Vietnam PM asks Marubeni to expand investment in gas-fired, offshore wind power

Marubeni should expand its activities in Vietnam in the fields of gas-fired and offshore wind power, export of electricity to ASEAN countries, and development of AI and big data, said Prime Minister Pham Minh Chinh.

The cabinet leader made the suggestion at a meeting with Masayuki Omoto, CEO of Marubeni Corporation, on Monday in Hanoi.

He also suggested the Japanese giant cooperate with state-run mining group Vinacomin (TKV) to export coal to Japan; partner with others in production of seedlings and animal breeds; process, export and build brands for Vietnam's strong agricultural products such as coffee, rice, and high-quality food; and develop industrial parks.

Marubeni should also open factories to make instant noodles, mochi cakes, and pharmaceuticals in Vietnam to serve domestic and export needs, he noted.

The Prime Minister called on Marubeni to help Vietnamese enterprises join the group's global supply chain, train human resources, enhance scientific and technological cooperation, and promote digital transformation in the country.

In response, Masayuki Omoto said Marubeni plans to expand its operations in Vietnam in the coming time, with projects such as the O Mon II gas power plant (Can Tho city), Quang Ninh LNG-to-power plant (Quang Ninh province), wind and solar power farms, and Amata City Halong Industrial Park (Quang Ninh).

The corporation also plans to build factories to process goods for export and develop smart urban areas in Hanoi and Ho Chi Minh City, the CEO added.

Omoto noted that he highly appreciates the fact that Vietnam is executing many strategic policies, while the country's business climate is increasingly improving, creating favorable conditions for investors.

Vietnam is an important strategic market and Marubeni will further contribute to the country's development, the Vietnamese government's news portal quoted the executive as saying.

Marubeni is a leading trade and investment group in Japan, with 130 branches and offices in 68 countries. The group operates in most economic sectors with annual revenue of about $70 billion.

Its projects in Vietnam currently employ about 7,500 people, with annual revenue of about $3 billion. The investor has focused on important areas such as import and export of goods (coal, seafood, coffee, cereals, petrochemical products); acquisitions; manufacturing; food processing; and textile and garment.

In the energy sector, the Japanese heavyweight has built 11 thermal power plants with a total capacity of 4,000 MW, including the 1,200 MW Nghi Son 2 thermal power plant (Thanh Hoa province).

Prime Minister Chinh stated that Marubeni is one of the few foreign corporations that have invested in Vietnam for up to 80 years. "By choosing Vietnam as a strategic base, Marubeni's operations over the past time have made positive contributions to the country's socio-economic development."

The company has contributed to the increases in technology transfer, export revenue, job creation, and tax collection, he noted.

The government leader also stressed that Vietnam already has feasible mechanisms and legal frameworks for large power projects such as LNG-to-power and offshore wind power projects, and that problems related to the O Mon II gas-fired power project have been resolved.

He suggested that Marubeni continue considering Vietnam as a stronghold for strategic investments in the spirit of "looking far and wide, thinking deeply, and doing big".

In response, the Marubeni CEO said that the corporation will make further efforts to implement high-value-added, specific projects in Vietnam, in the fields suggested by the Prime Minister.