Belgian tech solutions provider seeks hydrogen project partner in Vietnam
John Cockerill, a Belgium-based provider of large-scale tech solutions, has asked Vietnam’s Ministry of Finance to help find partners to build a hydrogen factory in Vietnam.
CEO Francois Michel made the request at a Monday meeting in Belgium with a Vietnamese Ministry of Finance delegation. He also asked for help in finding a suitable project location, such as one close to a deep-water seaport.
He said two Vietnamese firms have contacted the Belgian company to discuss cooperation possibilities and that the company hoped to complete the search for partners and investment procedures this year. The target is to put the project into operation in 2025, he added.
Minister of Finance Ho Duc Phoc welcomed the Beligian firm’s long-term investment interest in Vietnam’s renewable energy sector, especially in production of green hydrogen and biomass fuel. He also hailed potential cooperation in policy making, research and application of high technology, governance improvement, and human resource training.
The minister said Vietnam welcomed energy sector investors and was offering tax incentives for projects using advanced technologies, biotechnology, new energy, and renewable energy.
In this connection, he affirmed that Vietnam would implement the Global Minimum Tax (GMT) initiative from January 1, 2024.
The GMT which falls under OECD Pillar Two, has been described as a once-in-a-lifetime global tax reform that will apply to multinational companies with annual revenues of above EUR750 million. Many OECD countries are set to implement it at the start of next year.
Phoc said tax incentives were a key investment-attraction tool for Vietnam, but the country boasted several other advantages including political stability and an abundant workforce.
At a May meeting in Hanoi with Prime Minister Pham Minh Chinh, John Cockerill CEO Michel had said the firm had already surveyed locations in Vietnam for investment in two projects in the Mekong Delta provinces of Ben Tre and Tra Vinh - an activated carbon factory from coconut byproducts in the former and a hydrogen plant in the latter.
PM Chinh had urged the Belgian firm to speed up its investments and support the country in improving its legal framework, research and application of high technology, and governance improvement. He also asked the company to promote human resource training in renewable energy.
At present, costs for green hydrogen remain high in comparison to fossil fuels or blue or grey hydrogen. “It is early days for hydrogen. But with the renewable resources available to Vietnam to produce green hydrogen, it is an opportunity for the country to make a mark on the world stage,” Tony Foster, managing partner of Freshfields Bruckhaus Deringer's Vietnam offices, told The Investor last December.
Vietnam has already attracted some hydrogen projects. Clean energy company TGS began construction of Vietnam's first green hydrogen factory in the Mekong Delta province of Tra Vinh in March this year at an estimated cost of VND8 trillion ($341 million).
South Korea’s SK Energy Co., Ltd. hopes to develop a hydrogen project in the Mekong Delta city of Can Tho, the company’s senior advisor Lee Dong Uk said a meeting with municipal authorities in October 2022.
Quang Tri is considering the establishment of a massive VND175.6 trillion ($7.46 billion) green hydrogen complex that will turn the central province into a renewable energy hub.
- Read More
Vietnam-Malaysia relationship upgraded to comprehensive strategic partnership
Vietnam and Malaysia have upgraded their relationship to a comprehensive strategic partnership, the highest level in the former’s diplomatic hierarchy.
Politics - Thu, November 21, 2024 | 5:21 pm GMT+7
Petrovietnam units sign LNG supply deal for trial run of Vietnam’s first LNG power plants
PV Power and PV Gas, two units of state-owned Petrovietnam, have signed an LNG supply deal for trial operation of Nhon Trach 3 and Nhon Trach 4, Vietnam’s first LNG-to-power plants.
Energy - Thu, November 21, 2024 | 4:40 pm GMT+7
Sufficient first phase funds ensured for Vietnam’s new mega airport: transport minister
Minister of Transport Nguyen Van Thang affirmed Wednesday that funding would be secured for building the Long Thanh International Airport, set to become Vietnam’s biggest.
Infrastructure - Thu, November 21, 2024 | 3:53 pm GMT+7
VAFIE to organize workshop on amendments to horse racing, football betting rules
The Vietnam’s Association of Foreign Invested Enterprises (VAFIE) and The Investor will organize a workshop on suggestions to amend the government’s Decree 06 on horse racing, greyhound racing and international football betting services.
Economy - Thu, November 21, 2024 | 2:38 pm GMT+7
Vietnam Politburo okays international, regional financial centers in HCMC, Danang
Vietnam’s highest decision-making body, the Politburo, has greenlighted the establishment of an international financial center in Ho Chi Minh City and a regional financial center in the central city of Danang.
Economy - Thu, November 21, 2024 | 1:50 pm GMT+7
Singapore's Platinum Victory seeks to gain veto at Vietnam’s REE
Singaporean fund Platinum Victory Pte. Ltd. has registered to buy more shares of Ho Chi Minh City-based utility firm Refrigeration Electrical Engineering Corporation (REE) to achieve the vetoing power in the latter.
Finance - Thu, November 21, 2024 | 11:29 am GMT+7
Posco keen on investing in Vietnam's $2.2 bln LNG power project
South Korea’s steelmaker Posco is eyeing to invest in the $2.2 billion Quynh Lap LNG-fired power plant project in Vietnam’s central province of Nghe An.
Energy - Thu, November 21, 2024 | 10:42 am GMT+7
Vietnam firm Hoa Lam to build $212 mln Aeon Mall in Mekong Delta
The Mekong Delta city of Can Tho has accepted a subsidiary of private multi-sector Hoa Lam Group as the investor of the Aeon Mall Can Tho commerce and service center.
Industries - Thu, November 21, 2024 | 10:31 am GMT+7
Vietnam startup expert closes Monkey in Black coffee shop
Tung BT (Tran Thanh Tung), a popular startup expert and social media influencer, is closing his final coffee shop in Ho Chi Minh City, ending a 10-year journey of the "Monkey in Black" brand.
Companies - Thu, November 21, 2024 | 8:16 am GMT+7
Vietnam-Singapore ties set for elevation to comprehensive strategic partnership
Vietnam and Singapore will elevate bilateral ties to a comprehensive strategic partnership and Singaporean Prime Minister Lawrence Wong will visit Vietnam next year.
Politics - Wed, November 20, 2024 | 8:16 pm GMT+7
Vietnam’s Vingroup establishes robotics firms, with co-founder’s 2 sons as major shareholders
Vingroup, Vietnam’s largest private conglomerate by ecosystem, has set up a robotics unit as it moves to ramp up its industrial-high technology ecosystem.
Companies - Wed, November 20, 2024 | 6:17 pm GMT+7
E-commerce, digital platforms likely to pay taxes on behalf of their sellers in Vietnam
E-commerce and digital platforms will have to declare and pay taxes on behalf of their sellers starting January 1, 2025, according to a draft amendment to the Law on Tax Administration.
Finance - Wed, November 20, 2024 | 5:37 pm GMT+7
Flexibility, adaptability key to effective leadership: PepsiCo Vietnam exec
In a rapidly changing world, leaders need to develop the skill of being “as flexible as seaweed,” says Nguyen Viet Ha, general director of PepsiCo Foods Vietnam.
Companies - Wed, November 20, 2024 | 3:52 pm GMT+7
Central Vietnam province okays $88 mln automobile part project
Binh Thuan province's industrial zone authority on Tuesday granted an investment registration certificate to a $88 million project invested by Taiwan’s NeoSCM Limited.
Industries - Wed, November 20, 2024 | 3:44 pm GMT+7
Thai packaging firm Thantawan Industry makes inroad into Vietnam
Thantawan Industry Public Company Limited, a leading Thai manufacturer of premium plastic packaging, has inked a deal for a 30-year factory lease, marking its inaugural investment in Vietnam.
Industries - Wed, November 20, 2024 | 3:34 pm GMT+7
Developer Novaland gets legal hassles cleared for satellite urban area bordering HCMC
Major property developer Novoland has had legal obstacles for its Aqua City project cleared after Dong Nai Chairman Vo Tan Duc approved Tuesday a critical adjustment to the southern province’s urban development plan.
Companies - Wed, November 20, 2024 | 2:29 pm GMT+7