Sembcorp to spend $160 mln on 245 MW renewables portfolio in Vietnam
Singapore’s Sembcorp Industries will spend a maximum of SGD218 million ($160.3 million) on acquiring majority interests ranging 73-100% in subsidiaries of Vietnam’s multi-sector firm Gelex, consequently adding 245 MW of renewable energy assets to its portfolio in the country.
In a Friday release, Sembcorp said the additional renewable energy portfolio features operational wind, solar and hydropower assets, raising its renewable energy presence in Vietnam to 450 MW and its gross renewables capacity to 12.2 GW in total.
The move is subject to regulatory and other approvals and is expected to reach completion in the first half of next year, the Singaporean firm added.
Gelex's wind power project in Quang Tri province, central Vietnam. Photo courtesy of Gelex.
The to-be-acquired renewable energy assets are underpinned by long-term power purchase agreements (PPA) with state utility Vietnam Electricity (EVN).
Sembcorp and Gelex will continue to explore opportunities in renewable energy in Vietnam, Sembcorp added.
According to Gelex's annual report for 2022, the firm held a renewable energy portfolio of 260 MW, generating 345 million kWh last year. Gelex is conducting a feasibility study for renewable energy projects of 3.9 GW, the report added.
- Related News
- Read More
Vingroup-backed VinSpace targets first satellite launch in 2027
VinSpace, an aerospace venture founded by Vietnamese billionaire Pham Nhat Vuong, aims to manufacture and launch its first microsatellite into orbit by 2027, marking Vietnam’s latest push into the commercial space industry.
Companies - Wed, April 15, 2026 | 4:39 pm GMT+7
Saigontel eyes record revenue, accelerates LNG, data center development in 2026
SaiGon Telecommunication & Technologies Corporation (Saigontel) targeting record revenue in 2026 while accelerating a strategic shift into energy and digital infrastructure, backed by a planned rights issue to fund large-scale LNG and data center projects.
Companies - Wed, April 15, 2026 | 3:37 pm GMT+7
Vietnam's Vosco plans $104 mln tanker building in S Korea as part of long-term fleet expansion
Vietnam Ocean Shipping JSC (Vosco) plans to invest up to $104 million to build two new medium-range (MR) tankers, as the state-controlled firm accelerates fleet renewal despite weaker earnings and cash flow pressures.
Companies - Wed, April 15, 2026 | 2:39 pm GMT+7
From property broker to developer: Is Khai Hoan Land Group ready?
Khai Hoan Land Group (HoSE: KHG) has set relatively ambitious targets for 2026, aiming for net revenue of VND1.25 trillion ($47.48 million) and net profit of VND123 billion ($4.67 million), roughly doubling year-on-year, as it seeks to transition from a brokerage-focused model to a property developer.
Real Estate - Wed, April 15, 2026 | 1:27 pm GMT+7
Novaland says revenue, profit inflection point to come from 2027
Major Vietnamese developer Novaland said it expects a meaningful pickup in revenue and profit from 2027, as 2026 will only see limited recognition despite the resumption of sales.
Companies - Wed, April 15, 2026 | 8:17 am GMT+7
Vietnam's central bank to continue easing bias on interest rates
State Bank of Vietnam said it will continue steering interest rates lower to support economic growth, while maintaining a careful balance with inflation control.
Banking - Tue, April 14, 2026 | 9:16 pm GMT+7
Vinhomes targets record $1.9 bln profit, bets on transit-oriented development strategy
Vinhomes, a subsidiary of conglomerate Vingroup (HoSE: VIC), has outlined a record-breaking 2026 business plan, targeting net profit of VND50 trillion ($1.9 billion), up 18.7% year-on-year, as Vietnam’s largest listed developer positions for a selective recovery in the property market.
Companies - Tue, April 14, 2026 | 4:55 pm GMT+7
Hanoi eyes mega underground reservoir system to tackle flooding
Hanoi is planning an ambitious underground infrastructure network, including a massive “super reservoir” system, as part of a 100-year urban development vision aimed at tackling chronic flooding.
Infrastructure - Tue, April 14, 2026 | 4:33 pm GMT+7
Shipping behemoth MSC selected as major investor for mega port project in southern Vietnam
Authorities in Ho Chi Minh City have approved a consortium consisting of Vietnam Maritime Corporation (VIMC), Saigon Port, and Terminal Investment Limited Holding S.A. as the investor for the $4.98 billion Can Gio international transshipment port project.
Infrastructure - Tue, April 14, 2026 | 2:27 pm GMT+7
GG Power launches internationally standard energy storage battery plant
GG Power, a wholly Vietnamese-owned firm, has debuted a battery energy storage system (BESS) manufacturing plant in Hung Yen province, marking a milestone in the country’s push into high-tech energy industries.
Industries - Tue, April 14, 2026 | 11:47 am GMT+7
Firms need legal clarity, non-criminalization of business risks to invest boldly: lawyer
Businesses will only commit to large-scale investments and long-term strategies when the legal framework is transparent and consistent, without mechanical criminalization of business risks, said a lawyer at Baker & McKenzie.
Economy - Tue, April 14, 2026 | 8:58 am GMT+7
Generational transition must strengthen, not just transfer, leadership: SHB bank vice chairman
Do Quang Vinh, vice chairman of Vietnamese private bank SHB, said generational transition in Vietnamese companies should focus on strengthening capabilities rather than simply transferring authority, as firms enter a new phase of development.
Companies - Mon, April 13, 2026 | 10:33 pm GMT+7
Vietnam’s textile giant Vinatex posts 31% profit jump in Q1, braces for potential trade risks
Vietnam National Textile and Garment Group (UPCoM: VGT) reported Q1 profit rising 31% year-on-year, as improved yarn margins and stable garment orders helped offset a volatile global backdrop.
Companies - Mon, April 13, 2026 | 5:07 pm GMT+7
Private sector – 'one most important growth driver': legislator
After 40 years of Doi moi (reform), Vietnam's private sector has surged to become "one most important growth driver", helping build a more autonomous, self-reliant and resilient economy, says Phan Duc Hieu, a member of the National Assembly's Economic and Financial Committee.
Economy - Mon, April 13, 2026 | 4:37 pm GMT+7
Vietnam conglomerate Thaco’s 2025 profit jumps 65% to $251 mln
Vietnamese conglomerate Thaco posted strong earnings growth in 2025, with net profit from its core operations surging over 65% on the back of its real estate segment, according to newly released disclosures from Singapore-based shareholder Jardine Matheson.
Companies - Mon, April 13, 2026 | 2:58 pm GMT+7
Vietnamese private economic groups: Achievements, efforts and paradoxes
If we place Vietnam's private sector in the context of the region and the world, a clear paradox emerges: numerous but not yet strong, dynamic but not yet profound, making significant contributions but maintaining a modest position in the global value chain, writes Dau Anh Tuan, deputy secretary general of the Vietnam Federation of Commerce and Industry (VCCI).
Economy - Mon, April 13, 2026 | 1:57 pm GMT+7
