Investors flock to central Vietnam for renewable energy projects

By Nguyen Tri, Minh Hue
Sun, May 12, 2024 | 8:13 am GMT+7

Vietnam's central region is drawing attention from investors who want to pour money into large renewable energy projects.

As the first foreign-invested company in Quang Ngai province operating in the field of mechanical engineering, South Korea's Doosan Enerbility Vietnam Company Limited (Doosan Vina) specializes in manufacturing high-tech products. However, in the near future, this business will shift to fields related to renewable energy.

According to CEO Kim Hyo Tae, the company's current main products are seaport cranes and modules for oil refineries.

In order to build a development strategy for the new industry - wind power, Doosan Vina is making efforts to win bids from foreign companies related to offshore wind power turbine foundations as well as onshore wind power turbines, he said.

"Vietnam is a member of the Paris Agreement adopted at the 26th UN Climate Change Conference (COP26) with commitments to net-zero emissions. Doosan Vina, as a business based in the country, will actively participate in this effort," said Kim.

According to Kim, the scheme to implement the National Power Development Plan VIII (PDP VIII) has been issued, but in order to achieve the goals on time, efforts from relevant agencies and sectors, as well as businesses, are needed.

"In terms of energy security, in addition to fighting climate change, we need to transition to renewable energy. As a country with abundant sea, wind, and sunlight resources, Vietnam has great potential for developing renewable energy," he added.

 A wind farm in central Vietnam. Photo by The Investor/Nguyen Tri.

A wind farm in central Vietnam. Photo by The Investor/Nguyen Tri.

Sharing the same view, Cyril Dissescou, CEO of Nexif Ratch Energy SE Asia Pte., Ltd (Singapore), held that Vietnam is becoming increasingly appealing to investors as it boasts some of the largest reserves of renewable energy resources in the Asia-Pacific region.

With most hydropower sources already in use, renewable energy will potentially play an important role in contributing to overall economic growth, he added.

Large renewable energy projects in Binh Dinh

Nexif Ratch Energy SE Asia Pte., Ltd and the People's Committee of Binh Dinh province recently signed an MoU on the VND5.5 trillion ($216 million), 150MW Nexif Ratch Binh Dinh wind power plant project in Van Canh district.

Dissescou said that 143 MW of onshore wind power capacity has been allocated to Binh Dinh by 2030 under the PDP VIII implementation scheme. This is the basis for renewable energy developers such as Nexif Ratch Energy to expand their operations in the province, he noted.

At a conference held to announce the master plan for Binh Dinh province for 2021-2030, with a vision to 2050, the provincial People's Committee awarded investment MoUs for the construction of a 2,000 MW onshore, nearshore and offshore wind power plant with a total investment of $4.8 billion, and the VND2.4 trillion ($94.28 million) Binh Dinh Biomass Power Plant project, both in Phu Cat district

The investors of the two projects are a consortium of IDG Capital, STS Development and Saigon-Nhon Hoi Industrial Park JSC; and Japan’s Erex JSC, respectively.

The delegation from the German Industry and Commerce in Vietnam (AHK Vietnam) is also exploring opportunities to invest in an offshore wind power project in Phu My district with an expected investment of about $4.6 billion.

The People's Committee said that in the second quarter of 2024, the province will focus on supporting investors to complete procedures for PNE AG's offshore wind power plant; the onshore, nearshore and offshore wind power plant project under a consortium of IDG Capital, STS Development and Saigon-Nhon Hoi Industrial Park JSC; a hydrogen production and general port complex, and the Phu My Industrial Park project.

Prime Minister Pham Minh Chinh recently signed Decision No. 376/QD-TTg dated May 4, 2024 approving the master plan of the north-central and central coastal regions for the 2021-2030 period, with a vision to 2050.

Under the plan, the regions will develop the refining and petrochemical industry and production of refined petroleum products, mainly in Thanh Hoa, Quang Ngai, Khanh Hoa and Phu Yen.

Priority will be given to developing renewable energy in Quang Binh, Quang Tri, Quang Nam, Quang Ngai, Binh Dinh, Ninh Thuan and Binh Thuan, and building inter-regional renewable energy service and industrial centers in Ninh Thuan and Binh Thuan.

Comments (0)
  • Read More
Indonesia resumes int’l carbon trading after 4-year hiatus

Indonesia resumes int’l carbon trading after 4-year hiatus

Indonesian President Prabowo Subianto has issued a new decree to restart international carbon emissions trading after a four-year hiatus.

Southeast Asia - Thu, October 16, 2025 | 9:23 pm GMT+7

Investors seek 2-year delay for $2.56 bln LNG power project in northern Vietnam, citing equipment hurdles

Investors seek 2-year delay for $2.56 bln LNG power project in northern Vietnam, citing equipment hurdles

Investors of a $2.56 billion LNG-fired power plant in Hung Yen province have proposed delaying the project’s commercial operation schedule by two years due to difficulties securing key equipment.

Energy - Thu, October 16, 2025 | 9:04 pm GMT+7

Vietnam to soon raise taxpayers' personal deduction: official

Vietnam to soon raise taxpayers' personal deduction: official

The personal income tax deduction in Vietnam is "very likely" to increase to VND21.7 million ($823,940) per month, including VND15.5 million (588,530) for the taxpayer and VND6.2 million ($235,410) for each dependent.

Finance - Thu, October 16, 2025 | 6:25 pm GMT+7

Business confidence climbs as reforms gain traction amid global headwinds: EuroCham Vietnam

Business confidence climbs as reforms gain traction amid global headwinds: EuroCham Vietnam

The index climbed to 66.5, surpassing pre-tariffs level and reaching its highest in three years – showcasing resilience and adaptability amid global headwinds and evolving U.S. tariff pressures.

Economy - Thu, October 16, 2025 | 4:36 pm GMT+7

Vietnam's stock market watchdog suspends two Grant Thornton auditors

Vietnam's stock market watchdog suspends two Grant Thornton auditors

Vietnam's State Securities Commission (SSC) has suspended two auditors from Grant Thornton Vietnam after determining that the 2024 audited financial statements of Saigon Water Infrastructure Corporation (HoSE: SII) failed to meet required standards.

Finance - Thu, October 16, 2025 | 3:35 pm GMT+7

Law No. 56 a major policy breakthrough for Vietnam's stock market development

Law No. 56 a major policy breakthrough for Vietnam's stock market development

The Law No. 56, effective January 1, 2025, is one of the major legal breakthroughs in recent years that will enhance the transparency and operational efficiency of the Vietnamese stock market.

Finance - Thu, October 16, 2025 | 2:30 pm GMT+7

WHA Group breaks ground on smart technology industrial zone in central Vietnam

WHA Group breaks ground on smart technology industrial zone in central Vietnam

Thailand's WHA Group on Tuesday broke ground on a world-class, modern, and environmentally friendly industrial zone in central Vietnam, namely the WHA Smart Technology Industrial Zone-Thanh Hoa.

Real Estate - Thu, October 16, 2025 | 2:00 pm GMT+7

Vietnam a key partner in Murphy Oil’s global strategy: exec

Vietnam a key partner in Murphy Oil’s global strategy: exec

Vietnam remains a key partner in Murphy Oil’s global business strategy, said Eric Hambly, the U.S. corporation's president and CEO.

Companies - Thu, October 16, 2025 | 12:06 pm GMT+7

VNPT, Qualcomm debut Vietnam’s 1st original design-based excellence center

VNPT, Qualcomm debut Vietnam’s 1st original design-based excellence center

State-owned Vietnam Posts and Telecommunications Group (VNPT) and Qualcomm have officially launched the VNPT-Qualcomm Excellence Center (VQEC), the first facility in the country to operate under an original design co-development model using Qualcomm’s core technologies.

Companies - Thu, October 16, 2025 | 8:41 am GMT+7

Indonesia enjoys steady growth in nine months

Indonesia enjoys steady growth in nine months

Indonesia's Ministry of Finance on Tuesday announced the country’s 2025 budget performance as of September, reporting that Southeast Asia’s largest economy continued to post steady growth despite global economic uncertainties.

Southeast Asia - Wed, October 15, 2025 | 9:53 pm GMT+7

Malaysia on progressive path towards AI nation status: experts

Malaysia on progressive path towards AI nation status: experts

Malaysia is on a progressive track towards becoming an Artificial Intelligence (AI) nation by 2030, a goal seen as achievable under Budget 2026 - the Malaysian Government’s fiscal and policy framework for 2026.

Southeast Asia - Wed, October 15, 2025 | 9:44 pm GMT+7

Thailand steps up development of semiconductor industry

Thailand steps up development of semiconductor industry

Thailand’s Board of Investment (BOI) plans to propose a new national semiconductor and advanced electronics policy board to the government, which will spearhead Thailand’s semiconductor development strategy.

Southeast Asia - Wed, October 15, 2025 | 9:40 pm GMT+7

ASEAN sets ambitious energy targets

ASEAN sets ambitious energy targets

Senior energy officials from ASEAN member nations and Timor-Leste on Tuesday convened in Kuala Lumpur, Malaysia, to finalize key outcomes and policy recommendations to be submitted to the 43rd ASEAN Ministers on Energy Meeting (AMEM).

Southeast Asia - Wed, October 15, 2025 | 9:33 pm GMT+7

Sun Group gets nod for $375 mln inland waterway tourism project in central Vietnam

Sun Group gets nod for $375 mln inland waterway tourism project in central Vietnam

A subsidiary of Sun Group, one of Vietnam’s leading real estate developers, has received approval to invest VND9.88 trillion ($375 million) in an inland waterway tourism project in the central coastal city of Danang.

Industries - Wed, October 15, 2025 | 5:21 pm GMT+7

Vietnamese luxury car dealer Haxaco’s business slumps, stock nears two-year low

Vietnamese luxury car dealer Haxaco’s business slumps, stock nears two-year low

The operations of Hang Xanh Automobile Service JSC or Haxaco (HoSE: HAX), known as the largest distributor of Mercedes-Benz vehicles in Vietnam, are under pressure as consumers tighten spending and competition among car brands intensifies.

Companies - Wed, October 15, 2025 | 5:13 pm GMT+7

Vietnam sets 2026 GDP growth target at 10%

Vietnam sets 2026 GDP growth target at 10%

The Vietnamese Government has set the targets for economic expansion in 2026 at about 10% and inflation at 4.5%.

Economy - Wed, October 15, 2025 | 4:28 pm GMT+7