Vietnam’s Refrigeration Electrical Engineering Corporation (REE) is planning a billion-US-dollar push into offshore wind and floating solar as part of its renewable energy expansion strategy, according to Vietnamese media.

At its 31 March 2026 annual general meeting, REE outlined plans to significantly scale up its power portfolio to around 3,000 MW by 2030 from about 1,200 MW today, with offshore wind, nearshore wind, and floating solar identified as key growth areas, Vietnam Investment Review reports, adding that the move is aimed at diversifying the company’s energy mix and capitalizing on long-term energy transition trends.  

REE’s has already been developing nearshore wind projects in Vietnam, including the Tra Vinh V1-3 intertidal wind farm that features Vestas turbines.

In January this year, REE signed a wind turbine supply contract with Envision Energy for 128 MW of nearshore wind projects in Vinh Long Province. The new projects include the 48 MW V1-3 Phase II and 80 MW V1-5&6 Phase II nearshore wind farms. Featuring 16 EN-226/8.XMW offshore wind turbines, the two developments will become the nearshore wind projects with the largest single-turbine capacity in Vietnam and Southeast Asia, according to Envision Energy.

According to the Global Wind Energy Council (GWEC), under its revised Power Development Plan VIII, Vietnam is targeting between 6 GW and 17 GW of offshore wind capacity by the 2030–2035 period, and between 113 and 139 GW by 2050.