To get there. Together.
“Vietnam is one of the worlds’ fastest growing economies and power markets. With its long coastline and favorable wind conditions, the country has among the best wind resources in Asia and a strong desire to develop an offshore wind market. We believe Vietnam has high potential to become an interesting growth market for offshore wind. Equinor wants to take part in maturing the offshore wind industry in Vietnam and is therefore happy to establish local presence in Hanoi. Together with our local partners, our ambition is to utilize our offshore experience and broad energy competence to support Vietnam’s energy transition, paving the way for renewables growth”, stated Equinor’s Senior Vice President Mr. Jens Olaf Økland.
Norway has been actively supporting green transition efforts globally. Technically, we build on our world-leading competence and technology from the oil and gas industry in new sectors, including offshore wind power, hydrogen, carbon capture and storage, and green shipping. Financially, Norway will continue to be a leader in climate finance and other support to the developing countries. Norway will double its climate finance by 2026 including a plan for allocating NOK 10 billion (approx. USD 1 billion) over five years to a new climate fund, which will be managed by Norfund, the Norwegian Fund for Developing Countries.
With the establishment of its local presence in Vietnam, Equinor wants to use its experience and competence together with its local partner, PetroVietnam, to successfully:
- develop Vietnam’s offshore wind industry by implementing successful offshore wind projects
- improve local competence and capacity
- build a strong local supply chain for offshore wind industry
- create more skilled jobs locally
- generate power at lower costs
- gradually make renewable energy affordable for all; and
- assist Vietnam’s green transition agenda and implementation of its international commitments on climate and environment.