The MoU between the two companies was signed at the Danish Embassy in Ho Chi Minh at a seminar set up to advise Vietnamese companies and institutions about financing solutions for wind projects.
Phu Cuong Group began operating in the 1990s as a seafood exporter but has expanded into urban infrastructure projects.
Nguyen Viet Cuong, the group's president, said it has a 800MW pipeline for wind projects in Vietnam. The 170MW project will be the first to be built.
Wind capacity in Vietnam reached 68MW in 2013. Vestas installed turbines at one of Vietnam's first wind projects. The 6MW Phu Quy project uses three V80-2MW turbines and was commissioned in January 2013.