ADB, EVN discuss investment in $30 mln battery energy storage system project in Vietnam
State-owned utility Vietnam Electricity (EVN) and the Asian Development Bank (ADB) have discussed investing in a pilot Battery Energy Storage System (BESS) project in Vietnam.
At a meeting on Wednesday, the ADB side, represented by Andrew Jeffries, advisor, Energy Transition Mechanism and Partnerships, proposed building a pilot 50MW/50MWh BESS project near Hanoi.
A meeting between EVN and ADB to discuss the BESS project, Hanoi, August 14, 2024. Photo courtesy of EVN.
The project is estimated to cost $30.17 million, to be funded with ADB’s non-sovereign loan and grants from the Global Energy Alliance for People and Planet.
ADB proposed that the project be included in the Just Energy Transition Partnership (JETP), an initiative supported by the International Partners Group (IPG) and aimed to help Vietnam reach its ambitious Net Zero 2050 goal.
Two business models were proposed for the project: Ancillary Services Contract and Grid Asset.
Potential ancillary services include power consumption and frequency control, which are increasingly important in the context of the growing share of renewable energy in the country.
Nguyen Tai Anh, deputy general director of EVN, highly regarded the proposal. Anh added that the Ministry of Industry and Trade will submit to the government for approval of a crucial project portfolio that includes the BESS project as a pilot scheme for early deployment.
EVN and ADB agreed to coordinate further efforts to elaborate the project for submission to relevant authorities and consequential commencement and financing arrangements.
- Read More
US Treasury retains Vietnam on ‘monitoring list’ for currency management
Vietnam, a major trading partner, remains on the U.S. Treasury Department’s “monitoring list,” the department has affirmed in its November 2024 report to the Congress.
Economy - Fri, November 15, 2024 | 4:48 pm GMT+7
Vietnam developer Becamex IDC plans to auction 300 mln shares
Becamex IDC Corp, a leading eco-industrial and urban real estate developer in Vietnam, plans to auction 300 million shares with a minimum starting price of VND50,000 ($1.97) apiece on the Ho Chi Minh Stock Exchange (HoSE).
Companies - Fri, November 15, 2024 | 4:43 pm GMT+7
Vietnam shares end in red as US dollar climbs to new high
The U.S. dollar has strengthened against the Vietnamese dong to reach a fresh high on Friday, hampering investor sentiment on the stock market.
Finance - Fri, November 15, 2024 | 4:34 pm GMT+7
IFC invests $1.6 bln in Vietnam, focusing on green transition, private sector resilience
IFC, the private sector lending arm under the World Bank Group, has committed to provided loans totaling over $1.6 billion, including more than $750 million in long-term finance, in Vietnam in its fiscal year ending June 30.
Banking - Fri, November 15, 2024 | 3:09 pm GMT+7
Danang free trade zone earmarked as integrated business urban area
Danang city in central Vietnam has proposed the establishment of a free trade zone (FTZ) as an integrated business urban area to fully capitalize on the city's development advantages.
Economy - Fri, November 15, 2024 | 2:49 pm GMT+7
Vietnam mulls tax relief for Thailand SCG, Korea Hyosung's petrochemicals projects
Deputy Prime Minister Tran Hong Ha has asked the Ministry of Finance to discuss and draft feasible solutions regarding import-export taxes per suggestions of Long Son Petrochemicals and Hyosung Vina Chemicals.
Industries - Fri, November 15, 2024 | 12:49 pm GMT+7
LG Display invests $1 bln more in Vietnam, $5.65 bln in total
LG Display, under South Korea’s chaebol LG, will invest $1 billion more in Vietnam’s northern coastal city of Hai Phong, scaling up its investment in the locality to $5.65 billion.
Industries - Fri, November 15, 2024 | 10:17 am GMT+7
Central Vietnam province Binh Dinh proceeds with 150 MW wind power plant
The administration of Binh Dinh province in south-central Vietnam has announced it will proceed with a VND5.5 trillion ($230 million) investment plan to build a 150 MW wind power plant.
Energy - Fri, November 15, 2024 | 9:32 am GMT+7
Vietnam real estate credit situation positive despite bond risks: VIS Rating exec
Credit accessed by Vietnamese real estate businesses has risen by 15-16% so far this year, said Duong Duc Hieu, director of rating and research at Hanoi-based Vietnam Investors Services (VIS Rating).
Real Estate - Fri, November 15, 2024 | 7:45 am GMT+7
WB approves $750 mln loan to boost Philippines' digital transformation
The World Bank (WB) approved a loan of $750 million on Wednesday to help boost digital transformation in the Philippines.
Southeast Asia - Thu, November 14, 2024 | 10:12 pm GMT+7
Google forecasts Indonesia to become Southeast Asia’s largest digital economy
A new report by Google, Temasek, and Bain & Company projects that Indonesia's digital economy will reach a gross merchandise value (GMV) of $90 billion in 2024, an annual increase of 13% and the largest figure in Southeast Asia.
Southeast Asia - Thu, November 14, 2024 | 10:06 pm GMT+7
Sekisui Heim Group targets low-cost housing investment in Vietnam
Japan’s Sekisui Heim Group is looking to implement affordable and social housing projects in Vietnam, says Ryuji Saimon, a representative of the group’s subsidiary, Thai SCG Heim.
Real Estate - Thu, November 14, 2024 | 9:53 pm GMT+7
Thailand launches digital durian initiative to boost farmers’ income
Thailand’s Digital Economy Promotion Agency (DEPA) has kicked off the One Tambon, One Digital (OTOD) "Digital Durian" project to help 8.8 million durian farmers improve their productivity and set Thai durian standards using digital platforms and innovations.
Southeast Asia - Thu, November 14, 2024 | 9:03 pm GMT+7
Vietnam’s resort town Da Lat to have $67 mln ESG realty complex
The One Destination has partnered with a Singapore investor and an institutional fund to build an ESG real estate complex in Vietnam’s famous resort town of Da Lat.
Real Estate - Thu, November 14, 2024 | 7:09 pm GMT+7
Vietnam prepares for 11-15% power supply growth in 2025: ministry
Vietnam expects its electricity supply to grow 11-15% in 2025, Minister of Industry and Trade Nguyen Hong Dien said Thursday, while asking relevant state agencies and power suppliers to make utmost preparations.
Energy - Thu, November 14, 2024 | 7:05 pm GMT+7
S Korea’s Kumho Tire to raise investment in Vietnam province to $908 mln
South Korea’s Kumho Tire will pour an additional $300 million into the southern province of Binh Duong as its third-phase investment, increasing the total amount to $908 million.
Industries - Thu, November 14, 2024 | 3:45 pm GMT+7
