T&T and Ørsted sign MoU on strategic collaboration for offshore wind projects in Việt Nam

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T&T Group, one of the leading Vietnamese cross-industry companies and Ørsted, the world’s most sustainable energy company have announced the signing of a memorandum of understanding (MoU) to launch a strategic collaboration on offshore wind in Việt Nam.

T&T Group and Ørsted signed the memorandum of understanding (MoU) to launch a strategic collaboration on offshore wind in Việt Nam. — Photo courtesy of T&T

T&T Group and Ørsted signed the memorandum of understanding (MoU) to launch a strategic collaboration on offshore wind in Việt Nam. — Photo courtesy of T&T

The signing took place in connection with the Vietnamese high-level visit to Brussels, led by the President of Việt Nam’s National Assembly Vương Đình Huệ.

The collaboration between Ørsted and T&T brings together a multi-GW pipeline of greenfield offshore wind projects located off the coasts of the Bình Thuận and Ninh Thuận Provinces, Việt Nam’s most suitable areas for offshore wind development. Both partners will apply their groups’ joint capabilities to mature this offshore wind pipeline and work to support the development of an effective regulatory framework for offshore wind and vibrant new industry in Việt Nam.

Đỗ Quang Hiển, T&T Group President and General Director, said: “Ten years ago, we began researching and preparing for the development of renewable energy in order to be ready when the time was right. This has resulted in T&T completing several large solar PV projects and being on track to complete five big onshore wind projects by the end of this year. Energy is a strategic focus for the T&T Group, and with this collaboration with Ørsted, the global leader in offshore wind, we look forward to accelerating our plans and bringing valuable experience and international investment capital to the offshore wind sector in Việt Nam.”

Matthias Bausenwein, President of Ørsted Asia Pacific said: “This MoU is a major step for Ørsted in establishing a strong foothold in Việt Nam and in showcasing our aspiration to be a reliable long-term partner in this country. Together with T&T we’re excited to use our multi-GW pipeline to build a vibrant local offshore wind industry and to make Việt Nam one of the leading offshore wind markets in Asia Pacific. We believe that offshore wind is one of the best ways for Việt Nam to meet its rapidly growing power demand as this is a utility-scale, reliable and domestic power source which, if deployed at a large scale and with the right framework, can be competitive with coal and gas-fired power stations."

With more than 3,200 kilometres of coastline and high consistent wind speeds, Việt Nam has some of the best conditions for developing offshore wind in Asia. The World Bank Group estimates Việt Nam’s offshore wind potential to be up to 500GW. In addition to this world-class potential, Việt Nam’s rapidly growing demand for power means there is an urgent need for new large-scale reliable power sources in the coming decades. These factors, in combination with Việt Nam’s strong supply chain potential, have convinced Ørsted and T&T Group that offshore wind has a central role to play in Việt Nam’s future power mix. 

On the same day, T&T Group also signed an MoU with Smart Universal Logistics N.V (SUL), Belgium's leading corporation in sustainable energy development and environmental infrastructure, to develop wind energy desalination plants to produce fresh water for agriculture and aquaculture in Việt Nam.

Accordingly, T&T Group and SUL will co-ordinate with the National Institute of Agricultural Planning and Forecasting to build a pilot system of wind energy desalination of river water called "WATER-BY-WIND" in Ninh Thuận Province. After the successful trial, the two sides would conduct a survey on the possibility of establishing a network of WBW systems in many provinces and cities of Việt Nam that are heavily affected by saline intrusion and inundation. They also aim to build a WBW system factory in Việt Nam to reduce production costs and be proactive in technology.

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