Vietnam selects Vingroup over German firm PNE for major offshore wind project
Vietnam chose a Vingroup unit over German firm PNE for a major wind project. The move reflects a policy shift favoring local firms over foreign investors.
Insights:
The Gia Lai People's Committee has officially approved VinEnergo, a newly created subsidiary of Vingroup, to develop the initial 750-megawatt phase of a major offshore wind project in Vietnam 
VN. This decision, finalized on February 6, 2026, excludes the German 
DE firm PNE AG from the first stage of the development. The move marks a significant shift in the investor composition for what is planned to be a massive 2,000 megawatt project, altering the landscape for foreign participation in the local energy sector.
VN. This decision, finalized on February 6, 2026, excludes the German DE firm PNE AG from the first stage of the development. The move marks a significant shift in the investor composition for what is planned to be a massive 2,000 megawatt project, altering the landscape for foreign participation in the local energy sector.PNE AG had been a central figure in the offshore wind project (2,000 megawatt project) since 2019, having proposed a total investment of $4.6 billion. Despite this long-standing involvement and the scale of the planned capital commitment, the Gia Lai People's Committee and other Vietnamese authorities have opted to move forward with the domestic VinEnergo for the 750-megawatt first phase. This change comes as the government, including leaders such as To Lam to lam, works to address the country's growing power needs.
