Vietnam plans to raise green hydrogen output
Vietnam plans to expand its annual hydrogen output produced by renewable energy to 100,000-200,000 tons in 2030 and 10-20 million tons in 2050, according to a draft strategy released by the Ministry of Industry and Trade.
The ministry emphasized hydrogen is considered the key source to replace fossil fuel in Vietnam’s energy plan in the future, towards the country’s target of net-zero emissions by 2050.
The ministry’s draft document showed that Vietnam’s current hydrogen production comes mainly from oil refinery and fertilizer production, and is then used to remove unwanted factors from the final products.
This hydrogen is classified as grey or brown hydrogen, a product made from fossil fuels. The annual output of such hydrogen in Vietnam reaches 500,000 tons, higher than the demand of 316,000 tons, mostly from fertilizer producers.
Meanwhile, green hydrogen, or hydrogen made from renewable energy, is not available in Vietnam at the moment. However, some businesses have drafted plans to manufacture green hydrogen. For example, Taiwan-based Enterprize Energy is mulling a 2,000 MW offshore wind power project in the central province of Binh Thuan to electrolyze seawater into hydrogen. The $5-billion project has been approved by the Prime Minister for surveying.
Besides, the Vietnam-based The Green Solutions Group began building a green hydrogen factory in the Mekong Delta province of Tra Vinh in March 2023 and is processing a similar project in the neighboring province of Ben Tre.
About usage, in 2023-2030, the ministry plans to conduct pilot simultaneous use of hydrogen, coal, and ammonia at gas-fired and coal-fired power plants. The transport sector should apply trial runs of hydrogen-powered public and long-trip transport. The industrial sector should use green hydrogen in fertilizer production, oil refineries, and steel production.
By 2050, gas-fired and LNG-fired power factories should transition to using hydrogen, the ministry noted.
Regarding solutions, the ministry proposed policies related to the legal framework. In particular, state-owned enterprises (SOEs) should be empowered to join the mission. Vietnam should utilize foreign resources such as the Just Energy Transition Partnership (JETP) and the Asia Zero Emission Community (AZEC) to finance these tasks, while calling for investments from the private sector and the public-private partnerships (PPP).
Advanced countries are devoting a lot of effort, intelligence and funds to green hydrogen/ammonia. If Vietnam catches up with the trend, the country may become one of the first to apply this technology, said Dr. Nguyen Duc Kien, former head of the Prime Minister’s economic advisory group.
- Read More
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
Vietnam refinery operator suffers heavy loss in Q3
Binh Son Refining and Petrochemical JSC (BSR), the operator of Vietnam’s first oil refinery Dung Quat, incurred a net loss of VND1.21 trillion ($47.74 million) in Q3/2024, marking the fourth consecutive quarter of dim earnings.
Companies - Fri, November 1, 2024 | 2:10 pm GMT+7
Vietnam T&T Group, Qatar partner to build $3.2 bln Disneyland park in Hanoi
Vietnam’s conglomerate T&T Group and Qatar’s JTA International Investment Holding will jointly build a $4.5-billion sports and entertainment complex in Hanoi, featuring a Disneyland theme park worth $3.2 billion.
Real Estate - Fri, November 1, 2024 | 12:08 pm GMT+7
AirAsia to collect mandatory carbon fee starting 2025
Malaysia-based carrier AirAsia will begin imposing a mandatory carbon fee on all passengers starting January 1, 2025, according to the country’s Transport Minister Anthony Loke.
Southeast Asia - Fri, November 1, 2024 | 12:05 pm GMT+7
At least seven killed in bridge collapse in Indonesia
At least seven people were killed and dozens of others were injured when a seaside bridge collapsed in the Maluku island region in eastern Indonesia on Thursday.
Southeast Asia - Fri, November 1, 2024 | 12:04 pm GMT+7
Thailand to raise retirement age to 65
Thailand's Labor Ministry plans to raise the retirement age for both private and government sectors to 65 years, the same as in Singapore and Switzerland, according to Labour Minister Phiphat Ratchakitprakarn.
Southeast Asia - Fri, November 1, 2024 | 12:03 pm GMT+7
A quarter of Singapore’s fish farms stop operations in past year
About a quarter of Singapore’s sea-based fish farms have exited the industry over the past year, figures from Singapore Food Agency (SFA) showed.
Southeast Asia - Fri, November 1, 2024 | 12:02 pm GMT+7
Malaysia plans to launch national AI office
The Malaysian Government plans to launch the National Artificial Intelligence Office (NAIO) in Kuala Lumpur on December 12, according to the country’s Digital Minister Gobind Singh Deo.
Southeast Asia - Fri, November 1, 2024 | 12:00 pm GMT+7
Vingroup posts Q3 earnings of $80 mln, highest in five years
Vingroup, the largest private multi-industry conglomerate in Vietnam by ecosystem, recorded a consolidated net profit of VND2,015 billion ($79.54 million) in Q3/2024, the heftiest quarterly earnings in the past five years.
Companies - Fri, November 1, 2024 | 11:54 am GMT+7
Thailand SCG to invest $700 mln more in $5 bln petrochemicals complex in Vietnam
Thailand’s Siam Cement Group (SCG) will invest an extra $700 million in the $5.2 billion Long Son Petrochemicals Complex (LSP) in Vietnam’s southern province of Ba Ria-Vung Tau to diversify its production.
Industries - Fri, November 1, 2024 | 10:20 am GMT+7