Behind a 2GW wind turbine ordering agreement is not only a business handshake, but also a strategic consensus between Vietnam's richest man and global wind power giants. Two countries and two companies are writing a billion dollar story of new energy development in Southeast Asia.

On December 20, 2023, in Hanoi, Vietnam, Zhang Chuanwei, Chairman of Mingyang Group, and Fan Riwang, Chairman of Vingroup, jointly signed an important agreement. This 2GW wind turbine ordering agreement marks the joint development of wind power projects with a total scale exceeding 20GW worldwide by both parties. For Vietnam, an emerging clean energy hotspot, this cooperation may become a key node in its energy transition.

A new model of energy cooperation between Chinese and Vietnamese enterprises

Vingroup, as the largest private comprehensive enterprise group in Vietnam, operates in multiple fields including technology, industry, real estate, green energy, healthcare, and infrastructure. Its VinEnergo platform specializes in green energy investment and development, and has become an important force in Vietnam's new energy industry.

As the richest man in Vietnam, the founder of the group, Fan Riwang, is accelerating the layout of the new energy and power industry, attempting to seize the opportunity in Vietnam's energy transformation. Vingroup has profound political and business resources as well as local operational experience in Vietnam, which is exactly what Mingyang Group values in expanding into the Southeast Asian market.

Mingyang Group is a leading global wind turbine manufacturer and provider of comprehensive clean energy solutions, with a complete wind power industry chain and technological innovation capabilities. This cooperation will form a strong alliance model of local resources and international technology, laying a solid foundation for both parties to explore the wind power market in Vietnam and globally.

Yuenanhai wind power market fully launched

The development potential of Vietnam's wind power market is rapidly being unleashed. In early December alone, VinEnergo, a subsidiary of Vingroup, obtained the development rights for two consecutive large-scale wind power projects:

Two offshore wind power projects in Ky Anh area of Ha Tinh Province have a total installed capacity of 898MW and a total investment of over 39 trillion Vietnamese dong, approximately 1.48 billion US dollars.

Two wind power projects in Jialai Province, including the Hon Trau project with an installed capacity of 750 megawatts and a total investment of over 48.37 trillion Vietnamese dong, totaling 1.84 billion US dollars.

These projects are a clear signal for Vietnam to accelerate its energy structure transformation. In 2023, the Vietnamese government actively promotes the adjustment of power planning, accelerates the approval process for renewable energy projects, and creates a favorable policy environment for wind power development.

Vietnam has over 3000 kilometers of coastline and abundant offshore wind power resources, especially in the southern and central coastal areas where wind speed conditions are superior, making it suitable for large-scale development of offshore wind power. At present, the wind power market in Vietnam is still in its infancy, but it has enormous growth potential and is attracting the attention of global energy companies.

Reshaping the Clean Energy Landscape in Southeast Asia

The cooperation between Mingyang Group and Vingroup has strategic foresight. The company has landed 12 projects in 8 Southeast Asian countries with a total installed capacity of over 5 million kilowatts, and this 2GW wind turbine order will further consolidate its leading position in the Southeast Asian market.

With the acceleration of global energy transition, Southeast Asia has become a hot spot for renewable energy investment. Vietnam, as one of the fastest-growing economies and countries with the fastest growing energy demand in the region, the development of its clean energy market will have a demonstration effect on the entire Southeast Asia. This cooperation also reflects a new model of China's wind power industry chain going global. Mingyang Group not only provides equipment, but also deeply participates in the local market through technical cooperation, joint development and other means. This cooperation model has important reference significance for the internationalization of China's high-end equipment manufacturing industry.

On December 19, 2025, Vingroup launched 11 major projects to celebrate the 14th National Congress of the Communist Party of Vietnam, with a total investment of 3.4 trillion Vietnamese dong, including two wind power projects. With the deepening of cooperation between Vingroup and Mingyang Group, as well as the landing of more wind power projects, Vietnam is transforming from a traditional energy importing country to a renewable energy producing country. This transformation will not only meet the growing domestic demand for electricity, but may also become a regional exporter of clean energy in the future. Keywords: wind power new energy, wind power new energy news

The collaboration between Vietnam's richest man and Chinese wind power giant is rewriting the energy landscape of Southeast Asia.Editor/Cheng Liting