$1.5 bln petrochemical complex in northern Vietnam receives technology transfer certificate
Quang Ninh authorities granted a polypropylene (PP) production technology transfer certificate to Vietnam's Stavian Quang Yen Petrochemical JSC on Friday to implement its $1.5 billion petrochemical project in the locality.
The certificate was granted to the company at Techconnect & Innovation Vietnam 2023.
The Stavian Quang Yen petrochemical project, a partnership between Hanoi-headquartered Stavian and Quang Ninh-based Yen Hung Liquid Port JSC (YHLP), will be built on 30 hectares at the Bac Tien Phong Industrial Park, Quang Ninh's Quang Yen town. YHLP will supply the facility with materials and other inputs.
The project is expected to supply 600,000 tons of polypropylene (PP), a type of polymer, every year. It is slated to start operations by the fourth quarter of 2026.
The investors said they had selected the most advanced technologies in polypropylene production (PP) to date, including PDH technology from American company Honeywell UOP and PP technology from Italy-based LyondellBasell, one of the world's largest plastics, chemicals, and refining companies.
Quang Ninh authorities grant a polypropylene production technology transfer certificate to Vietnam's Stavian Quang Yen Petrochemical JSC at Techconnect & Innovation Vietnam 2023 on September 30, 2023. Photo courtesy of the company.
The petrochemical facility would also use high-quality equipment from Europe and the G-7 countries to ensure environmentally friendly production and minimize greenhouse gas emissions.
In May, Maire Group of Italy was selected as a technical design consultant for the project. The front end engineering design (FEED) contract for the project will be conducted within 10 months by Tecnimont S.p.A, an Integrated E&C Solutions company under Maire Group.
According to Dinh Duc Thang, chairman and CEO of Stavian Quang Yen Petrochemical JSC, the Stavian Quang Yen petrochemical project is expected to attract more projects in downstream production, increase autonomy in raw material sources, and create a new wave of investment for sustainable, long-term socio-economic development for Quang Ninh province and neighboring localities.
It will contribute trillions of VND (VND1 trillion = $41.15 million) each year to the state budget and generate direct and indirect jobs for thousands of highly qualified technical workers, he added.
- Related News
- Read More
Foxconn doubles investment in central Vietnam province to $200 mln
Fu Wing Interconnect Technology (Nghe An) Co. Ltd., a subsidiary of Foxconn, has doubled its investment in the central Vietnam province of Nghe An to $200 million.
Industries - Sat, January 18, 2025 | 4:07 pm GMT+7
WB revises up Vietnam’s 2025 GDP growth forecast to 6.6%
Vietnam’s GDP growth can reach 6.6% in 2025, the World Bank said in the newly-released January edition of its “Global Economic Prospects” report.
Economy - Sat, January 18, 2025 | 10:36 am GMT+7
Poland’s leading pharma group Adamed keen to expand in Vietnam: exec
Adamed Pharma, a leading pharmaceutical and biotechnology group in Poland, plans to expand its investment in Vietnam, said Malgorzata Adamkiewicz, president of the company’s supervisory board.
Industries - Sat, January 18, 2025 | 10:16 am GMT+7
PM calls on Polish companies to expand investments in Vietnam
Vietnamese Prime Minister Pham Minh Chinh has asked Polish companies to increase their investments in Vietnam, capitalizing on the EU-Vietnam Free Trade Agreement (EVFTA).
Industries - Sat, January 18, 2025 | 10:07 am GMT+7
Ethics, ambition critical for startup founders to succeed: Go Global Holdings exec
The global investment landscape offers abundant opportunities for Vietnamese brands to expand internationally, but startups must prioritize self-improvement and readiness, says Nguyen Phi Van, chairwoman of Go Global Holdings, a company specializing in franchising.
Companies - Sat, January 18, 2025 | 9:00 am GMT+7
Scandal-hit Tan Hoang Minh Group eyes $592 mln ecotourism project in central Vietnam
Real estate developer Tan Hoang Minh Group has proposed the central province of Quang Binh allow it to study the building of a VND15 trillion ($592 million) ecotourism area in Le Thu district.
Real Estate - Sat, January 18, 2025 | 8:00 am GMT+7
Germany energy firm wpd plans $180 mln wind power project in central Vietnam
Germany’s energy company wpd plans to invest VND4,600 billion ($181.62 million) in building a 143 MW wind power plant in Vietnam’s central coastal province of Binh Dinh.
Energy - Fri, January 17, 2025 | 10:21 pm GMT+7
BRICS – new key export market of Indonesia
Indonesia’s non-oil and gas exports to the five major BRICS nations reached $84.37 billion in 2024, accounting for nearly 34% of the country’s total non-oil and gas export value, according to the country’s Central Statistics Agency (BPS).
Southeast Asia - Fri, January 17, 2025 | 9:54 pm GMT+7
Vietnam refinery operator BSR hits $2.6 bln valuation in bourse debut
Binh Son Refining and Petrochemical JSC, the operator of Vietnam’s first oil refinery Dung Quat, officially listed over 3.1 billion BSR shares on the Ho Chi Minh Stock Exchange (HoSE) on Friday, marking a rare "blockbuster" debut on the major bourse in recent years.
Companies - Fri, January 17, 2025 | 6:59 pm GMT+7
Two remaining weak Vietnamese banks transferred to VPBank, HDBank
The State Bank of Vietnam, the country's central bank, on Friday announced the mandatory transfers of two "weak" private banks under its special control, GPBank and DongA Bank, to VPBank and HDBank respectively.
Banking - Fri, January 17, 2025 | 4:32 pm GMT+7
DPPA not applied to non-manufacturing consumers, Vietnam ministry insists
Vietnam’s Ministry of Industry and Trade does not plan to extend the direct power purchase agreement (DPPA) mechanism to non-manufacturing consumers using the national grid.
Energy - Fri, January 17, 2025 | 3:50 pm GMT+7
Two foreign giants eye luxury marina, resort projects in central Vietnam
Swiss investment fund Finance Suisse and the world’s leading superyacht builder Palmer Johnson are looking for opportunities to invest in a super-luxury marina and a resort in the south-central Vietnam province of Binh Dinh.
Industries - Fri, January 17, 2025 | 3:18 pm GMT+7
Int’l investment funds interested in Danang’s financial center: city leader
International investors and financial investment funds from the U.S., Singapore, the Middle East, and Switzerland are highly interested in developing a financial center in Danang, says Ho Ky Minh, the central city’s Vice Chairman.
Economy - Fri, January 17, 2025 | 12:49 pm GMT+7
Samsung’s ex-HR head Na Ki-hong to lead Samsung Vietnam from next month
Na Ki-hong, deputy CEO of Samsung Vietnam and former human resources head at Samsung Electronics, will succeed Choi Joo Ho as CEO of Samsung Vietnam from February.
Companies - Fri, January 17, 2025 | 12:41 pm GMT+7
Vietnam, Poland agree to consider elevating relations to strategic partnership
Vietnamese Prime Minister Pham Minh Chinh and his Polish counterpart Donald Tusk have agreed that the two sides should consider upgrading relations to a strategic partnership soon, on the basis of high political trust and positive results of the 75-year traditional friendship.
Politics - Fri, January 17, 2025 | 10:59 am GMT+7
Japan’s Erex to operate wood pellet plant in northern Vietnam next month
Japan's renewable energy firm Erex is conducting trial production at its wood pellet plant in Vietnam’s northern mountainous province of Tuyen Quang and will put it into official operation in February.
Energy - Fri, January 17, 2025 | 10:54 am GMT+7
