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
Vietnam’s steel giant Hoa Sen spends $34 mln on land near Long Thanh airport for urban development

Vietnam’s steel giant Hoa Sen spends $34 mln on land near Long Thanh airport for urban development

Hoa Sen Group (HoSE: HSG), Vietnam’s top producer of coated steel products, has spent VND900 billion ($34.3 million) acquiring land for a major urban development project in the southern province of Dong Nai.

Real Estate - Fri, August 8, 2025 | 8:22 am GMT+7

Halal market presents major opportunities for Vietnamese businesses

Halal market presents major opportunities for Vietnamese businesses

The global Halal market is projected to reach $5 trillion by 2030, with Malaysia alone expected to hit $113.2 billion, said Shariza binti Abdul Rasheed, Halal product manager at Maybank Malaysia.

Economy - Thu, August 7, 2025 | 9:18 pm GMT+7

Steel major Hoa Phat to pour extra $130 mln into central Vietnam plant

Steel major Hoa Phat to pour extra $130 mln into central Vietnam plant

Vietnam’s leading steelmaker, Hoa Phat Group (HoSE: HPG), will increase investment in its Dung Quat 2 iron and steel production complex by VND3.4 trillion ($129.7 million) as part of an expansion plan.

Industries - Thu, August 7, 2025 | 8:03 pm GMT+7

Vietnam’s army-backed construction firm proposes 14 offshore wind power projects

Vietnam’s army-backed construction firm proposes 14 offshore wind power projects

Lung Lo Construction Corporation (LLC), under the Ministry of National Defense, has submitted investment proposals for 14 offshore wind power projects with a combined capacity of 9,000 MW.

Energy - Thu, August 7, 2025 | 5:07 pm GMT+7

Vietnam's agri major Hoang Anh Gia Lai fined for bond information disclosure failure

Vietnam's agri major Hoang Anh Gia Lai fined for bond information disclosure failure

Vietnam's agri major Hoang Anh Gia Lai JSC has been fined VND92.5 million ($3,528) for failing to disclose bond-related information as required by law.

Companies - Thu, August 7, 2025 | 4:31 pm GMT+7

Northern Vietnam province accelerates $2.2 bln LNG-to-power project

Northern Vietnam province accelerates $2.2 bln LNG-to-power project

Quang Ninh province will hand over 4.9 hectares of reclaimed land to the Quang Ninh LNG-fuelled power plant project before August 11, local authorities stated at a meeting on Wednesday.

Energy - Thu, August 7, 2025 | 4:17 pm GMT+7

Vietnam's seafood firms ride profit wave ahead of US tariff hike

Vietnam's seafood firms ride profit wave ahead of US tariff hike

Vietnam’s seafood companies reported surging profits in Q2/2025, driven by importers ramping up purchases ahead of new U.S. reciprocal tariffs.

Economy - Thu, August 7, 2025 | 2:21 pm GMT+7

Le Anh Tuan appointed new CEO of Dragon Capital Vietfund Management JSC

Le Anh Tuan appointed new CEO of Dragon Capital Vietfund Management JSC

Dragon Capital Group, Vietnam's largest asset manager, has appointed Le Anh Tuan as CEO of its arm Dragon Capital Vietfund Management Joint Stock Company (DCVFM), starting from October 1, 2025.

Companies - Thu, August 7, 2025 | 2:01 pm GMT+7

Indonesia, Malaysia, Thailand expand local currency transaction network

Indonesia, Malaysia, Thailand expand local currency transaction network

Bank Indonesia, Bank Negara Malaysia, and Bank of Thailand have added new Appointed Cross Currency Dealer (ACCD) participating banks to broaden services for bilateral transactions in local currencies across the three nations, Bank Indonesia said in a statement on Tuesday.

Southeast Asia - Thu, August 7, 2025 | 12:48 pm GMT+7

ASEAN to sign MoU on regional power grid implementation

ASEAN to sign MoU on regional power grid implementation

ASEAN member states are set to sign an MoU on the implementation of the ASEAN Power Grid during the bloc’s Energy Ministers’ Meeting this October.

Southeast Asia - Thu, August 7, 2025 | 12:43 pm GMT+7

Vietnam overtakes Thailand to become world's second-largest rice exporter

Vietnam overtakes Thailand to become world's second-largest rice exporter

Vietnam has outranked Thailand as the world’s second-largest rice exporter in the first half of 2025, Thai PBS reported on August 3, citing the Thai Rice Exporters Association.

Companies - Thu, August 7, 2025 | 12:41 pm GMT+7

Vietnam posts trade surplus of $10.18 bln in 7 months

Vietnam posts trade surplus of $10.18 bln in 7 months

Vietnam’s export earnings grew by 14.8% to $262.44 billion in the first seven months of this year, while its import turnover rose by 17.9% to $252.26 billion, resulting in a trade surplus of $10.18 billion.

Economy - Thu, August 7, 2025 | 12:19 pm GMT+7

Malaysia pledges big purchases, investments with US

Malaysia pledges big purchases, investments with US

Malaysia has agreed to buy and invest over $240 billion (MYR1.02 trillion) in the U.S. to help reduce the trade gap between the two countries.

Southeast Asia - Thu, August 7, 2025 | 12:08 pm GMT+7

Vietnam's leading property developer Novaland to issue 152 mln shares to settle $229 mln debt

Vietnam's leading property developer Novaland to issue 152 mln shares to settle $229 mln debt

Novaland, a major real estate developer in Vietnam, plans to issue nearly 152 million new shares to swap more than VND6 trillion ($228.8 million) worth of bond principal.

Companies - Thu, August 7, 2025 | 10:11 am GMT+7

Vietnam's FDI capital disbursement hits five-year record high despite US tariff turmoil

Vietnam's FDI capital disbursement hits five-year record high despite US tariff turmoil

Disbursed foreign direct investment (FDI) capital in Vietnam reached $13.6 billion in Jan-July, up 8.4% year-on-year, despite U.S. tariff concerns.

Economy - Thu, August 7, 2025 | 9:57 am GMT+7

Malaysia steps up efforts to explore nuclear energy potential

Malaysia steps up efforts to explore nuclear energy potential

Malaysia’s Minister of Science, Technology and Innovation Chang Lih Kang on Wednesday reaffirmed his ministry’s commitment to enhancing cooperation with the Ministry of Energy Transition and Water Transformation (PETRA) in exploring the potential of nuclear energy.

Southeast Asia - Thu, August 7, 2025 | 8:10 am GMT+7