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.
The Dong Hai 1- Tra Vinh wind-to-power farm, invested by Trungnam Group, in Tra Vinh province, southern Vietnam. Photo courtesy of Trungnam Group.
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.
- Related News
- Read More
Foreign investors hold over $12.6 bln worth of Vietnamese securities
Foreign investors held over VND323.53 trillion ($12.65 billion) worth of securities at the end of 2024, accounting for 7.35% of the total registered securities value at the Vietnam Securities Depository and Clearing Corporation (VSDC), according to its general director Ta Thanh Binh.
Finance - Tue, February 18, 2025 | 4:33 pm GMT+7
Vietnam’s southernmost province eyes exporting electricity to Singapore
Vietnam’s southernmost province of Ca Mau aims to build a grid to export electricity to Singapore, provincial authorities suggested at a Monday meeting with Singaporean Ambassador to Vietnam Jaya Ratnam.
Energy - Tue, February 18, 2025 | 3:21 pm GMT+7
Vietnam's leading IP developer KBC eyes 7-fold profit hike in 2025
Kinh Bac City Development Holding Corporation (HoSE: KBC), a leading industrial real estate developer in Vietnam, targets a consolidated net profit of VND3.2 trillion ($125.5 million) this year, a sevenfold increase from 2024.
Companies - Tue, February 18, 2025 | 3:04 pm GMT+7
Chinese semiconductor firm proposes independent power transmission line in northern Vietnam
Micro Commercial Components Vietnam (M.C.C) has proposed the construction of an independent power transmission line in the northern province of Bac Ninh to ensure a stable power supply during a meeting with local leaders on Monday.
Industries - Tue, February 18, 2025 | 1:20 pm GMT+7
81% of American businesses concern about potential US tariffs on Vietnam: survey
As many as 81% of American firms in Vietnam are concerned about potential tariff imposed by the Trump administrative on Vietnamese goods, according to the American Chamber of Commerce in Ho Chi Minh City (AmCham).
Economy - Tue, February 18, 2025 | 12:04 pm GMT+7
Japan's leading transport firm eyes forming driver training center, AI lab in Vietnam
Yamato Holdings, which holds approximately 46% of Japan’s home delivery market, intends to set up a professional driver training center in Vietnam to supply human resources to Japan, said its president Nagao Yutaka.
Industries - Tue, February 18, 2025 | 11:37 am GMT+7
Vietnam plans to stop 2 coal-fired power plants by 2030, all inefficient ones by 2040
Vietnam aims to stop two coal-fired power plants by 2030 and then all inefficient ones that cannot be improved by 2040, according to a decision signed by Prime Minister Pham Minh Chinh on Monday.
Energy - Tue, February 18, 2025 | 11:15 am GMT+7
Vietnam's property market strongly performs in 2024 on solid fundamentals: Knight Frank
Vietnam's real estate market made a strong performance in 2024 across the office, ready-built factories/warehouses, and apartment segments thanks to solid fundamentals, write Knight Frank analysts.
Real Estate - Tue, February 18, 2025 | 8:00 am GMT+7
Thailand, Australia boost ties in transport, logistics
Thailand and Australia are seeking to strengthen cooperation in transport infrastructure and carbon emission reduction in the logistics sector.
Southeast Asia - Mon, February 17, 2025 | 8:20 pm GMT+7
China surpasses US as biggest importer of Vietnamese shrimp
China imported $834 million worth of Vietnamese shrimp last year, surpassing the U.S. to become the largest buyer of this item from Vietnam, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Economy - Mon, February 17, 2025 | 7:51 pm GMT+7
Malaysia, S Korea resume FTA talks
Malaysia and South Korea are set to hold their seventh round of negotiations for a bilateral free trade agreement (FTA) as they look to expand their trade portfolio and strengthen cooperation, according to the latter's Ministry of Trade, Industry and Energy.
Southeast Asia - Mon, February 17, 2025 | 5:23 pm GMT+7
Indonesia to launch new sovereign wealth fund this month
Indonesia will launch a new sovereign wealth fund called Danantara this month, with an initial capital of around $20 billion.
Southeast Asia - Mon, February 17, 2025 | 5:19 pm GMT+7
Singapore's Billion Union builds $70 mln fabric factory in Vietnam
Hong Kong-invested Thanh Hoa Billion Union Textile kicked off the construction of a $70 million factory in Vietnam’s central province of Thanh Hoa on Monday.
Industries - Mon, February 17, 2025 | 5:04 pm GMT+7
Vietnam’s construction ministry plans real estate exchanges for improved transparency
The Vietnamese Ministry of Construction is advancing a plan to establish real estate exchanges, similar to the stock market, in a bid to enhance transparency and efficiency in property transactions.
Real Estate - Mon, February 17, 2025 | 4:57 pm GMT+7
Vietnam plans to increase electricity imports from China, Laos by 2030
The Vietnamese Ministry of Industry and Trade (MoIT) aims to raise electricity imports from China and Laos by 3,000 MW and 2,500 MW by 2030, over 5 times and nearly 1.6 times higher than those stated in the current Power Development Plan VIII (PDP VIII), respectively.
Energy - Mon, February 17, 2025 | 4:14 pm GMT+7
Vietnam urges Turkish contractor to speed up mega Long Thanh airport's terminal construction
Türkiye-based IC ICTAS, the lead contractor of the passenger terminal within the under-construction Long Thanh International Airport, should speed up the construction of the package, said Vietnamese Deputy Prime Minister Tran Hong Ha.
Infrastructure - Mon, February 17, 2025 | 3:27 pm GMT+7
