Top legislator welcomes PowerChina’s expansion in Vietnam

Chairman of Vietnam’s National Assembly Vuong Dinh Hue has said the country welcomes PowerChina’s plans to expand its investment in the power-hunger economy.

At a meeting with general manager of Power Construction Corporation of China (PowerChina) Wang Bin in Beijing on Tuesday during his six-day official visit to China, Hue hailed the scale, potential, and technological level of PowerChina.

He noted that the fields in which the group wishes to invest in Vietnam are also the key fields that Vietnam wants to attract domestic and foreign investment in.

To fulfill Vietnam's commitments to net-zero emissions made at the 26th United Nations Climate Change conference (COP-26), the National Assembly has approved the National Electricity Development Plan for the 2021-2030 period with a vision to 2050, aka the eighth Power Development Plan (PDP8), and earlier this month, the government issued an implementation strategy, the top legislator said.

The Vietnamese parliament will continue to amend the Electricity Law to attract investors in this field.

For his part, Wang said that since 2018, PowerChina has focused on developing clean energy in Vietnam. The group has participated in the construction of many energy projects with a total contract value of more than $9 billion, employing 1,000 workers.

The group is committed to a long-term presence in the country, Wang added.

Hosting a Monday reception for Lu Zexiang, vice chairman of Energy China and chairman of China International Energy Group, Vietnam’s top legislator stressed the Vietnamese parliament as well as the government always facilitate investments of foreign firms, including Chinese ones, for effective and sustainable business in the country.

Hue welcomed Energy China’s recommendations to support Vietnam in building policies and master plans on power network.

He recognized Energy China’s suggestions on enhancing cooperation in renewable energy and liquefied natural gas (LNG) development, and solutions to green development and carbon emissions reduction.

Hue then asked Energy China to make specific recommendations to cooperate with Vietnamese partners in those areas, which are encouraged in the Southeast Asian country.