Australia’s Corio Generation plans offshore wind energy projects in Vietnam
Corio Generation, an offshore wind energy branch of Australia’s Macquarie's Green Investment Group, plans to make infrastructure investments in Vietnam, said its Asia-Pacific (APAC) head Yi-Hua Lu.
The executive revealed the plans in a Friday meeting with Vietnamese Prime Minister Pham Minh Chinh during the latter’s Australia visit. He also mentioned challenges in project implementation and made proposals on deploying offshore wind power projects.
Prime Minister Pham Minh Chinh (right) and Yi-Hua Lu, head of APAC at Corio Generation, meet in Australia, March 8, 2024. Photo courtesy of the government's news portal.
Prime Minister Chinh asked Corio Generation to build detailed project proposals and submit them to relevant Vietnamese authorities. He also asked Deputy Prime Minister Tran Hong Ha to directly process Corio Generation’s proposals.
Urging Corio Generation to cooperate with relevant Vietnamese partners, Chinh said a key factor was that wind power prices should benefit all sides.
He also suggested that the Australian firm expand its partner list in Vietnam, including state-owned Petrovietnam and Vietnam Electricity (EVN).
Chinh said Vietnam was not only looking for Corio Generation to make investments but also carry out technology transfers.
The Vietnamese government, ministries, and relevant authorities are committed to facilitating investors and ensuring their legitimate rights and benefits towards win-win outcomes and sharing of burdens, Chinh affirmed.
Under the National Power Development Plan VIII (PDP VIII) approved last May, Vietnam aims to generate at least 6,000 MW of offshore wind power by 2030, depending on technology developments, electricity prices and transmission costs.
However, no project has been approved or assigned to an investor so far despite strong interest shown by several foreign firms.
Corio Generation is studying the development of three offshore wind power projects in Vietnam with a total capacity of 4.5 GW. These are located in the central province of Binh Thuan, the northern city of Hai Phong, and the southern province of Ba Ria-Vung Tau.
On Tuesday, at the Australia-Vietnam business forum in Melbourne, EVNGENCO 3, a subsidiary of EVN, and Corio Generation signed a memorandum of understanding on offshore wind power development in Vietnam.
- Related News
- Read More
New mindset key to resolving institutional bottlenecks, promote growth: economist
Moving from a mindset of control to that of promoting growth is key to clear four institutional bottlenecks in the way of national development, says Dr. Nguyen Dinh Cung, former director of the Central Institute for Economic Management (CIEM).
Opinion - Sun, November 24, 2024 | 3:30 pm GMT+7
Low production costs, tax benefits give Chinese goods price advantage in Vietnam
Chinese goods entering Vietnam are often cheaper than local products due to low production costs, taxation benefits and shipping subsidies by manufacturers, says Nguyen Thanh Trung, director of Logistics Technology Solutions Company Limited (LTS).
Companies - Sun, November 24, 2024 | 2:00 pm GMT+7
Thailand’s food trade to top THB700 billion next year
The private sector is set to propel Thailand towards becoming a global food hub by 2026, with the value of the nation's food trade expected to surpass THB700 billion ($20 billion) next year.
Southeast Asia - Sun, November 24, 2024 | 10:22 am GMT+7
Indonesia plans to cut coal use to 33% of energy mix
The Indonesian Government plans to slash the share of coal-fired power generation in the country’s energy mix to just 33%, while increasing the contribution of renewables to 42% by the end of 2040.
Southeast Asia - Sun, November 24, 2024 | 10:19 am GMT+7
Thai Government approves economic stimulus plan
The Thai Government’s economic stimulus policy committee led by Prime Minister Paetongtarn Shinawatra has approved a five-point plan to boost national economy in both short-and long-terms, the Government House said on Thursday.
Southeast Asia - Sun, November 24, 2024 | 10:16 am GMT+7
Singapore raises forecast for 2024 economic growth to around 3.5%
With economic growth in the third quarter of this year exceeding the projected rate, Singapore has raised its growth forecast for the whole year 2024 to around 3.5%.
Southeast Asia - Sun, November 24, 2024 | 10:14 am GMT+7
British oil giant invests in $7 billion gas project in Indonesia
UK oil giant BP announced a joint $7 billion project with its partners to exploit nearly 85 billion cubic meters of gas in Tangguh, West Papua province of Indonesia.
Southeast Asia - Sun, November 24, 2024 | 10:12 am GMT+7
Boom expectant securities firms rush to hike capital base
Many Vietnamese securities companies are rushing to increase their charter capital, anticipating a promising long-term outlook for the stock market.
Finance - Sun, November 24, 2024 | 10:00 am GMT+7
Vietnam sees October surge in car imports from Japan
Vietnam saw a sharp rise in car imports from Japan in October, particularly in the segment with nine seats or fewer, according to the General Department of Customs.
Economy - Sun, November 24, 2024 | 9:00 am GMT+7
Vietnam pharma firms optimistic about 2025 prospects despite lingering challenges
A majority of Vietnamese pharmaceutical firms are optimistic about 2025 market prospects despite challenges facing the healthcare and medicine sectors, according to a survey conducted by Vietnam Report JSC.
Economy - Sun, November 24, 2024 | 8:00 am GMT+7
Vingroup, Chinese firm get greenlight to co-develop Hanoi's 7th bridge over Red River
Vice Chairman of Hanoi Duong Duc Tuan will soon work with Vietnamese conglomerate Vingroup and China Pacific Construction Group on the development of Tu Lien Bridge, the seventh to link the city’s downtown with its suburban districts.
Infrastructure - Sat, November 23, 2024 | 10:56 pm GMT+7
Leading broker Saigon Securities fined over $287,000 for tax violations
Saigon Securities, a leading brokerage firm in Vietnam, has been fined over VND7.3 billion ($287,000) for tax violations in 2022 and 2023.
Companies - Sat, November 23, 2024 | 8:59 pm GMT+7
Japanese retailer Aeon to break ground on 4th shopping mall in northern Vietnam
Japan’s Aeon Mall Vietnam will start construction of a VND5.14 trillion ($202.2 million) shopping center project in the northern province of Quang Ninh, home to UNESCO natural heritage site Ha Long Bay, on December 2, according to provincial authorities.
Industries - Sat, November 23, 2024 | 7:45 pm GMT+7
Central Vietnam province targets more projects with Thai investment
Binh Dinh province in central Vietnam is looking to attract more Thai investment, so far hosting just 10 projects from the neighboring country worth a little over $106 million.
Companies - Sat, November 23, 2024 | 6:31 pm GMT+7
Southern Vietnam province okays 2 FDI projects totaling $57 mln
Tay Ninh province on Friday granted investment registration certificates to two foreign projects worth a total of $57 million.
Industries - Sat, November 23, 2024 | 3:30 pm GMT+7
China’s Luxshare-ICT to up workforce in central Vietnam by 7 times
China’s Luxshare-ICT, a supplier of Apple, currently employs 11,600 people in Vietnam’s central province of Nghe An and is set to increase the workforce to 60,000-80,000 soon.
Industries - Sat, November 23, 2024 | 2:00 pm GMT+7
