Czech's Sev.en Global Investments to make Europe's largest energy investment in Vietnam

Czech-based Sev.en Global Investments, a multi-sector business, will expand its footprint to Asia, with Vietnam as a key market, the firm announced Wednesday.

The firm made the announcement at a press meeting hosted by the Czech Embassy in Hanoi to commemorate the 75th anniversary of Vietnam-Czech diplomatic relations.

Prior to Asia and Vietnam, Sev.en Global Investments has established its robust presence in Europe, North America, and Australia.

The firm stated it strives to contribute to Vietnam's economic development, especially in the energy sector with significant and long-term investments.

"In the near future, we would like to launch the largest investment from the Czech Republic in Vietnam and the largest energy-sector investments from Europe. We are an experienced and responsible power generation operator providing energy reliability and security in local areas," said Gabriel Stanek, country manager for Vietnam, Sev.en Global Investments.

Czech Ambassador to Vietnam Hynek Kmonicek highlighted that Vietnam is a key partner for the Czech Republic and a promising market within Southeast Asia.

"Commemorating 75 years of diplomatic relations presents an excellent opportunity to deepen bilateral cooperation in economy, trade, and new Czech investments in Vietnam, the diplomat added.

In November 2023, American energy company AES Corporation said it reached an agreement to sell its 51% equity stake in Mong Duong 2 coal-fired power plant in Vietnam to Czech-based Se.ven Global Investments.

The move is in line with AES’s intent to offload the majority of its coal assets by the end of 2025, the American firm noted.

In August 2024, Sev.en Global Investments announced that it acquired an additional 19% stake from China Investment Corporation, increasing its total stake at Mong Duong 2 power plant to 70%. This acquisition is subject to Vietnamese authorities' approval.