The FDP sets out a phased development concept for NDUM, which is based on unmanned wellhead platforms at each of the Nam Du and U Minh fields tied back to a floating production and storage unit, with processed gas exported onshore through a 34km pipeline tied into an existing trunkline to the Ca Mau industrial complex in southwest Vietnam.

The first phase of the FDP envisages the Nam Du field initially being brought onstream, accelerating first gas to Vietnam and revenues to Jadestone to help fund the development of U Minh production in the second phase. The FDP contemplates drilling two wells from each platform to support a plateau rate of 80 million standard cubic feet per day. Following receipt of Petrovietnam’s endorsement, the FDP will be considered for approval by the Ministry of Industry and Trade.

The next steps in the development process include finalising the gas sales agreement, which is well advanced with the gas buyer, to formalise the heads of terms agreed in January 2024. A financing plan, which could involve bringing in development partners, would be progressed in parallel with major contract tenders.

The Nam Du and U Minh fields are located off southwest Vietnam in shallow waters of 50-60m. The fields are located on Block 46/07 and Block 51 PSCs respectively, which Jadestone operates with 100 per cent working interests. Nam Du and U Minh have been independently assessed to contain gross aggregate 2C resources of 171.3 billion standard cubic feet of gas and 1.6 million barrels of oil liquids.

Adel Chaouch, executive chairman of Jadestone, commented, “Our Vietnam gas assets are fundamental to Jadestone’s investment case and are central to our strategic aim of being the leading Asia-Pacific upstream independent. Development of the discovered resource base will drive significant organic growth and value creation for our shareholders, with further material upside possible from additional prospects and leads across our licence position.”

“Submission of an FDP is therefore a major milestone in the commercialisation of the Nam Du/U Minh discoveries and demonstrates real momentum in our engagement with the Vietnam government. The development of Nam Du/U Minh would be a win-win for both Jadestone and Vietnam, delivering affordable gas supplies with a lower GHG intensity to the southwest of the country, creating and sustaining jobs and economic benefits,” Chaouch said.

The ceremony took place at Song Khoai Industrial Park (Amata City Halong) in Quang Ninh’s dynamic coastal economic zone.

Photo: Yen Linh

The complex will cover ​​30 hectares with a total investment of $690 million, with two factories and one office building. Lite-on Technology Corporation is a provider of optoelectronic semiconductor components and power management modules from Taiwan.

The factory specialises in manufacturing electronic computer components, cameras, wireless network connection devices, power converters, electric vehicle chargers, car lights, plastic products, and many other electronic devices.

The factory will have a total capacity of nearly 124 million products per year. The first phase is scheduled for completion in November.

Leveraging Quang Ninh’s support, the factory’s operation will contribute to increasing the value of industrial production and exports of local goods, creating more jobs and income for workers, increasing revenue for the state budget, and driving socioeconomic development.

At the same time, the project affirms the province’s policy to accelerate administrative procedural reform, continually improve the investment and business environment, and attract high-tech projects, smart industry, and environmental friendliness, promoting sustainable growth.

Cao Tuong Huy, Vice Chairman of Quang Ninh People’s Committee. Photo: Yen Linh

At the groundbreaking ceremony, Cao Tuong Huy, Vice Chairman of Quang Ninh People’s Committee, appreciated Lite-on Technology Group’s decision to land the project at Song Khoai Industrial Park.

Huy said that this is a core area and new growth for Quang Ninh province to be empowered by smart, modern industrial, service, urban, and seaport zones, as well as high-tech processing, manufacturing, and industrial development centres.

Quang Ninh’s vice chairman requested investors to focus their resources on the project’s implementation to ensure quality and progress, while simultaneously coordinating with relevant bodies to ensure legal compliance.

Quang Ninh Economic Zones Management Authority and Quang Yen People’s Committee have been asked to create favourable conditions for investors to speed up construction, striving to complete the project ahead of schedule.

They have also been mandated to regularly monitor, inspect, and support investors to resolve arising problems.

Shiro Sadoshima, executive advisor of AMATA Corporation and former Ambassador of Japan to Thailand. Photo: Yen Linh

Addressing the ceremony, Shiro Sadoshima, executive advisor of AMATA Corporation and former Ambassador of Japan to Thailand, noted that Lite-On Technology Group’s decision to invest $690 in Amata City Halong not only demonstrates its confidence in Amata’s business climate but also affirms Vietnam’s position as a key player in the global electronics supply chain.

“Lite-On’s choice to build production facilities for high-tech electronic products in Amata City Halong will further strengthen our high-tech industrial ecosystem,” he said.

The project will enter phase one production with a capacity of more than 64 million products per year from this November.

Investment in phase two will be completed in 2028, bringing the capacity to more than 95 million products a year. By 2030, the group will complete the entire facility with a total capacity approximating 124 million products annually.

Lite-On is a potential partner for tech brands such as Fuji Xerox, Kyocera, ASUS, Amazon, IBM, Motorola, Sony, Samsung, Sharp, Nokia, and Lenovo.

Vietnam is researching a pilot for digital asset and cryptocurrency exchange. How does the Vietnam Blockchain Association (VBA) assess the impact of this on blockchain startups and the Vietnamese economy?

Phan Duc Trung, chairman of the Vietnam Blockchain Association

Vietnam has the opportunity to become a regional hub for blockchain application, attracting international investors. Establishing a sandbox will provide conditions for businesses to experiment and develop innovative blockchain application models.

The controlled testing mechanism has a positive impact on fostering innovation, serving as a foundation to promote the application of blockchain in various sectors such as finance, healthcare, education, and logistics. This will create a sustainable innovative ecosystem, driving digital transformation in businesses and society.

A December resolution addressed AI, cloud computing, blockchain, semiconductors, quantum technology, nanotech, and sets specific goals for 2030 as well as a vision for 2045.

When applied to daily life, blockchain tech will become a digital asset, with fintech being the first industry to be impacted. The government’s selection of a cryptocurrency exchange platform for experimentation is just the beginning of this process.

According to a TripA report, Vietnam currently has approximately 20 million people who own cryptocurrency assets, accounting for over 21 per cent of the population and ranking fifth globally. With a legal framework and appropriate policies in place, legitimising these resources will have a significant impact on boosting the economy.

What are the association’s expectations for the implementation of a regulatory sandbox in Vietnam in blockchain and digital assets?

The VBA is currently researching and exchanging views with localities, especially the central city of Danang, on the implementation of a sandbox.

In January, we signed a cooperation agreement with the People’s Committee of Danang to research and propose specialised policy mechanisms for an international financial centre.

We aim to become a bridge to seek innovative startups operating in blockchain technology application, thereby building better policies after implementing the sandbox in Danang.

Moving forward, we will continue to engage with localities to better pinpoint the specific trial options for applying blockchain technology, primarily in the financial sector. A clear legal framework is crucial for localities to establish appropriate legal corridors.

Do the VBA’s members face any legal barriers in operating or testing new technologies?

Cryptocurrency and digital assets in Vietnam are still in a legal gray area.

Currently, Vietnam does not have a specific legal framework to manage these types of assets, including cryptocurrencies, digital tokens, and other forms of blockchain assets.

The State Bank of Vietnam does currently not recognise cryptocurrencies as a legitimate means of payment, while the Ministry of Finance and related agencies are still researching to develop appropriate regulations fit for the future.

The lack of a clear legal framework puts businesses and investors at risk, especially in raising capital, trading and protecting their rights. At the same time, this also poses challenges in state management, anti-money laundering, and financial fraud prevention. Many businesses are aware of this, so they tend to shift to overseas areas with clearer legal frameworks, such as Europe, where there are attractive policies for innovative startups.

Fundamentally, the digital assets show a cross-border and global nature. With a clear legal framework in place, activities related to digital assets and cryptocurrencies in Vietnam will be more convenient, helping to explore and promote the community in applying high technology in practice.

What can Vietnam learn from sandbox models in blockchain around the world?

Sandbox models around the world are being implemented very effectively, such as in the city of Lugano in Switzerland, which has promoted blockchain technology in payment sectors, financial applications, and also in terms of attraction of investment activities.

We conducted surveys in Lugano and found that the banking and finance sector contributes to 40-50 per cent of the GDP, with 8,400 employees working in financial institutions. Lugano’s strengths lie in its low tax policies and stable legal environment, making it very attractive to investors.

The city has also established a startup investment fund worth the equivalent of over $110 million, regularly supporting startups, investing in innovative projects, organising global blockchain events to draw in blockchain businesses to Lugano, and building a community of experts.

Many sandbox models in the world have been successful and have brought about great potential. However, the challenge of simultaneously testing and building a legal framework is significant, requiring thorough research.