Vietnam PM calls on Czech giant Sev.en Global to expand investment into wind, solar power

The Czech Republic’s Sev.en Global Investments, given its strengths, should expand investment in Vietnam into areas like wind and solar power, culture and sports, and football, said Prime Minister Pham Minh Chinh.

At a Friday meeting with Pavel Tykač, the owner of Sev.en Global Investments and SK Slavia Praha Football Club in Praha during his official visit to the Czech Republic, Chinh said he appreciated the group's effective business activities in Vietnam, particularly its commitment to sustainable development.

The Prime Minister highlighted the firm’s stake acquisitions at the Mong Duong 2 coal-fired thermal power plant in the northern province of Quang Ninh, enabling the facility to operate at its maximum capacity to supply electricity while protecting the environment.

He asked Sev.en Global Investments to continue working closely with Vietnam's Ministry of Industry and Trade and other relevant authorities to soon finalize the acquisition documents, ensuring compliance with legal regulations and investment procedures.

The Vietnamese government is committed to always creating favorable conditions to ensure that Sev.en Global Investments and other Czech investors can invest and do business effectively and sustainably.

Pavel Tykač said Sev.en Global Investments is operating in many countries worldwide, with a focus on long-term investments in power generation, coal mining, metallurgy, and natural resource extraction. It is managing roughly €3 billion ($3.08 billion) in equity.

In Vietnam, at the end of 2023, Sev.en Global Investments signed an agreement to acquire a 51% stake in the Mong Duong 2 thermal power plant from the U.S.’s AES Corporation. In August 2024, it purchased an additional 19% from China Investment Corporation (CIC), bringing the total ownership to 70%. It is currently completing the procedures for approval.

This is the largest investment by the Czech Republic in Vietnam and the largest European investment in Vietnam's energy sector. The group plans to expand its investment in Vietnam into other sectors, he said.

Pavel Tykač added that the group places great importance on promoting cultural exchange activities with Vietnam. Specifically, the SK Slavia Praha Football Club has reached an agreement to cooperate with the Hanoi Police Football Club of Vietnam.

The 1,242 MW Mong Duong 2 has a total investment of $2.1 billion, consisting of two 621 MW turbines. Located in Mong Duong ward, Cam Pha town, the plant has been in commercial operation since April 2015, after nearly five years of construction, and is expected to produce approximately 7.6 billion kWh annually.

The build-operate-transfer (BOT) project will be transferred to the Vietnamese government after 25 years of operation, in 2050. It is the first BOT thermal power plant in Vietnam utilizing pulverized coal boiler technology.