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
India conglomerate Larsen & Toubro seeks to develop urban railways in Hanoi
India-based conglomerate Larsen & Toubro (L&T), among the biggest builders and infrastructure developers in the world, seeks to join urban railway projects in Hanoi.
Infrastructure - Fri, February 21, 2025 | 5:37 pm GMT+7
Moody’s Ratings forecasts Vietnam's 2025 GDP growth at 6.5-7%
Moody's Ratings has forecast Vietnam can reach a real GDP growth of 6.5-7% in 2025, the highest tally in the region.
Economy - Fri, February 21, 2025 | 5:29 pm GMT+7
$15.5 bln Just Energy Transition Partnership picks 8 projects in Vietnam, not yet disburse
The Just Energy Transition Partnership (JETP), which was launched in December 2022 to mobilize $15.5 billion to finance Vietnam’s green transition, selected eight projects in the country in 2024.
Economy - Fri, February 21, 2025 | 3:29 pm GMT+7
Vietnam to ease procedures for foreigners' work permits, judicial records
Vietnam’s Ministry of Labor, Invalids and Social Affairs (MoLISA) is drafting a decision to ease procedures related to foreigners' work permits and judicial records.
Economy - Fri, February 21, 2025 | 12:12 pm GMT+7
China’s Yuchai sells engine technology to Vietnam’s Kim Long Motor for $28 mln
China Yuchai International Limited, a leading powertrain solution provider in China, has granted Vietnam-based Kim Long Motor the technology licensing rights for some engine series for $28 million.
Companies - Fri, February 21, 2025 | 11:17 am GMT+7
Vietnam's 16% credit growth target for 2025 achievable: StanChart exec
2024 was a difficult year, but Vietnam's credit growth was still over 15%, and this year's 16% target, as directed by the State Bank, is achievable, said Nguyen Thuy Hanh, Standard Chartered Vietnam's CEO and head of banking & coverage.
Economy - Fri, February 21, 2025 | 9:02 am GMT+7
Vietnam’s leading IP builder Idico books record net profit in 2024 on strong sales
Idico Corporation, a leading industrial park developer in Vietnam, reported a record-high net profit of VND1.99 trillion ($78.21 million) in 2024, up 43% year-on-year.
Companies - Fri, February 21, 2025 | 8:23 am GMT+7
S Korea's powdered milk export to ASEAN soars
South Korea's powdered milk products have surged in popularity across Southeast Asia, with exports nearly tripling over the past decade as demand for Korean formula milk remains on the rise.
Southeast Asia - Thu, February 20, 2025 | 9:42 pm GMT+7
Singapore's economy projected to grow 1-3% this year
The Singaporean Ministry of Trade and Industry has forecast the country’s economic growth to range between 1-3% in 2025.
Southeast Asia - Thu, February 20, 2025 | 9:39 pm GMT+7
Philippines considers nickel export ban
The Philippine Government is considering a ban on raw nickel ore exports to boost its domestic processing industry.
Southeast Asia - Thu, February 20, 2025 | 9:37 pm GMT+7
Condé Nast Traveler suggests Phu Quoc as one of world's most affordable travel destinations for 2025
Condé Nast Traveler has ranked Vietnam as one of the most budget-friendly destinations for travel in 2025, with Phu Quoc being highlighted as a must-visit location in the S-shaped country thanks to its pristine beaches and resorts that "cannot be found anywhere else."
Travel - Thu, February 20, 2025 | 9:31 pm GMT+7
Nguyen Van Duoc elected HCMC Chairman
Nguyen Van Duoc, deputy Party chief of Ho Chi Minh City, was elected Chairman of the southern economic hub on Thursday.
Politics - Thu, February 20, 2025 | 8:16 pm GMT+7
Standard Chartered Hanoi Heritage Marathon set to take place in Nov
The Standard Chartered Hanoi Heritage Marathon, the 10th race in the globally renowned Standard Chartered Marathon series, will take place in Hanoi on November 9, 2025, following the success of its inaugural event in November last year.
Travel - Thu, February 20, 2025 | 5:06 pm GMT+7
UAE’s DP World to help southern Vietnam province build free trade zone
The UAE-headquartered DP World, a global leader in logistics, will help the southern coastal province of Ba Ria-Vung Tau build a free trade zone (FTZ), the first of its kind in southeastern Vietnam.
Infrastructure - Thu, February 20, 2025 | 4:47 pm GMT+7
Vietnam to develop offshore wind power after 2030: ministry
The Vietnamese Ministry of Industry and Trade has proposed delaying the development of offshore wind power until after 2030, instead of meeting the initial target of 6,000 MW within the next five years.
Energy - Thu, February 20, 2025 | 4:38 pm GMT+7
Mining, steel, construction firms set to capitalize on Vietnam's nuclear power development
The mining sector is expected to benefit significantly from the development of the Ninh Thuan nuclear power plants in Vietnam, said Nguyen The Minh, head of research at broker Yuanta Securities Vietnam.
Industries - Thu, February 20, 2025 | 3:28 pm GMT+7
