Petrovietnam, PTSC must establish renewable energy hub in southern Vietnam: Deputy PM

State-owned Petrovietnam and its technical arm PTSC should cooperate with localities to establish a renewable energy hub in the southern region, said Deputy Prime Minister Tran Hong Ha.

Ha gave the order during a Sunday visit ahead of the Lunar New Year holiday (Tet) to a PTSC factory in the southern coastal province of Ba Ria-Vung Tau. Such an establishment would help PTSC and Vietnam facilitate the supply chain for the offshore renewable energy sector in the future, in line with the country’s power development plan VIII (PDP VIII), he added.

Ba Ria-Vung Tau should strive to become an industrial hub serving the offshore wind power sector, with a focus on designing, manufacturing, transporting, and installing equipment, the Deputy Prime Minister noted.

Ha also lauded PTSC for building the bases for offshore wind farm turbines and urged Petrovietnam and PTSC to invest more in renewable energy technology, such as production and transportation of green hydrogen and ammonia.

PTSC , with seven ports and manufacturing facilities covering 330 hectares across Vietnam, has recently won bids to manufacture equipment worth $2.5 billion, including $1.5 billion for offshore energy farms, PTSC reported. A notable achievement was the completion of two substations for the Hai Long 2 and Hai Long 3 offshore wind power projects in Taiwan in 2023.

In 2023, the firm recorded a pre-tax profit of VND1,098 billion ($45 million) on a revenue of over VND20 trillion ($820.2 million), exceeding the targets by 41% and 53%, respectively.