected to create over 45,000 jobs, power more than seven million households, and avoid 130 million tonnes of carbon dioxide emissions.