EVN, PVN to pilot offshore wind power projects, Defense Ministry not to do so
State utility Vietnam Electricity (EVN) and state-owned Petrovietnam (PVN) will pilot offshore wind power projects, while the Defense Ministry will not do so due to its incapability, the government has decided.
The government made the conclusion after a recent meeting on offshore wind power wherein it was noted that PVN had already conducted sea survey activities including assessments of wind power potential at locations approved by the Ministry of Natural Resources and Environment.
Meanwhile, EVN was set to explore 4,000 MW offshore wind power plant investment in the Gulf of Tonkin, for which it had submitted a proposal in 2022 to enhance regional energy security.
In 2023, Petrovietnam vice chairman Pham Tien Dung had asserted that while it was not allowed to invest in offshore wind power projects under a Politburo resolution, the oil and gas giant was "strongly capable of doing so".
A nearshore wind power project in Bac Lieu province, Mekong Delta, southern Vietnam. Photo courtesy of Nhan Dan (The People) newspaper.
Now, the government has requested the Ministry of Industry and Trade (MoIT) to collaborate with EVN and PVN on drafting a plan for offshore wind power development, focusing on resolving legal and other issues to facilitate pilot projects.
The draft plan should cover investor selection (with or without bidding), defense-security aspects, ownership of foreign investors, entire project/stake sales, and power production for both domestic and export markets.
The Defense Ministry had already cited limited capacities and expertise for its inability to join the government's pilot scheme for offshore wind development.
The MoIT had last month estimated the potential for offshore wind power development in Vietnam at 512 GW. It had said that this potential resource needed to be tapped to fulfil the country’s carbon-neutral commitment by 2050.
Under the National Power Development Plan VIII (PDP VIII) approved by the government in May 2023, the country aims to develop 6,000 MW of offshore wind power by 2030 and 70,000-91,500 MW by 2050.
Also last month, Deputy Prime Minister Tran Hong Ha had said that Vietnam should refine related mechanisms, policies, and regulations while piloting offshore wind power development.
- Related News
- Read More
Central Vietnam province calls for investment in $2.4 bln LNG-fired power plant
Nghe An will organize a meeting this Friday with potential investors for the $2.4-billion Quynh Lap LNG-fired power plant in the central Vietnam province, its Department of Industry and Trade has announced.
Energy - Wed, September 4, 2024 | 7:12 am GMT+7
Taiwan-invested Cathay Life Insurance Vietnam’s H1 post-tax profit falls 3.2%
Cathay Life Insurance Vietnam Co., Ltd., under Taiwan-based life insurer Cathay Life, recorded a post-tax profit of VND836.4 billion ($33.6 million) in Vietnam in the first half of 2024, down 3.2% year-on-year.
Finance - Tue, September 3, 2024 | 10:05 pm GMT+7
M&A cold, FDI hot as ‘eagles’ make high-tech, green investments in Vietnam: KPMG exec
Foreign investors are increasing their Vietnam investments, focused particularly in electronic components, semiconductors and green energy, but mergers and acquisitions (M&A) activities have declined sharply, says Nguyen Cong Ai, a partner with KPMG Vietnam.
Economy - Tue, September 3, 2024 | 3:37 pm GMT+7
Central Vietnam province to scrap dormant $72 mln resort project
Binh Dinh authorities are carrying out procedures to suspend the $72 million Phuong Mai Bay resort project located in the central province’s Nhon Hoi Economic Zone.
Real Estate - Tue, September 3, 2024 | 1:41 pm GMT+7
Shinhan Bank Vietnam posts 6.2% growth in H1 post-tax profit
Shinhan Bank Vietnam, wholly owned by South Korea’s Shinhan Financial Group, earned a post-tax profit of VND2,523.8 billion ($101.5 million) in the first half of this year, up 6.2% year-on-year.
Banking - Tue, September 3, 2024 | 12:47 pm GMT+7
Mitsubishi-Kepco invested central Vietnam thermal power plant plans trial run next month
Project developer Vung Ang II Thermal Power LLC (VAPCO) says the first turbine of the $2.4 billion, 1,320-MW Vung Ang II thermal power plant will begin trial operations next month.
Energy - Tue, September 3, 2024 | 10:12 am GMT+7
Vietnam needs second, more radical wave of reforms: economist
Vietnam has reaped positive results after nearly 40 years of Doi moi (reform), but the country’s “new context” needs an even more comprehensive and radical second wave, says Tran Dinh Thien, former director of the Vietnam Institute of Economics.
Economy - Tue, September 3, 2024 | 8:07 am GMT+7
Vietnam top fuel retailer Petrolimex sees H1 net profit up 59% on rising sales
Petrolimex, the biggest fuel distributor in Vietnam, posted an audited consolidated net profit of VND2,279 billion ($91.62 million) in H1/2024, rising 59% year-on-year, thanks to higher sales.
Companies - Mon, September 2, 2024 | 10:13 pm GMT+7
Sufficient, reliable power supply key for FDI inflow into Vietnam data centers
Sufficient and reliable power supply will be a crucial factor in attracting foreign direct investment (FDI) for developing data centers as Vietnam looks to tap the growing global demand for such facilities, experts say.
Infrastructure - Mon, September 2, 2024 | 7:44 pm GMT+7
Consumer finance firm Home Credit Vietnam sees 124% H1 profit jump
Ho Chi Minh City-based consumer loan provider Home Credit Vietnam has announced it earned a net profit of VND474 billion ($19 million) in H1/2024, up 124% year-on-year.
Companies - Mon, September 2, 2024 | 4:34 pm GMT+7
Digital transformation Vietnam’s critical development driver in new era: top leader
Vietnam sees digital transformation as a critical development driver in the new era, with a great impact on productive forces and production relations, its top leader To Lam has affirmed.
Economy - Mon, September 2, 2024 | 3:34 pm GMT+7
Dutch Lady in no relationship with troublesome Holland Milk: brand owner FrieslandCampina Vietnam
A FrieslandCampina Vietnam (FCV) representative has asserted that there’s no connection between the firm’s Dutch Lady milk brand and Holland Milk JSC, whose general director was arrested last Friday for producing and selling counterfeit food products.
Companies - Mon, September 2, 2024 | 12:57 pm GMT+7
Dragon Capital-linked funds no longer major shareholder of Hoa Sen Group
Funds affiliated with Dragon Capital, among the leading foreign-run asset management firms in Vietnam, have continuously sold shares of Vietnamese steel major Hoa Sen Group and quit being a major shareholder.
Finance - Mon, September 2, 2024 | 10:41 am GMT+7
Global majors showing investment interest in central Vietnam port: PM
Lien Chieu seaport project in the central city of Danang has captured the interest of many large corporations around the world, Prime Minister Pham Minh Chinh said Sunday.
Infrastructure - Mon, September 2, 2024 | 9:50 am GMT+7
Flock of foreign brands to Vietnam propels local retail market
The increasing presence of international brands in Vietnam highlights the potential for its retail market to expand, but there are concerns that foreign players may outcompete local businesses.
Investing - Mon, September 2, 2024 | 8:00 am GMT+7
HCMC decks up in national colors for National Day celebrations
A sea of red flags with the five-pointed yellow star adorned Ho Chi Minh City homes as residents joined their compatriots across the country in celebrating the National Day - September 2.
Society - Sun, September 1, 2024 | 10:39 pm GMT+7
