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    Energy China eyes expansion in Vietnam with increased investment in renewable projects

    September 20, 2023 - Vietnam Investment Review (VIR)


      Energy China, a Fortune 500 energy conglomerate, has unveiled plans to expand its investments in Vietnam.

      According to local newspaper Nhandan, the announcement came during Vietnamese Prime Minister Pham Minh Chinh's recent visit to Guangxi, China, where he met with vice president of Energy China Zhang Manping on September 16.

      The discussions centred on ramping up the company's footprint in Vietnam, particularly in terms of wind power projects spread across provinces such as Ha Tinh, Ninh Thuan, and Quang Tri.

      This engagement coincided with PM Chinh's attendance at the 20th China-ASEAN Expo and Business and Investment Summit held in Nanning. It gave the Vietnamese leader an opportunity to emphasise the nation's focus on green and digital transition.

      He stated, "Our partnerships with investors, especially in the green sector, mirror Vietnam's broader development goals."

      Renowned as a multifaceted conglomerate, Energy China has cemented its place in the prestigious Fortune 500 list, demonstrating unparalleled expertise in delivering intricate technical solutions across the energy and infrastructure domains.

      With an expansive footprint boasting 256 branches across 147 countries and territories, the group oversees 416 ventures and employs over 100,000 personnel.

      During his presentation, Manping shed light on Energy China's corporate landscape, articulating its vision for prospective projects in Vietnam.

      He stated, "Our expansion plans underscore our commitment to renewable energy, spotlighted by our initiatives in wind power across Ha Tinh, Ninh Thuan, Quang Tri, and other provinces."

      PM Chinh lauded Energy China's forthcoming investment strategies, urging the conglomerate to explore digital and sustainable projects. He emphasised adherence to the rule of law, ethical business practices, healthy competition, and the prioritisation of socio-cultural values.

      "The success of our investors aligns with Vietnam's aspirations, fostering a spirit of harmonious benefit and shared risks," noted the PM.

      Addressing Energy China's partnership proposals, PM Chinh has entrusted the Ministry of Industry and Trade to collaborate with the group's representatives. The ministry will take the lead, liaising with relevant departments and regional bodies to ensure the smooth progress of Energy China's exploration into new ventures and investment opportunities in Vietnam.

      Norway and Vietnam collaborate on energy transition

      The participation of the private sector is seen as an important aspect of implementing Power Development Plan VIII and promoting Vietnam's goal of transitioning from fossil fuels to clean and renewable energy sources.

      EIB and EVN explore offshore wind energy collaboration

      The European Investment Bank (EIB) and Vietnam Electricity Group (EVN) are deepening ties, with advanced loan discussions centred on the Bac Ai hydropower project.

      China's Haohua to build a $500-million tyre factory in Binh Phuoc

      On September 11, China's Shandong Haohua Tire was awarded an investment registration certificate to build a $500-million tyre factory in the southern province of Binh Phuoc.

      By Nhat Minh


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