Vietnamese seafood-solar firm plans Mekong Delta wind energy investment

Sao Mai Group Corporation, a leading seafood processor and solar energy developer in Vietnam, has applied to develop two wind power farms in the Mekong Delta province of Tra Vinh.

The firm discussed its plan for the V1-1-phase 2 and V3-8 wind-to-power projects in Duyen Hai township at a meeting with the province’s Chairman Le Van Han last week.

Le Thanh Thuan, president of Sao Mai Group’s founding and development council and its former chairman, said they will send a fact-finding team to several locations in the province.

Thuan and his family members are major shareholders of the firm.

Tra Vinh has invited investors to participate in eight wind-to-power projects with a combined capacity of 463 megawatts this year. Among these, the V1-1-phase 2 and V3-8 wind-to-power projects have a capacity of 48 MW each.

The province, which plans to become a green energy hub in the Mekong Delta, has licensed nine wind power projects, five of which with a combined capacity of 322 MW have been connected to the national grid. The remaining four are under construction.

The province also hosts a 140MW solar power farm and a 25MW biomass plant, both operational.

It is also home to Vietnam’s first green hydrogen plant, with an investment of $341 million and an annual capacity of 240,000 tons of hydrogen and 195,000 tons of oxygen.

Besides renewable energy, Tra Vinh was seeking investment in a large-scale shrimp processing plant, and has great potential in housing, tourism and hospitality development, provincial Chairman Han told Sao Mai executives. He asked them to consider investing in these areas.

In Q1/2024, Sao Mai Group, listed on the Ho Chi Minh Stock Exchange as ASM, earned consolidated net profits of VND58.48 billion ($2.3 million) on revenues of VND2,548 billion, down 15.5% and 16.5% year-on-year, respectively.

This year, the group has targeted revenues of VND14,222 billion and net profits of VND800 billion ($31.5 million).

ASM shares were trading up 1% at VND10,550 ($0.42) apiece at Monday’s morning break.