China's giant Huadian Group eyes enlarging renewable energy portfolio in Vietnam

Huadian Group, a wholly state-owned company of China, is keen to further invest in Vietnam’s renewable energy sector.

Peng Gangping, chairman of the group's board of directors, made the statement at a meeting with Vietnam's Prime Minister Pham Minh Chinh on Wednesday in Hanoi.

"Huadian aims to expand its presence in Vietnam's renewable energy landscape by launching more projects in biomass power, wind power, and energy storage in the provinces of Dak Lak, Tra Vinh, Quang Tri, and Lam Dong," he said.

Peng Gangping added that the corporation also plans to collaborate with Vietnamese research institutes and universities to facilitate technology transfer and workforce training.

The Huadian chairman proposed the Vietnamese government expedite the finalization of investment policies for green energy projects, including wind, solar, biomass, hydrogen energy; energy storage; and pumped storage hydropower.

He emphasized the need for preferential policies that support the modernization of traditional energy systems, enhancing energy efficiency, reducing emissions, and upgrading existing coal-fired power plants.

Peng Gangping proposed the Vietnamese cabinet leader provide support in resolving challenges faced by current projects, speeding up the approval process, and facilitating projects' commercial operation.

He also asked for favorable conditions regarding site selection, land use, and implementation of new projects.

PM Chinh said he encourages Huadian to leverage its strengths and apply its expertise in ways tailored to Vietnam’s needs, contributing to Vietnam's energy security.

He welcomed the group’s continued investment in green energy projects, including wind, solar, biomass and hydrogen energy; energy storage; and pumped storage hydropower; as well as broader involvement in production and R&D.

The prime minister emphasized the importance of partnerships built on “shared benefits and shared risks”.

Huadian has invested approximately $2.8 billion in energy projects across Vietnam, with an installed capacity of 1.5 GW, according to Peng Gangping.

Its investment portfolio includes the Duyen Hai 2 thermal power plant in the southern province of Tra Vinh and four wind power projects in the Central Highlands province of Dak Lak.

The company is currently involved in four core areas: high-end equipment and technical systems, power plant investment and construction, clean energy, and environmental protection within the power sector.

It has total assets of over $100 billion and employs about 93,000 people globally.