Singapore's corporate heavyweights keen on renewable energy projects in Vietnam

Party chief To Lam's Tuesday talks with executives of leading Sigaporean companies show that renewable energy development has caught their strong interest in Vietnam.

The Vietnamese top leader is paying an official visit to the island state from March 11-13.

At a meeting with To Lam, Lim Boon Heng, chairman of Temasek Holdings, said his company currently manages investment portfolios in the fields of energy and natural resources, telecommunications and communications, financial services, real estate, transportation and logistics, food and beverage, biotechnology, and healthcare.

The executive noted that Temasek's investment interests include continuing cooperation in renewable energy and green energy in Vietnam.

In response, To Lam said that Vietnam aims to achieve a GDP growth rate of at least 8% in 2025 to create momentum for double-digit growth in the following years. "Therefore, Vietnam continues to prioritize attracting large-scale FDI projects which can help create breakthroughs and new momentum for growth."

He emphasized Vietnam's commitment to working with Temasek to make the group's investments more efficient and successful.

Meeting with Tow Heng Tan, chairman of Sembcorp Industries, To Lam said he highly appreciates the development of the VSIP industrial park model in Vietnam - "a successful model of bilateral cooperation".

Tow Heng Tan noted that in addition to developing industrial park infrastructure, Sembcorp wants to invest heavily in the Vietnamese electricity industry, especially renewable energy and gas turbines in the near future.

He added that he hoped the two governments will consider jointly developing training programs and cooperation in offshore wind power.

Party General Secretary To Lam said that the Vietnamese Government is considering adjusting the Power Development Plan VIII (PDP VIII) towards strongly developing renewable energy sources.

"Vietnam welcomes foreign enterprises, including Sembcorp, to invest in its electricity industry, especially clean and renewable energy. The country is committed to working with Sembcorp to make the group's investment in Vietnam more efficient and successful."

Receiving Louis Lim, CEO of Real Estate Division, Keppel Corporation, To Lam said he highly appreciates the corporation's efficient investment in Vietnam.

"Vietnam encourages Keppel to expand investment in such fields as renewable energy, green infrastructure, information technology, and smart cities which are in line with the country's investment attraction priorities in the coming time," he stressed.

Louis Lim congratulated Vietnam on its socio-economic achievements. He noted that Keppel Group has been operating in Vietnam for more than 30 years and wishes to continue making long-term investments in the country.

The Party chief suggested the group pay attention to investing in strategic infrastructure in Vietnam, especially social housing projects, housing for workers, and infrastructure of industrial parks, contributing to practically improving the people's quality of life.

Talking with Lee Chong Min, founder and managing parner of CMIA Capital Partners, To Lam welcomed the company's plan to invest in a high-tech agricultural-ecological urban area project in Cu Chi district, Ho Chi Minh City.

Lee Chong Min said that the group hopes to receive support from Vietnamese authorities so that the project approval process can be speeded up. CMIA also proposed Vietnam consider some incentive mechanisms for the project.

To Lam said Vietnam is very interested in investing in HCMC as a driving force for the sustainable development of the region. Many connecting transport infrastructure projects have created new space, development potential, and added value for Cu Chi district and the entire region.

"HCMC is also urgently implementing its planning with breakthrough thinking, long-term vision, and strategies for sustainability to exploit and develop the Cu Chi area. Relevant agencies will evaluate the investor's proposal, creating conditions for its investment to be efficient and successful."

In a meeting with Lim Ming Yan, chairman of the Singapore Business Federation (SBF), To Lam said the Vietnam and Singapore wish to promote cooperation in the areas where Singapore has strengths and Vietnam has potential, such as digital economy, knowledge economy, circular economy, renewable energy, sustainable industrial parks, and green finance.

Party chief To Lam and Prime Minister Lawrence Wong on Wednesday agreed to upgrade the Vietnam-Singapore relationship to a Comprehensive Strategic Partnership during their talks in the city state.

Singapore is now the 12th Comprehensive Strategic Partner of Vietnam. The others are China, Russia, India, South Korea, the United States, Japan, Australia, France, Malaysia, New Zealand, and Indonesia.

This is the first Comprehensive Strategic Partnership that Singapore has established with an ASEAN country.