La Gan
Estimated investment USD 10.5 billion. One of two most advanced projects in Vietnam pipeline.
Status
Early Developmentlifecycle stage
ProspectiveHafrok completion outlook
Ownership
CICopenhagen Infrastructure Partners (CIP) — 33.33% ◆
ASAsiapetro — 33.33% ◆
NONovasia Energy — 33.34% ◆
Location
VietnamSouth China Sea
Technology
Capacity
3,500 MW ◇
Turbines
—
Foundation
—
Site & conditions
Site rights
Application filed 2020 ◇
Water depth
13–29 m ≈
Revenue & grid
Offtake
—
Grid
No agreement ◇
Schedule
FID
Not taken
COD · Hafrok
2033 expected
Delivery outlook modelled by Hafrok · calibrated on delivered projects
2033
expected year of commercial operation
Chance of delivery
≈42%
estimated chance this project reaches commercial operation
Early Development projects complete ≈61% of the time on Hafrok's record. This one sits well below that: a market with no delivery record yet, a very large build, technical complexity and no offtake contract yet.
COD outlook
If it completes, when — Hafrok’s probability by year (teal)
| Year | Probability |
|---|---|
| 2032 | 14.1% |
| 2033 (expected) | 28.0% |
| 2034 | 22.7% |
| 2035 | 14.6% |
| 2036 | 8.7% |
| 2037 | 5.1% |
| 2038 | 3.1% |
| 2039 | 1.8% |
| 2040 | 1.1% |
| 2041 | 0.7% |
How Hafrok got this date
1
No dated milestone yet
Nothing is consented or financed with a date, so the estimate starts from today (
2026), adds the time similar projects (in new offshore-wind markets) took from consent to operation, plus an allowance for obtaining consent.2
Earliest credible date
Typical consent-to-operation time plus allowances means commercial operation before
2033 is not credible.3
Merchant project — financing counted from today
The project has no offtake contract yet. This project's route offers no support scheme: it has to sign a power contract and take a financing decision on its own, and Hafrok counts that from today (
2026 Q3) rather than from a tender it cannot enter. The permits are not affected; winners typically reach final investment decision about 2 years after an award (2028 Q3), then build time on top gives 2031 Q3. The milestone timing is already later than that, so it stands.4
Result
Expected commercial operation
2033, likely range 2033–2038 (the middle half of outcomes for similar projects). With no milestone to build from, the earliest credible date is the estimate, with a deliberately wide range.5
Year-by-year chart
The bars spread that estimate across years using how similar projects actually slipped against their dates — more often late than early, which is why the bars lean right.
6
Chance of delivery — separate from timing
Start from the share of Early Development projects that went on to complete — ≈61%, measured on Hafrok's record of delivered and abandoned projects, with an allowance held back where that record cannot yet speak (projects still unresolved, changed market conditions). About three in four early-stage projects with a final outcome went on to operate — a record from an easier era. Most of today's early pipeline is still unresolved, so the estimate discounts it. Then adjust for this project's own evidence — offtake, market, size, technical complexity — to ≈42%, which rates it
Prospective on Hafrok's four-step delivery scale (Delivering · Expected · Prospective · Fragile).Project timeline & ownership verified milestones on the spine · ownership from Hafrok’s transactions record
JV formation · 2020-07
Copenhagen Infrastructure Partners (CIP) · Asiapetro · Novasia Energy stake not disclosed
- Stake
- not disclosed
- Consideration
- not disclosed
- Announced
- 2020-07
- Closed
- 2020-12
- Project stage
- early development
In July 2020, Copenhagen Infrastructure Partners (CIP), on behalf of its fund CI New Markets Fund I ("CI NMF I"), together with Vietnamese partners Asiapetro (Asia Petroleum Energy Co.) and Novasia Energy, signed a Memorandum of Understanding with Binh Thuan People's Committee to develop the 3.5 GW La Gan offshore wind project in Binh Thuan province, Vietnam. In December 2020, CIP, Asiapetro, and Novasia Energy formally established La Gan Wind Power Development Corporation as the joint development company, with each of the three partners holding a 33.33% stake. CIP's development and technical partner is Copenhagen Offshore Partners (COP). The project is located 12–40 km offshore Binh Thuan province and spans ~600 km². As of February 2026, La Gan remains in early development with ongoing EIA work; Vietnam's policy framework uncertainty has slowed progress.
Evidence
- offshoreWIND.biz — MOU Signed for 3.5 GW Offshore Wind Project in Vietnam ↗ 2020-07 ◆ held
- realassets.ipe.com — CIP consortium plans to develop $10bn offshore wind project in Vietnam - News ↗ 2020-07 ◆ held
- cop.dk — Copenhagen Offshore Partners | La Gan offshore wind project signs collaboration agreement with local province to develop 3.5GW in Vietnam ↗ 2020-07 ◆ held
- laganoffshorewind.vn — About us - La Gan offshore wind farm ↗ 2020-07 ◆ held
From Hafrok’s transactions record
Dashed tick marks today (9 Sep 2026). Ownership lives in the band below: one station per recorded deal, dated at its label, in deal order rather than to calendar scale. Secondary trades appear only at the interchanges; grey lines are parties whose entry or exit Hafrok’s record does not hold.
Revenue & offtake route to market — open
No offtake secured — route to market open
The routes describe what exists in this market — not a prediction of which the project will take. Timing math for the auction gate lives in the delivery outlook above.
Installation how the build is going · from satellite counts and Hafrok’s registers
Installation not started
nothing to count yet: the satellite tracker begins when offshore construction does
Installation · on record
StageEarly Development
Offshore constructionnot started
Expected start of operationnot stated
Sources & verification
1/10 fields verified · rests on 6 sources · ◆ 1 document held
◆Verified≈Modelled◇Sourced∴Inferred⌁Convention○Unverified∅No source·Derived
Numbers are stable citation ids — grouped by source class, so they are not consecutive.
Trade press5
[2]
La Gan Offshore Wind (project website)2025◆ Project overview - La Gan offshore wind …
“The Project began implementation in 2019 with the endorsement of the People's Committee of Binh Thuan Province to conduct onshore wind survey and measurement. In 2020 we received endorsement from the …”
supportsConsentSite rightsTotal capacityStatus
[6]
Power Technology2024
Press report — cited, not quoted; read it at the source link.
supportsoperatordeveloper
[7]
offshoreWIND.biz2025
Press report — cited, not quoted; read it at the source link.
supportsTotal capacity
[8]
[9]
Unverified import1
[1]
unknown
Press report — cited, not quoted; read it at the source link.
supportsTotal capacityWater depthCoordinates