US to exempt tariffs on Southeast Asian solar panels for 24 months
U.S. President Joe Biden is due to allow solar panels to be imported to the U.S. from Cambodia, Malaysia, Thailand and Vietnam without risk of tariffs for a 24-month period.
The action, to be announced by the U.S. President from Washington on Monday, comes amid concern about the impact of the U.S. Commerce Department's months-long investigation into whether imports of solar panels from the four Southeast Asian nations are circumventing tariffs on goods made in China.
The Biden administration announced last week that it would cut the cost of building wind and solar power projects on U.S. public land by 50%.
“The new policy will reduce rents and fees substantially and enhance rate predictability for wind and solar developers. On average, the [Bureau of Land Management] expects rents and fees to decrease by over 50% due to lower acreage rents and a standard megawatt fee that promotes more efficient wind and solar or hybrid projects on public lands,” the U.S. Department of the Interior stated.
The department is reportedly working to permit 25 gigawatts of clean energy on public lands by 2025, enough to power around 4.75 million homes. Meanwhile, the U.S. Bureau of Land Management (BLM) last year permitted 2.89 GW, up 35% from 2020.
The department will also establish renewable energy coordination offices in BLM offices in western states to increase staff numbers to process renewable energy environmental reviews and permit applications.
“Across the 245 million acres of public land it manages, the BLM has prioritized a combined total of roughly 870,000 acres for solar energy development within its land use plans. Under a scenario where 8.5 acres is needed to generate 1 megawatt of electricity from photovoltaic solar panels, these prioritized areas could support more than 100 gigawatts of electricity, enough to power more than 29 million homes,” the BLM’s website states.
“In addition to the prioritized areas, the BLM maintains more than 19 million additional acres as open for potential solar development, subject to a variance process.”
Vietnam has attracted global producers of solar modules and panels, with major American, Canadian, and Chinese investors already present, as the tropical country is ramping up investment in solar and wind power.
Shanghai-based JinkoSolar, First Solar from Tempe, Arizona, and Canada-headquartered Canadian Solar have made manufacturing in Vietnam an important part of their global production networks.
JinkoSolar, one of the world’s top makers of solar modules, has 12 production facilities globally, including two in Vietnam. Both are in northern Quang Ninh province’s Song Khoai Industrial Park, developed by Thailand’s Amata Corp. Meanwhile, U.S. major First Solar operates three production sites globally - in Ohio; Malaysia’s Kulim; and Ho Chi Minh City, Vietnam’s southern economic hub. It has invested $830 million in two manufacturing facilities in the Vietnamese city.
- Read More
Vietnam becomes Australia’s fastest-growing inbound market
The number of Vietnamese tourists to Australia has grown significantly after the Covid-19 pandemic, with nearly 178,000 reported in the 12 months to August 2024, according to a Friday press release by the Australian Minister for Trade and Tourism’s Office.
Southeast Asia - Fri, November 1, 2024 | 10:02 pm GMT+7
Study finds shift in Thai consumers’ spending patterns
Consumers in Thailand are shifting their spending focus to experiences and investments, according to the latest ASEAN Consumer Sentiment Study (ACSS) by United Overseas Bank (UOB).
Southeast Asia - Fri, November 1, 2024 | 10:00 pm GMT+7
Energy security, digitalization key to Indonesia's economic growth
The Indonesian government is prioritizing long-term economic growth through energy security, digitalization, and natural resource industrialization, according to Deputy Minister of Finance Thomas Djiwandono.
Southeast Asia - Fri, November 1, 2024 | 9:58 pm GMT+7
Vietnam PM's Middle East tour creates breakthroughs in economic, trade, investment cooperation: FM
Prime Minister Pham Minh Chinh’s freshly ended six-day trip to the UAE, Saudi Arabia and Qatar has produced important outcomes, demonstrating the growing relations between Vietnam and the three Middle-East countries, Deputy Prime Minister and Foreign Minister Bui Thanh Son told the Vietnam News Agency.
Politics - Fri, November 1, 2024 | 9:25 pm GMT+7
Vietnam, Qatar look to tap potential for energy, oil & gas collaboration
Vietnam and Qatar have recognized the significant potential for further collaboration in multiple sectors such as energy, oil and gas, especially LNG, agriculture, Halal industry, and banking.
Politics - Fri, November 1, 2024 | 9:02 pm GMT+7
Thailand bans export of raw palm oil until December
Thailand's Department of Internal Trade has temporarily banned the export of raw palm oil due to reduced production caused by drought and plant diseases.
Southeast Asia - Fri, November 1, 2024 | 8:31 pm GMT+7
Envision Energy to build $420 mln wind power plant in Vietnam from June 2025
Envision Energy Singapore Pte Ltd, under China-based Envision Energy, aims to kick off construction of the 300-MW Envision Nam Po wind power plant in Vietnam’s northern mountainous province of Dien Bien in June 2025.
Energy - Fri, November 1, 2024 | 8:30 pm GMT+7
Indonesia to ban plastic waste imports from 2025
The Indonesian government will start imposing a ban on the import of plastic waste from the beginning of next year, according to Minister of Environment Hanif Faisol Nurrofiq.
Southeast Asia - Fri, November 1, 2024 | 8:29 pm GMT+7
Islamic economy makes up 48% of Indonesia’s GDP
The contribution of Islamic business activities to Indonesia’s GDP has been estimated at 48%, local authorities reported at the 11th Indonesia Sharia Economic Festival (ISEF).
Southeast Asia - Fri, November 1, 2024 | 8:28 pm GMT+7
Restructured construction giant Tracodi gets set to execute ambitious plans
After changing its name and restructuring as a group, Tracodi Construction Holdings JSC (HoSE: TCD), a member of Bamboo Capital Group (HoSE: BCG), has completed a leadership shake-up and is poised to achieve rapid growth.
Bamboo Capital - Fri, November 1, 2024 | 4:43 pm GMT+7
Philippines requests companies to pay for plastic waste treatment
The Philippines expects its "Extended Producer Responsibility" (EPR) that came into force last year will help it curb plastic waste
Southeast Asia - Fri, November 1, 2024 | 4:30 pm GMT+7
Indonesia warns of rising online terrorism
Indonesia's National Counter-Terrorism Agency (BNPT) has warned of a shift in terrorism tactics, moving from public attacks to online platforms that target vulnerable groups, particularly women and children.
Southeast Asia - Fri, November 1, 2024 | 4:29 pm GMT+7
Singapore establishes global fintech network
The Monetary Authority of Singapore (MAS) on Wednesday announced that it has established a “Global Finance & Technology Network” (GFTN) to propel Singapore’s reputation as a premier global fintech hub into its next phase and enhance global connectivity.
Southeast Asia - Fri, November 1, 2024 | 4:28 pm GMT+7
Nokia, Viettel deploy 1.2 Tb/s optics transmission in Vietnam, to help 5G growth
Finnish giant Nokia and Vietnamese telco Viettel have rolled out high-capacity optical network after achieving an optics transmission speed record of 1.2Tb a second per wavelength in Vietnam.
Companies - Fri, November 1, 2024 | 3:40 pm GMT+7
Korea SK Group sells 76 mln shares of Vietnam’s Masan, no longer major shareholder
South Korea’s chaebol SK Group has sold 76.28 million shares of Vietnam’s conglomerate Masan, lowering its ownership in Masan to 3.67% of the charter capital and 3.86% of the voting shares.
Companies - Fri, November 1, 2024 | 3:16 pm GMT+7
HCMC-based Bamboo Capital's energy arm fulfils 98% of profit target in 9 months
BCG Energy JSC, a subsidiary of Vietnamese private conglomerate Bamboo Capital Group, posted a consolidated after-tax profit of VND504 billion ($19.94 million) in the first nine months of 2024, fulfilling 98% of the year's profit target.
Bamboo Capital - Fri, November 1, 2024 | 2:32 pm GMT+7