Major renewables developers gather pace for Vietnam

By Tuong Nguyen
Sun, March 5, 2023 | 3:25 pm GMT+7

The renewables market in seek-to-go-green Vietnam keeps getting busier with bold moves from leading international investors, developers and partners who are ramping up their investments in the country’s clean energy transition.

A wind and solar power plant of BIM Group in Ninh Thuan province, south-central Vietnam. Photo courtesy of BIM.

A wind and solar power plant of BIM Group in Ninh Thuan province, south-central Vietnam. Photo courtesy of BIM.

World’s fourth-largest renewable energy producer

EDP, Portugal’s largest utility, announced Friday it will step up investment and spend 25 billion euro ($27 billion) over four years to nearly double its renewable energy capacity to 33 gigawatts by 2026. In its strategic plan through 2026, EDP said 21 billion euro would be invested by its wind and solar unit EDP Renewables, also called EDP Renovaveis or EDPR - the world’s fourth-biggest renewable energy producer - and 4 billion euro would go directly to electricity grids.

As part of the ambitious investment, the giant plans to install 1.2 GW of new capacity in the Asia-Pacific region, through its Singapore-based renewables subsidiary EDPR Sunseap.

Reuters reported on Tuesday that EDPR has been sounding out investors, including sovereign wealth funds, to take a stake.

Just after the Portuguese giant’s announcement, Singapore sovereign wealth fund GIC disclosed it would invest 1 billion euro (more than $1.06 billion) to purchase a stake in EDPR, around 5% in the world’s fourth-largest one, also to help EDPR accelerate growth in renewables and energy transition.

In December, EDPR Sunseap CEO Pedro Vasconcelos told Reuters that his corporation was eyeing Vietnam, Australia, and north Asian economies to expand its utility-scale growth capacity.

"We see more and more Vietnam and Thailand really growing in terms of industrialization," Vasconcelos told Reuters. "So the ability to work in these countries and do large-scale decentralized generation is indeed an important factor for our growth."

In September, EDPR Sunseap acquired two solar projects in Vietnam’s south-central province of Ninh Thuan for $284 million, doubling its operational capacity in the country. The seller was Vietnamese firm Xuan Thien Group.

EDPR Sunseap said the transaction was the first step in the duo’s cooperation to jointly explore opportunities in Vietnam, which is seeking to reach carbon neutrality by 2050.

France’s GreenYellow bets on Vietnam

French renewable energy transition player GreenYellow and the Ocean Packaging Factory signed a power purchase agreement with a capacity of 4.125 megawatts-peak this January. The latter is a subsidiary of Ocean Minerals Joint Stock Company, one of the key enterprises in Thanh Hoa province, north-central Vietnam.

GreenYellow Vietnam of the French company in late November acquired the Vietnamese subsidiary of French independent power producer Qair as well as its 70% stake in an operational 49.5-megawatt solar farm in Binh Dinh province on Vietnam’s central coast.

“With this deal, we can manage self-consumption contracts as well as large-scale energy projects, especially with the direct electricity purchase and sale mechanism,” said Sebastien Prioux, CEO of GreenYellow, Vietnam and Cambodia.

The acquisition is part of GreenYellow’s desire to expand its presence throughout Southeast Asia. The buying price was not disclosed, while GreenYellow Vietnam said the deal meant it had reached a total portfolio of 150 MWp of solar power generation capacity in Vietnam.

Norway eyes offshore wind developmen

Erling Rimestad, state secretary of the Norwegian Ministry of Foreign Affairs, during his meeting Wednesday in Hanoi with Vietnamese Deputy Minister of Industry and Trade Dang Hoang An, said Norway is looking forward to sharing experience and cooperating with Vietnam in offshore wind power.

The two officials agreed that in the coming time, the government, businesses, and investment funds in Norway should consider support for Vietnam to continue its efforts to invest in research and implementation of green energy projects such as those in offshore wind power and hydrogen production.

For stronger bilateral economic ties, Rimestad said he hoped the two countries would exchange more high-level visits and collaboration in industry and trade.

Petrovietnam Technical Services Corp CEO Le Manh Cuong (left) surveys an offshore wind power project in Norway on September 15, 2022. Photo courtesy of the firm.

Petrovietnam Technical Services Corp CEO Le Manh Cuong (left) surveys an offshore wind power project in Norway on September 15, 2022. Photo courtesy of the firm.

Danish giant CIP focuses on central Vietnam

Danish fund management company Copenhagen Infrastructure Partners (CIP) and its arm Copenhagen Offshore Partners (COP) are currently investing up to $10.5 billion in developing the 3.5 GW La Gan offshore wind project in Binh Thuan province next to Ninh Thuan. The project is envisaged as Vietnam’s largest offshore wind farm in Vietnam.

In their portfolio, CIP and COP also have other multi-GW offshore wind projects in other provinces. CIP is hoping to develop large-scale offshore wind projects and transmission lines in partnership with state utility Vietnam Electricity.

COP launched a new office in Hanoi during Danish Crown Prince Frederik’s working visit to Vietnam on November 1-3. The Crown Prince was accompanied by executives from many Danish energy firms and management funds.

Vietnam will export electricity to Singapore

Petrovietnam Technical Services Corp. is in talks with Singapore’s Sembcorp Industries to build a submarine power transmission line between the two countries toward Vietnam’s selling electricity to Singapore in the future.

The two companies reached a memorandum of understanding on February 10 for this transmission purpose, also aiming at developing Vietnamese offshore wind projects to export electricity to Singapore.

Petrovietnam Technical Services Corp. CEO Le Manh Cuong told The Investor he expected this export to start in 2030. He said his company and Sembcorp will invest in a 2.3-GW offshore wind farm in Vietnam for the purpose.

Comments (0)
  • Read More
Vingroup’s real estate arm VEF posts 8,372% net profit growth in H1 on strong sales

Vingroup’s real estate arm VEF posts 8,372% net profit growth in H1 on strong sales

Vietnam Exhibition Fair Center JSC, a real estate subsidiary of conglomerate Vingroup (HoSE: VIC), reported a net profit of VND15.25 trillion ($583.3 million) in the first half of 2025, up 8,372% year-on-year on the sales of key real estate projects.

Real Estate - Wed, July 23, 2025 | 8:08 am GMT+7

China's Guangxi proposes cooperation in aluminium mining, processing with Vietnam's Cao Bang province

China's Guangxi proposes cooperation in aluminium mining, processing with Vietnam's Cao Bang province

Guangxi, one of China’s largest aluminium industry hubs, is seeking to establish cooperation with Vietnam’s Cao Bang province in aluminium mining and processing.

Companies - Tue, July 22, 2025 | 10:17 pm GMT+7

Malaysia maintains stance in tariff negotiations with US: Prime Minister

Malaysia maintains stance in tariff negotiations with US: Prime Minister

Malaysian Prime Minister Datuk Seri Anwar Ibrahim has reaffirmed Malaysia's stance on factors that may affect the country's policies, especially regarding tariff negotiations with the US.

Southeast Asia - Tue, July 22, 2025 | 10:11 pm GMT+7

Northern Vietnam province Bac Ninh pledges optimal support for Samsung Vietnam expansion

Northern Vietnam province Bac Ninh pledges optimal support for Samsung Vietnam expansion

Bac Ninh is committed to facilitating the operation of Samsung Vietnam in the locality, said Chairman of the provincial People’s Committee Vuong Quoc Tuan.

Companies - Tue, July 22, 2025 | 10:04 pm GMT+7

NS BlueScope Vietnam publishes Environmental Product Declarations

NS BlueScope Vietnam publishes Environmental Product Declarations

NS BlueScope Vietnam has officially announced its Environmental Product Declarations (EPDs) to transparently disclose detailed information on the environmental impacts of its products.

Companies - Tue, July 22, 2025 | 8:07 pm GMT+7

Public corporate bond offerings expected to rebound rapidly in H2

Public corporate bond offerings expected to rebound rapidly in H2

As Vietnam’s financial markets continue a deeper phase of adjustment following a turbulent period, capital-raising channels are showing increasingly clear signs of divergence.

Companies - Tue, July 22, 2025 | 7:57 pm GMT+7

Vietnam’s benchmark VN-Index surpasses 1,500 points, highest in a month

Vietnam’s benchmark VN-Index surpasses 1,500 points, highest in a month

Strong cash inflows from domestic investors in the final minutes of trading propelled the VN-Index, which represents the Ho Chi Minh Stock Exchange (HoSE), to its highest level in a month on Tuesday, topping 1,500 points.

Finance - Tue, July 22, 2025 | 4:52 pm GMT+7

Vietnam's top instant coffee producer Vinacafé Bien Hoa earns nearly $52,800 in daily profit

Vietnam's top instant coffee producer Vinacafé Bien Hoa earns nearly $52,800 in daily profit

Vinacafé Bien Hoa, Vietnam's leading instant coffee maker, posted an after-tax profit of over VND249 billion ($9.52 million) in the first half of 2025, or nearly VND1.38 billion ($52,785) per day.

Companies - Tue, July 22, 2025 | 3:49 pm GMT+7

Former Netflix HR leader joins Vietnam-based consultancy Newing as strategic advisor

Former Netflix HR leader joins Vietnam-based consultancy Newing as strategic advisor

Ho Chi Minh City-based Newing, a consulting firm specializing in leadership development and organizational transformation, is expanding its global network of experts to support Vietnamese enterprises, with Shweta Shukla, former Netflix HR executive, appointed as strategic advisor.

Companies - Tue, July 22, 2025 | 2:37 pm GMT+7

Malaysia’s EV adoption rate projected to reach 9.6% by year-end

Malaysia’s EV adoption rate projected to reach 9.6% by year-end

The adoption rate of electric vehicles (EVs) in Malaysia may reach 9.6% by the end of this year, supported by the introduction of new models and growing consumer interest, according to Malaysian Automotive Association (MAA) president Mohd Shamsor Mohd Zain.

Southeast Asia - Tue, July 22, 2025 | 1:41 pm GMT+7

Malaysia strengthens position in global hydrogen ecosystem

Malaysia strengthens position in global hydrogen ecosystem

Malaysia’s first solid-state hydrogen reactor, the HyPEReactor, has been launched at the Orang Asli Settlement of Pos Tibang.

Southeast Asia - Tue, July 22, 2025 | 1:39 pm GMT+7

Vietnam's SHB bank okayed to expand charter capital to $1.76 bln

Vietnam's SHB bank okayed to expand charter capital to $1.76 bln

Saigon-Hanoi Bank (SHB) has received approval from Vietnam's central bank to raise its charter capital to VND45.942 trillion ($1.76 billion) after issuing a 13% share dividend, maintaining its position among the Top 5 largest private banks in Vietnam.

Banking - Tue, July 22, 2025 | 12:45 pm GMT+7

Update of typhoon Wipha in Vietnam: Storm No.3 weakens into tropical depression

Update of typhoon Wipha in Vietnam: Storm No.3 weakens into tropical depression

At around 7:30 p.m today (Tuesday), after nine hours of making landfall in Vietnam's Hung Yen-Thanh Hoa area, tyhooon Wipha weakened into a tropical depression.

Society - Tue, July 22, 2025 | 10:18 am GMT+7

Vietnam’s BCG Energy aims for green energy comeback

Vietnam’s BCG Energy aims for green energy comeback

BCG Energy JSC (UPCoM: BGE), a subsidiary of Vietnam's multi-sector corporation Bamboo Capital, plans to hold its 2025 AGM on August 14, staying ready for a comeback to the green energy race.

Companies - Tue, July 22, 2025 | 9:54 am GMT+7

Vietnam’s benchmark VN-Index expected to surpass historical highs after correction: expert

Vietnam’s benchmark VN-Index expected to surpass historical highs after correction: expert

The VN-Index, representing the Ho Chi Minh Stock Exchange (HoSE), will establish a new base and potentially break through its historical peaks after a correction phase, said Tran Hoang Son, director of market strategy at VPBank Securities (VPBankS).

Finance - Tue, July 22, 2025 | 9:07 am GMT+7

Passion fruit, banana, pineapple, coconut could be Vietnam's next billion-dollar exports

Passion fruit, banana, pineapple, coconut could be Vietnam's next billion-dollar exports

Passion fruit, banana, pineapple, and coconut are emerging as Vietnam’s next billion-dollar export items, offering strong potential to diversify the country’s fruit and vegetable sector, experts told a recent forum held in Ho Chi Minh City.

Companies - Tue, July 22, 2025 | 8:53 am GMT+7