State-run Petrovietnam and Singapore conglomerate Sembcorp Industries are planning to build offshore wind power projects to sell electricity to Singapore.
Petrovietnam Technical Services Corp. (PTSC) and Sembcorp Utilities announced their joint development agreement in Singapore on Friday.
The ceremony was witnessed by Vietnamese Prime Minister Pham Minh Chinh, who is on a three-day visit to the island state from Wednesday. Further details of the new PTSC-Sembcorp Utilities cooperation have yet to be announced.
The two countries are currently discussing plans to develop an electricity link between the two ASEAN members.
Speaking with his counterpart, Singapore’s Prime Minister Lee Hsien Loong Thursday talked about the Vietnam-Singapore Industrial Parks (VSIPs), which he hailed as “concrete symbols” of the bilateral cooperation.
He said the VSIPs have “grown tremendously in scale and number” since the first project was launched in 1996. Today, there are 12 VSIPs across northern, central and southern Vietnam, and together they have attracted more than $17 billion in investment and created over 300,000 jobs.
VSIP Joint Venture Co. Ltd. is a partnership between Sembcorp Development and Becamex, a Vietnamese developer of large-scale industrial and urban areas.
Meanwhile, Sembcorp Utilities’ presence in Vietnam serves energy development purposes. The presence includes firms like Phu My 3 Power Company, Sembcorp Energy Vietnam, and Sembcorp Solar Vietnam.
Vietnam’s PM Chinh on Friday asked Sembcorp to continue working closely with Vietnamese officials in developing more VSIPs as green industrial parks and smart urban areas.