Vietnam attracts clean energy investment

On the morning of July 22nd, 2020, the High-Level Forum on National Energy Development 2020 took place at the same time many investment signing activities among leading energy enterprises in Vietnam, the region and in the world, open up a strong and sustainable period of clean energy development in Vietnam.

At the forum, the signed projects include: gas power plant project in Ca Na – Ninh Thuan province, LNG Chan May gas power plant project in Chan May Economic Zone – Thua Thien Hue province, project wind power off La Gan – Binh Thuan province.

The most outstanding of which is the wind farm project off the coast of La Gan in Binh Thuan province with a total investment of up to 10 billion USD. Accordingly, Copenhagen Infrastructure Partners (CIP), on behalf of New Market Fund I, with Asiapetro and Novasia Energy signed a Memorandum of Understanding (MOU) with the People’s Committee of Binh Thuan Province on the development of the offshore wind power project La Gan, Binh Thuan province. With a capital up to USD 10 billion, the pharmaceutical project is expected to create significant sources of income and employment for Binh Thuan and Vietnam, promoting the potential of developing wind energy in Vietnam.

For the LNG Chan May gas power plant project (in Thua Thien-Hue province) with a total investment of about USD 6 billion, cooperation between the US and Vietnam. When operating, every year, the plant will provide an average power output of 24 to 25kWh. Accompanying with the project are the US Government’s support programs for private investment projects of US citizens abroad, along with the world’s leading partners in finance, technology, operation and gas supply (source guaranteed from the United States) and corporate governance: US Development Finance Corporation, USAsia EDGE, World Bank, US EXIM Bank, GE Gas Power … help contribute to the growth of trade relations between Vietnam and America.

Besides foreign investors, domestic investors are also interested in developing clean energy such as gas power project in Ca Na and Phu My solar power development project in Binh Dinh with investment capital more than 6,000 billion.

With the development of clean energy projects, Vietnam expects many domestic and international investors to invest in the field of clean energy, set up company, obtain investment licenses, or acquire other company through merger and acquisition, bring in fresh capital in order to fully realize Vietnam’s capabilities in this field and bring great economic benefits to investors and contribute to environmental protection, sustainable clean energy development in the future.

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Da Nang Prioritizes Sustainable Energy Development

Da Nang City Party Committee promulgates the program of implementing Resolution No. 55-NQ/TW dated February 11, 2020 of the Politburo (Session XII) to guide Vietnam’s National Energy Development Strategy to the year 2030, vision to 2045.

Accordingly, the Standing Committee of the City Party Committee agreed on the point of view and effective implementation of Resolution No. 55-NQ/TW and the Party’s guidelines and policies, the State’s policies and laws on Vietnam’s National Energy Development Strategy to 2030, with a vision to 2045; identifying the task of firmly ensuring energy security is the foundation and at the same time is an important premise for the city’s socio-economic development.

Giving priority to rapid and sustainable energy development, in association with protecting the ecological environment, ensuring national defense and security, meeting the requirements of sufficient electricity supply for the city’s socio-economic development during the fourth industrial revolution; encourage and create favorable conditions for all economic sectors, especially the private sector, to participate in energy development.

Thereby, setting a number of specific targets such as synchronous development of transmission grids and distribution grids in the city, meeting the socio-economic development goals of the locality with an GRDP growth rate in the period 2021-2030 is 12%/year.

Prioritize and encourage the development of rooftop solar power in the period of 2020-2025 reaching 80-90% of the total number of public offices in the city of Da Nang; building a modern and smart electricity grid system capable of connecting the region; power access index is among the top 5 provinces and cities of the country.

According to the Da Nang Energy Conservation and Technology Transfer Consultancy Center, Da Nang is assessed as having great potential for solar energy, with an average number of sun hours of 2,100 hours/year, average radiation intensity 4.89kWh/m2/day. The potential from solar energy to generate electricity is 0.733kWh/m2/day, suitable for the exploitation and use of this type of sustainable energy for development now and in the future.

This is an opportunity for domestic and foreign investors to apply for investment registration certificate, and implement investment projects in the sustainable energy production in Da Nang City in the future.

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