PVS Unit PTSC, Pacifico Energy Launch 1,800 MW Offshore Wind Surveys in Vietnam

Overview

Pacifico Energy Vietnam, a unit of US-based Pacifico Energy, and Petrovietnam Technical Services Corporation (PTSC) launched survey work on 13 October for two offshore wind projects with combined planned capacity of 1,800 MW. The projects sit off Ho Chi Minh City and Lam Dong province and carry potential investment of more than US$6 billion, equivalent to over VND 150,000 billion. PTSC is the engineering and marine services subsidiary of PVS, listed on HNX.

Key Facts

• Two projects: the 500 MW Southern Vietnam offshore wind project in Ho Chi Minh City waters, and the 1,300 MW South Central Vietnam 3 project off Lam Dong province.
• Combined capacity of 1,800 MW and potential investment exceeding US$6 billion, or more than VND 150,000 billion.
• Survey work runs through PTSC Marine G&S, the vessel and survey services branch of PTSC, covering geophysical and metocean data collection.
• Pacifico Energy received approval from the Ministry of Agriculture and Environment to survey the two sea areas during 2026.
• The launch came less than a month after a 23 September 2026 meeting in New York between Vietnamese leaders and Pacifico Energy, represented by Nate Franklin.
• Pham Quoc Anh, Executive Chairman of Pacifico Energy Vietnam, and Le Chien Thang, Deputy General Director of PTSC, spoke at the event.
• PVS closed at VND 33,000 on 13 October 2026 on HNX.

What Happened

At an event in Ho Chi Minh City on 13 October, Pacifico Energy Vietnam and PTSC formally kicked off survey campaigns for the two offshore wind projects. The work, executed by PTSC Marine G&S, focuses on geophysical and metocean surveys to map seabed topography, geological characteristics and natural conditions, providing the technical basis for project evaluation and design.

Pacifico Energy Vietnam Executive Chairman Pham Quoc Anh framed the projects as a long-term commitment to Vietnam, saying offshore wind can create a new industry with jobs and opportunities for domestic firms. PTSC Deputy General Director Le Chien Thang said the company is raising its capabilities to meet international renewable energy supply chain standards. The article states the two sea areas were approved for survey by the Ministry of Agriculture and Environment in 2026, and notes the launch followed a 23 September 2026 meeting in New York between Vietnamese leaders and Pacifico Energy.

Market Context

PVS closed at VND 33,000 on 13 October 2026 on HNX, the exchange where the Petrovietnam technical services arm trades. The stock sits in the oil and gas services sector, which has been repositioning toward offshore wind and renewable energy as a long-term growth channel alongside traditional upstream work. The partnership places PVS inside a US-backed project pipeline at a time when Vietnam’s Power Development Plan VIII targets substantial offshore wind capacity by 2030, though regulatory and grid hurdles have slowed project approvals across the sector.

Strategic Significance

For PVS, the survey phase is the entry point to a broader value chain: marine vessels, port logistics, mechanical fabrication and offshore construction. If the two projects advance, PTSC could capture recurring service revenue across development, construction and operations rather than a one-off survey contract. The tie-up with a US developer also gives PVS a reference project for international supply chain standards, which matters for winning work on other offshore wind farms in Vietnam and the region. The main risk is timing: Vietnam’s offshore wind pipeline has repeatedly slipped on policy and pricing uncertainty, so revenue visibility depends on the projects clearing investment approvals.

What to Watch

• Completion and results of the geophysical and metocean surveys, and whether they lead to a formal feasibility study.
• Any announcement of a power purchase agreement, investment approval or final investment decision for the 500 MW and 1,300 MW projects.
• PVS quarterly disclosures on PTSC Marine G&S contract backlog and offshore wind service revenue.
• Vietnam’s Power Development Plan VIII implementation rules and offshore wind pricing framework.
• Further Pacifico Energy commitments in Vietnam following the September 2026 New York meeting.