Denmark’s Vestas, Vietnam’s IPICO to cooperate in wind power development
Denmark’s leading wind power business Vestas and Vietnam’s top industrial park developer Son My Industrial Park Investment Construction and Trading Infrastructure JSC (IPICO) have announced plans to cooperate in wind power development.
Per the memorandum of understanding (MoU) signed between Vestas and IPICO on Tuesday, the two sides will focus on developing wind power projects in the central coastal province of Binh Thuan. The cooperation will support Vietnam’s green energy transition and commitment to net zero emissions by 2050, the Danish Embassy emphasized in a release.
Representatives of Vestas and IPICO at the MoU signing ceremony in Hanoi on March 12, 2024. Photo courtesy of the Danish Embassy.
IPICO is the developer of the 1,070-hectare Son My 1 Industrial Park in Binh Thuan province, starting construction in August 2022 and aiming for completion by 2025.
The facility has already attracted leading global investors such as PVGas, a subsidiary of state-run Petrovietnam, AES (the U.S.), and a consortium of Électricité De France S.A. (France), Sojitz Corporation (Japan), Pacific Corporation JSC (Vietnam), and Kyushu Electric Power Co. Inc. (Japan).
Son My 1 Industrial Park will accommodate two under-drafting LNG-fired power plants, Son My 1 and Son My 2, with a total capacity of 4,500 MW.
Deputy Prime Minister Tran Hong Ha (center, right) at a meeting with a delegation of Vestas and the Danish Embassy in Hanoi, March 13, 2024. Photo courtesy of the government's news portal.
A day later, Charge d' Affaires Mette Ekeroth of the Danish embassy and Anders Runevad, chairman of the board at Vestas, had a meeting with Vietnamese Deputy Prime Minister Tran Hong Ha.
Vestas has installed wind power turbines generating 1,400 MW in Vietnam and is looking to continue helping Vietnam become a regional wind power hub with the participation of developers and equipment manufacturers, Runevad said.
In reply, Ha highlighted Vietnam does not restrict renewable energy development for export, hydrogen production, and direct power purchase, and the country welcomes businesses to make practical investments. He also urged the Danish side to aid Vietnam with technology, expertise, and equipment to deploy its renewable energy-focused power development plan VIII (PDP VIII).
- Related News
- Read More
Philippine exports surpass $100 billion for first time
Philippine exports hit $103.6 billion in 2023, exceeding $100 billion for the first time and a 4.8% increase from 2022, the country's Department of Trade and Industry (DTI) said on Monday.
Southeast Asia - Tue, April 2, 2024 | 10:12 pm GMT+7
Thailand works to reduce CO2 emissions
Thailand is expected to start enforcing a new law outlining measures to reduce carbon dioxide (CO2) emissions in an effort to help the state and business sectors better deal with climate change, a senior official said.
Southeast Asia - Tue, April 2, 2024 | 9:32 pm GMT+7
Thailand eyes upgrading second-tier tourism areas
The Tourism Authority of Thailand (TAT) wants to increase tourism in second-tier areas by improving small hotels and promoting electric vehicle (EV) travel, the Bangkok Post reported.
Southeast Asia - Tue, April 2, 2024 | 9:30 pm GMT+7
Vietnam EV maker VinFast opens first dealership in Indonesia
Indonesian firm PT Gallerie Setia Utama has opened the country’s first VinFast dealership, marking a milestone for the Vietnamese electric vehicle (EV) maker.
Companies - Tue, April 2, 2024 | 7:32 pm GMT+7
Ministry of Public Security rejects rumors on Sacombank chairman’s exit ban
Vietnam’s Ministry of Public Security has rejected rumors that chairman of Ho Chi Minh City-based Sacombank Duong Cong Minh has been banned from leaving the country which led to the dumping of the bank’s shares on Tuesday.
Companies - Tue, April 2, 2024 | 6:17 pm GMT+7
Vietnam looks to tap Chinese expertise in free trade zone development
A Vietnamese government delegation led by Minister of Planning and Investment Nguyen Chi Dung has visited China to learn from its experiences in developing financial centers and free trade zones.
Economy - Tue, April 2, 2024 | 5:41 pm GMT+7
Vietnam plans to borrow $75 bln in 2024-2026
The Vietnamese government plans to borrow a maximum of VND1,862.2 trillion ($75 billion) in the 2024-2026 period, according to a decision signed by Deputy PM Le Minh Khai last week.
Economy - Tue, April 2, 2024 | 3:45 pm GMT+7
Berjaya Vietnam CEO nominated to Vincom Retail board of directors
Nguyen Hoai Nam, CEO of Berjaya Vietnam, subsidiary of Malaysian conglomerate Berjaya Corporation Berhad, has been nominated to the board of directors of Vincom Retail JSC for the 2023-2028 tenure.
Companies - Tue, April 2, 2024 | 2:40 pm GMT+7
Police arrest four for cheating on Shopee e-commerce platform
Police in Vietnam’s northern province of Phu Tho have arrested and initiated legal proceedings against four people for appropriating assets from Shopee Company Limited, the operator of the Shopee e-commerce platform, which is the biggest of its kind in the country.
Society - Tue, April 2, 2024 | 2:04 pm GMT+7
Sacombank refutes Bamboo Airways ex-CEO’s claim on chairman’s involvement in Van Thinh Phat scandal
Sacombank, a mid-sized lender in Vietnam, has rejected claims by former CEO of Bamboo Airways alleging that its chairman has been involved in the notorious Van Thinh Phat scandal and banned from leaving the country.
Banking - Tue, April 2, 2024 | 12:29 pm GMT+7
Prospects remain bright for Vietnam economy despite geopolitical conflicts: UOB
With performance in the first quarter coming within expectations and a positive start to 2024, prospects for Vietnam this year remain positive despite downside risks stemming from geopolitical tensions, Singapore-based UOB said in a note.
Economy - Tue, April 2, 2024 | 11:21 am GMT+7
$5.4 bln Long Son Petrochemicals Complex fails test run, to try again in June
The $5.4 billion Long Son Petrochemicals Complex (LSP) in Vietnam’s southern province of Ba Ria-Vung Tau has experienced an unexpected technical setback during a test run of the whole complex.
Energy - Tue, April 2, 2024 | 10:10 am GMT+7
Vietnam okays long-awaited execution scheme for national power plan
The Vietnamese government has approved the long-awaited implementation scheme of the eighth National Power Development Plan (PDP8) for 2021-2030, with a vision to 2050, which was passed last May, envisioning rising electricity imports from Laos.
Energy - Tue, April 2, 2024 | 9:39 am GMT+7
Vietnamese shoes depend on quality to overcome Chinese competition: exec
Vietnamese shoes cannot compete on price with Chinese products, but on the contrary, their quality is durable, which will be an advantage to gain market share in Vietnam, said Vuu Le Quyen, CEO of Biti's, a major footwear brand in Vietnam.
Companies - Tue, April 2, 2024 | 8:10 am GMT+7
Green finance a must for Vietnam to realize sustainable development goals: scholar
Developing green finance is one of the orientations set by the Vietnamese government to promote environmental protection projects and improve green production efficiency among businesses, thereby helping Vietnam fulfill its sustainable development goals, said Truong Hoang Diep Huong, a scholar from the Banking Academy of Vietnam.
Finance - Tue, April 2, 2024 | 7:24 am GMT+7
Singapore launches digital platform to fight financial crime
Singapore has launched a centralised digital platform that enables banks to voluntarily share information with one another about suspicious customers.
Southeast Asia - Mon, April 1, 2024 | 10:26 pm GMT+7
