Project

Petrovietnam to complete $1.5 bln Long Phu 1 thermal power plant in 2027

Published

13 hours ago

March 14, 2025

State-owned energy giant Petrovietnam aims to restart the idling Long Phu 1 thermal power project, located in the Mekong Delta province of Soc Trang, and complete it in 2027, according to the draft amendments to the power development plan VIII (PDP VIII).

Petrovietnam was assigned as investor of the $1.5 billion coal-fired power project in 2010. In 2014, Petrovietnam signed deals to assign Russia’s Power Machine and its technical arm Petrovietnam Technical Service Corporation (PTSC) as engineering, procurement, and construction (EPC) contractors.

Long Phu 1 thermal power project in Soc Trang province, Mekong Delta. southern Vietnam. Photo courtesy of PetroTimes magazine.

In January 2018, when the project reached 78% completion, the United States had deployed sanctions against Russia due to the Crimea issues, leading to challenges in project implementation. In March 2019, Power Machine stopped construction activities at the project site.

According to the ministry’s document, Petrovietnam is restarting the project and amending the project’s feasibility study.

Long Phu 1 is one of five under-construction coal-fired power plants in Vietnam, the ministry noted. The others are the 1,330 MW Vung Ang II, 110 MW Na Duong II, 1,403 MW Quang Trach I, and 650 MW An Khanh-Bac Giang.

Meanwhile, five projects are facing challenges, namely the 600 MW Cong Thanh, 1,200 MW Nam Dinh I, 1,320 MW Quang Tri, 1,980 MW Vinh Tan III, and 2,120 MW Song Hau II.

The Cong Thanh is waiting for approval to use LNG as feedstock, while Quang Tri, Vinh Tan III, and Song Hau II have stopped or do not have any investor yet. Nam Dinh I is progressing to begin construction later this year.

Related Topics:Long Phu I Petrovietnam PVN Russia sanction U.S.United States Vietnam

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Sigma OTT recognised as Hanoi Major Industrial Product in 2024

Published

5 minutes ago

March 14, 2025

Industrialzone.net

The Hanoi People’s Committee held a ceremony on December 13 to honour Major Industrial Products (MIP) in 2024, with Sigma OTT ecosystem developed by Thu Do Multimedia, being recognised as one of the three IT High-tech products.

This distinction highlights the significance of innovation in the media sector, exemplified by Sigma OTT.

As many as 36 products from 25 businesses and organisations were honoured at the ceremony. In the information technology and high-tech sector, three products were recognised, including the Sigma OTT ecosystem from Thu Do Multimedia.

The initiative, launched by the Hanoi People’s Committee, aims to identify and promote high-quality products that enhance the competitiveness of local enterprises. These products receive support through partnerships and promotional activities both domestically and internationally, helping them expand globally. Recognised products benefit from promotional efforts throughout 2025, including increased visibility and prioritisation in trade promotion activities.

Hanoi plays a central role in industrial development, with industrial enterprises contributing around 35% of the city’s industrial production value and nearly 2 billion USD in exports. These companies also provide employment for about 80,000 people, underscoring their importance to the local economy.

Sigma OTT stands out for its innovative multimedia solutions, helping Vietnam’s digital transformation. Launched in 2018, it offers an alternative to expensive foreign technologies, with applications in broadcasting, online education, and telehealth. Its cost-effective solutions reduce dependency on international products, advancing Vietnam’s technological self-reliance.

Sigma OTT’s Sigma Multi-DRM is internationally recognised for digital content security, addressing significant concerns around copyright infringement and piracy. Audited by Cartesian in 2020, it places Thu Do Multimedia among Southeast Asia’s leaders. This recognition strengthens Sigma OTT’s position in global markets, including Thailand, the USA, and India, enhancing Vietnam’s presence in digital technology.

Project

SpaceX supplier Wistron NeWeb to invest extra $30 mln in Vietnam

Published

1 hour ago

March 14, 2025

Industrialzone.net

Taiwan-based Wistron NeWeb, a supplier of SpaceX, will invest $30 million more in its Vietnam subsidiary Neweb Vietnam as a “long-term investment.”

In a filing with the Taiwan Stock Exchange (TWSE) last week, Wistron NeWeb said the funding will be provided in stages according to the capital expenditure plan and funding needs of Neweb Vietnam. It does not provide other details.

Neweb Vietnam factory in Ha Nam province, northern Vietnam. Photo courtesy of the firm.

Neweb Vietnam was established in 2020 and entered operation from August 2021. According to Wistron NeWeb, the activities of the Vietnamese subsidiary include satellite communications products and mobile communications products.

The project’s initial capital is $60 million, according to an investment registration certificate granted to Neweb Vietnam in 2020.

The project covers 11.3 hectares in Dong Van III Industrial Park, the northern province of Ha Nam. The first phase of 64.3 hectares has an annual capacity of 10 million domestic smart devices and 10 million wireless/business network/infrastructure network items.

The second phase will double the capacity of each item.

Prime Minister Pham Minh Chinh last week directed Vietnamese authorities to urgently carry out pilot licensing for SpaceX’s Starlink satellite internet services.

Chinh made the requests at a forum in Hanoi with the participation of 38 leading American companies, including Warburg Pincus, Meta, Polaris, Ford, Amkor, Amazon Web Services, Boeing, Gap, GE Venora, AES, Mastercard, AIG, Coca Cola, Bower Group Asia, and Bay Global Strategies.

Project

Trade minister speaks of harmonious trade relationship with the US

Published

2 hours ago

March 14, 2025

Industrialzone.net

Vietnam’s Minister of Industry and Trade, Nguyen Hong Dien, has reaffirmed the country’s commitment to fostering a balanced and mutually beneficial economic and trade relationship with the United States.

Dien made this statement during a meeting with US Trade Representative Jamieson L. Greer in Washington, DC on March 13, where they discussed bilateral economic and trade cooperation.

This was the first official ministerial-level meeting between the two countries since the new US administration took office.

Vietnam seeks a harmonious trade relationship with the U.S

US Trade Representative Jamieson L. Greer and the Minister of Industry and Trade Nguyen Hong Dien. Photo: Ministry of Industry and Trade

Dien declared the US as one of Vietnam’s most critical strategic partners and spoke of his eagerness to strengthen the comprehensive strategic partnership between the two nations in a practical, in-depth, and sustainable manner.

“The economies of Vietnam and the US are complementary, particularly in their trade structures, which has allowed bilateral trade to grow rapidly and remain stable for many years,” said Minister Dien. “This helps establish key foundations and ensures national interests in bilateral cooperation.”

Dien emphasised Vietnam’s consistent policy of promoting a balanced and mutually beneficial economic and trade relationship with the US. “Vietnam has no intention of creating obstacles that could harm American workers, economic security, or national security, and our government is implementing measures to encourage comprehensive and sustainable economic, trade, and investment relations between our two countries.”

Dien also urged technical teams from both sides to continue discussions so that the US can recognise Vietnam’s market economy status. “This would be a significant decision, reflecting the status of our comprehensive strategic partnership,” he added.

Meanwhile, Greer spoke of how the intent of the new trade policies is not to harm US partners, but rather to ensure that there will be mutual economic benefits in trade relations going forward.

“Vietnam needs to take stronger measures to further open its market and improve the trade balance between our two countries,” said Greer.

Vietnam and the US have mutually agreed on the need for close coordination to foster a fair and sustainable business environment. To that end, the two countries pledged to proactively review and address trade barriers that hinder investment and business operations. Additionally, they emphasised the importance of establishing mechanisms to monitor and prevent trade fraud, origin misrepresentation, and illegal transshipment.

Diplomatic relations between Hanoi and Washington were established in 1995, with a comprehensive strategic partnership following in 2023. The US is Vietnam’s second-largest export market with bilateral trade volume reaching nearly $150 billion last year.