UK firm Coro inks power purchase agreement with Vietnam retail major
UK-based Coro Energy PLC has signed an 11.2 U.S. cents per kWh power purchase agreement (PPA) with Vietnam’s Mobile World Group for a 50 MW rooftop solar power system.
Such minimum price is above the country's preferential feed-in-tariffs (FiTs) of 9.35 U.S. cents for solar power projects.
In a recent announcement, the UK-headquartered energy company that focuses on Southeast Asia said the PPA follows up on a memorandum of understanding (MoU) signed by the two sides in October 2023.
Per the MoU, Coro Energy and Mobile World Group, listed on the Ho Chi Minh Stock Exchange (HoSE) as MWG, will install rooftop solar systems across an initial portfolio of 900 MWG sites with a total capacity of 50 MW.
The 14-year PPA covers 10 MWG sites with a capacity of 430 kW.
Work on the sites is set to begin from March 2024 and conclude in about one month.
The capital required for the pilot phase is expected to be sourced from existing in-country Coro Energy resources and from a debt facility expected to be provided by HDBank.
On successful commissioning of 10 pilot sites, the sides will review progress and initiate the full-scale rollout targeting all 900 MWG locations.
MWG posted a net profit of VND168 billion ($6.9 million) in 2023, down 96% year-on-year, marking the lowest figure since 2013. It recorded VND118,280 billion ($4.85 billion) in net revenue, down 11.3% year-on-year.
It targets a 5% year-on-year increase in revenue to VND125 trillion ($5.13 billion) and a 14-fold rise in net proft to VND2.4 trillion ($98.48 million) this year.
- Read More
Vsico Maritime invests $67 mln in two wharves at Chan May-Lang Co economic zone
Vsico Maritime JSC on Saturday broke ground on two wharves in Thua Thien-Hue province's Chan May-Lang Co Economic Zone, with total investment of VND1.67 trillion ($67.3 million).
Infrastructure - Sat, April 6, 2024 | 10:16 pm GMT+7
Singapore prevents use of SIM cards for scams
Singapore has passed a bill regulating criminal acts and tougher penalties for those who use SIM cards for scams.
Southeast Asia - Sat, April 6, 2024 | 9:45 pm GMT+7
Indonesia strives to control domestic rice prices
Head of the National Food Agency of Indonesia (Bapanas) Arief Prasetyo Adi said on Thursday that the rice assistance programme for citizens is progressing positively, contributing to price control.
Southeast Asia - Sat, April 6, 2024 | 9:43 pm GMT+7
US company steps up AI investment in Southeast Asia
The U.S. chip manufacturer Nvidia is planning to build a $200 million artificial intelligence (AI) centre in Indonesia as part of its push into Southeast Asia.
Southeast Asia - Sat, April 6, 2024 | 9:41 pm GMT+7
Central Vietnam province greenlights $280 mln Vietnam-Singapore industrial park
The Vietnam-Singapore Industrial Park JV Co. Ltd. (VSIP) received an in-principle nod from Thua Thien-Hue province Saturday to build a VND7 trillion ($280.4 million) VSIP industrial park.
Industrial real estate - Sat, April 6, 2024 | 8:08 pm GMT+7
Thanh Cong textile firm aims for 21% after-tax profit growth in 2024
Thanh Cong Textile-Garment Investment Trading JSC (TCM) is targeting VND3.7 trillion ($148.2 million) in revenue and VND161 billion ($6.45 million) in after-tax profit in 2024, up 12% and 21% year-on-year, respectively, said CEO Song Jaeho.
Companies - Sat, April 6, 2024 | 4:19 pm GMT+7
Vietnam mining group builds 110 MW coal-fired power plant in Lang Son province
Vietnam’s national mining group Vinacomin kicked off construction Friday of the 110 MW Na Duong II coal-fired power plant in the northern mountainous province of Lang Son.
Energy - Sat, April 6, 2024 | 3:44 pm GMT+7
Thai retail giant Central Retail posts 2023 revenue of $1.35 bln in Vietnam
Thai retailer Central Retail recorded revenue of THB49,330 million ($1.35 billion) from its Vietnam business in 2023, down 7.6% year-on-year, according to the firm’s consolidated financial statements.
Companies - Sat, April 6, 2024 | 11:51 am GMT+7
Vietnam economy sees brighter growth prospects in 2024 amid uneven Q1 recovery: HSBC
Vietnam’s recovery story remains intact but uneven as domestic-oriented services lag behind external-facing sectors, HSBC researchers have said, highlighting better growth prospects for this year.
Economy - Sat, April 6, 2024 | 10:43 am GMT+7
Central Vietnam province seeks investments in logistics and environment
The central province of Quang Ngai is looking for investment in 33 projects between 2024 and 2025, with a focus on transportation, the environment, and healthcare.
Industries - Sat, April 6, 2024 | 8:27 am GMT+7
Vietnam needs $600 bln plus to achieve net-zero emissions by 2050
Vietnam will have to invest about $534-658 billion to achieve its target of net-zero greenhouse gas (GHG) emissions by 2050, according to the Institute of Energy (IoE) under the Ministry of Industry and Trade.
Economy - Fri, April 5, 2024 | 8:57 pm GMT+7
Central province seeks investors for $48 mln urban area
The central province of Quang Binh is seeking investors for its VND1,200 billion ($48 million) Ly Trach New Urban Area Project in Bo Trach district.
Real Estate - Fri, April 5, 2024 | 5:27 pm GMT+7
High gold prices increase level of risk in Vietnam: RMIT expert
Considerable fluctuations in gold prices in Vietnam over the last two quarters have led to a high level of risk in the gold market, writes Dao Le Trang Anh, lecturer in finance at RMIT Vietnam.
Consulting - Fri, April 5, 2024 | 2:38 pm GMT+7
Singapore's KinderWorld begins building int'l school in northern Vietnam port city
Singapore-headquartered KinderWorld International Group (KinderWorld) begun construction Friday of the three-hectare Singapore International School (SIS) in the northern port city of Hai Phong.
Companies - Fri, April 5, 2024 | 1:55 pm GMT+7
Vietjet opens direct route linking HCMC with China’s ancient capital Xi'an
Vietnam’s budget carrier Vietjet has announced the opening of a direct route between Ho Chi Minh City and Xi'an (China) starting from April 29, 2024, with four return flights per week as tourism is gaining momentum between the two countries.
Travel - Fri, April 5, 2024 | 12:46 pm GMT+7
Techcombank named Best Bank in Vietnam by Global Finance
Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has been named the “Best Bank in Vietnam” by U.S.-based financial publication Global Finance, at its 31st annual awards for the World’s Best Banks.
Banking - Fri, April 5, 2024 | 12:11 pm GMT+7