Norsk Solar, CME Solar ink Norway-Vietnam renewables cooperation pact
Norway’s Norsk Solar and Vietnam’s Copper Mountain Energy Solar (CME Solar) have signed an agreement to jointly advance renewable energy initiatives in Vietnam, the Norwegian firm announced Monday.
The move marked a milestone in the promotion of sustainable energy solutions in Vietnam as also a shared commitment to combatting climate change and reducing carbon emissions, it said.
The cooperation will focus on identifying and assessing key solar power project opportunities in Vietnam with emphasis on commercial solar installations and large-scale solar farms. The two firms aim to streamline project development processes, increase efficiency and ensure successful implementation of their ventures.
The Norwegian firm noted that Vietnam has emerged as a regional leader in renewable energy adoption, with solar power playing a pivotal role in diversifying its energy mix and reducing the reliance on coal and fossil fuels.
Norsk Solar is a major power company in Norway that develops, builds, owns and operates on-site solar power plants for corporate and industrial off-takers, with strong track records and presence in Norway, South Africa, Brazil and Vietnam.
In March 2021, Norsk Solar and the Vietnam unit of Thailand's major retailer Central Retail signed an agreement for installation of 11-MW rooftop solar system at the latter's shopping centers. In December 2021, Norsk Solar completed the establishment of the first rooftop solar system for Central Retail's facility in the northern province of Quang Ninh.
In recent news, the Ministry of Industry and Trade said it was against extending rooftop solar power development incentives to other groups before first priority recipients - households and public offices - are covered. In a report on promoting rooftop solar power sent to Prime Minister Pham Minh Chinh, the ministry said the list of beneficiaries can be expanded after the first two groups are covered.
Vietnam expects renewable energy to make up 50.3% of the total capacity generated by 2030, as outlined in the National Power Development Plan for 2021-2030 with vision extended to 2050 (PDP VIII). The plan was approved by Prime Minister Pham Minh Chinh on May 15 via Decision No. 500/QD-TTg.
Under the plan, coal will account for 20.5% of total power generated by 2030, down from almost 29% in 2020. Gas will make up 21.8%, up from 10.2%. Renewable sources (including hydroelectricity, solar and wind power, and biomass) will account for 50.3%, with contributions from hydroelectricity alone dropping to 20% from 30%.
Under the PDP VIII, by 2030, half the office buildings and homes in the country would be powered by rooftop solar panels, but this source would not be connected to the national grid.
In May, HCMC-based CME Solar and Japan’s Sumitomo Forestry Group established a joint venture to expand the rooftop solar market in Vietnam. The companies said that the primary goal of the joint venture was to drive adoption of rooftop solar energy systems across Vietnam towards delivering cutting-edge solutions that meet the country's increasing energy demands while adhering to the highest ESG standards.
Vietnam's incredible potential for solar energy and its growing demand for sustainable solutions makes the country a key market for rooftop solar development, the Japanese firm said.
- Read More
PYN Elite manager upbeat about Vietnam’s economy, stock market despite Trump uncertainty
The Vietnamese economy will still fare well, and the local stock market will remain appealing despite the recent pullback following Donald Trump’s election win for a second term, said Petri Deryng, portfolio manager of Finland-based the PYN Elite fund.
Finance - Fri, November 22, 2024 | 8:25 am GMT+7
Central Vietnam province plans to build $2.4 bln LNG power plant from 2031
The 4,800-MW Chan May LNG power plant, with an investment of $2.4 billion, can be deployed in 2031-2035, according to Thua Thien Hue authorities.
Energy - Thu, November 21, 2024 | 10:41 pm GMT+7
Indonesia, France step up cooperation in economy, defence
Indonesian President Prabowo Subianto discussed economic and defence cooperation during a bilateral meeting on Tuesday with French President Emmanuel Macron on the sidelines of the G20 Summit in Rio de Janeiro, Brazil, Antara reported.
Southeast Asia - Thu, November 21, 2024 | 10:25 pm GMT+7
Thai economy to maintain upward momentum in 2025
The National Economic and Social Development Council of Thailand (NESDC) expects the Thai economy to sustain its upward momentum in 2025 with a growth of 2.3-3.3% despite growing risks.
Southeast Asia - Thu, November 21, 2024 | 10:24 pm GMT+7
Former parliament chairman Vuong Dinh Hue warned for violations
The Politburo, Vietnam's supreme decision making body, on Wednesday issued warnings to Vuong Dinh Hue, former Chairman of the National Assembly, and Nguyen Van The, former Minister of Transport, for violations while on duties.
Politics - Thu, November 21, 2024 | 10:10 pm GMT+7
Sumitomo insists on building LNG power plant in central Vietnam
Japanese trading house Sumitomo has been pushing for a liquefied natural gas (LNG)-fed power plant investment in Vietnam’s central province of Khanh Hoa.
Energy - Thu, November 21, 2024 | 8:53 pm GMT+7
Vietnam’s Vinhomes fulfils 67% of record buyback plan
Vinhomes, the housing development arm of conglomerate Vingroup, has purchased back 246.98 million shares, meeting 66.75% of the plan and accounting for 5.7% of the outstanding volume.
Finance - Thu, November 21, 2024 | 8:43 pm GMT+7
Vietnam high-speed railway should run beyond Hanoi, HCMC on either side: lawmakers
Vietnam’s mega North-South high-speed railway project should be redesigned and extended beyond Hanoi and Ho Chi Minh City as currently planned, several lawmakers have suggested.
Infrastructure - Thu, November 21, 2024 | 6:11 pm GMT+7
Vietnam-Malaysia relationship upgraded to comprehensive strategic partnership
Vietnam and Malaysia have upgraded their relationship to a comprehensive strategic partnership, the highest level in the former’s diplomatic hierarchy.
Politics - Thu, November 21, 2024 | 5:21 pm GMT+7
Petrovietnam units sign LNG supply deal for trial run of Vietnam’s first LNG power plants
PV Power and PV Gas, two units of state-owned Petrovietnam, have signed an LNG supply deal for trial operation of Nhon Trach 3 and Nhon Trach 4, Vietnam’s first LNG-to-power plants.
Energy - Thu, November 21, 2024 | 4:40 pm GMT+7
Sufficient first phase funds ensured for Vietnam’s new mega airport: transport minister
Minister of Transport Nguyen Van Thang affirmed Wednesday that funding would be secured for building the Long Thanh International Airport, set to become Vietnam’s biggest.
Infrastructure - Thu, November 21, 2024 | 3:53 pm GMT+7
Bamboo Capital wins kudos for transparent reports, good governance
Vietnamese private conglomerate Bamboo Capital Group has been honored as a Top 20 business with the Best Annual Report and the Best AGM Organization at the 2024 Vietnam Listed Company Awards (VLCA).
Bamboo Capital - Thu, November 21, 2024 | 3:37 pm GMT+7
VAFIE to organize workshop on amendments to horse racing, football betting rules
The Vietnam’s Association of Foreign Invested Enterprises (VAFIE) and The Investor will organize a workshop on suggestions to amend the government’s Decree 06 on horse racing, greyhound racing and international football betting services.
Economy - Thu, November 21, 2024 | 2:38 pm GMT+7
Vietnam Politburo okays international, regional financial centers in HCMC, Danang
Vietnam’s highest decision-making body, the Politburo, has greenlighted the establishment of an international financial center in Ho Chi Minh City and a regional financial center in the central city of Danang.
Economy - Thu, November 21, 2024 | 1:50 pm GMT+7
Singapore's Platinum Victory seeks to gain veto at Vietnam’s REE
Singaporean fund Platinum Victory Pte. Ltd. has registered to buy more shares of Ho Chi Minh City-based utility firm Refrigeration Electrical Engineering Corporation (REE) to achieve the vetoing power in the latter.
Finance - Thu, November 21, 2024 | 11:29 am GMT+7
Posco keen on investing in Vietnam's $2.2 bln LNG power project
South Korea’s steelmaker Posco is eyeing to invest in the $2.2 billion Quynh Lap LNG-fired power plant project in Vietnam’s central province of Nghe An.
Energy - Thu, November 21, 2024 | 10:42 am GMT+7