Project

Vietnam, Singapore deepen partnership with new industrial park project

Published

18 hours ago

March 16, 2025

The groundbreaking ceremony for the Vietnam – Singapore Industrial Park II (VSIP II) Quang Ngai infrastructure development project was held in Binh Son district in the central province of Quang Ngai on March 12.

National Assembly Chairman Tran Thanh Man attended the event along with Standing Deputy Prime Minister Nguyen Hoa Binh and National Assembly Vice Chairmen Tran Quang Phuong and Vu Hong Thanh, along with officials of ministries, sectors and the province.

The event took place at a time when Party General Secretary To Lam is paying an official visit to Singapore, demonstrating substantive and effective cooperation between the two countries.

The project received investment approval from the Prime Minister on December 22, 2023. Spanning 497.7 hectares with registered investment capital of some 161 million USD, it is designed to integrate green technologies, smart infrastructure, industrial symbiosis, and sustainable development principles, positioned to attract more investments to the province. Once operational, the park will serve as an investment destination for the world’s leading companies looking to expand their business and production.

To ensure the project proceeds on schedule and achieves its expected outcomes, Binh urged Singapore’s Sembcorp Industries and Vietnam’s Becamex IDC Corporation to continue leveraging their successful industrial park, urban, and service zone models. Besides, he ordered the corporations to develop VSIP II Quang Ngai into a smart, modern and sustainable industrial park, moving towards establishing ecosystems that integrate industry, innovation, urban development, services, and high technology.

Standing Deputy Prime Minister Nguyen Hoa Binh speaks at the event. (Photo: VNA)

Binh underscored that industrialisation must ensure harmonious development with the community, infrastructure, and development of the knowledge economy, asking ministries and sectors to support the investors with investment and construction procedures and assist them to handle challenges in a timely manner.

He requested the provincial People’s Committee to instruct relevant units to help VSIP Quang Ngai complete investment preparations and site clearance compensation in line with regulations.

The provincial People’s Committee was requested to instruct relevant units to rapidly support VSIP Quang Ngai in completing investment preparations and land clearance compensation according to regulations.

Meanwhile, businesses must join hands with the Vietnam General Confederation of Labour to build comfortable housing facilities for workers and support local communities with social welfare and sustainable development initiatives, balancing business interests with shared risks and benefits, he added.

The Vietnamese Government will maintain a stable investment environment, speed up administrative reform, and improve legal system to create a transparent and healthy investment climate for both domestic and foreign firms, Binh underscored, expressing his hope that VSIP will continue symbolising the excellent cooperation between the two countries.

At the event, Secretary of the provincial Party Committee Bui Thi Quynh Van and provincial leaders presented investment certificates and Memoranda of Understanding (MoU) on investment to the investors of the project.

Project

LNG-fired power projects under Vietnam’s PDP VIII must operate in 2028

Published

15 minutes ago

March 17, 2025

Industrialzone.net

The Vietnamese government has asked relevant agencies to speed up the progress of LNG-fired power projects towards completion and operation in 2028, earlier than the deadline specified in the power development plan VIII (PDP VIII).

In a recent announcement on amending the PDP VIII, the government noted that for projects with problems, the Ministry of Industry and Trade must help to solve them or report to higher authorities for solutions.

Nhon Trach 3 LNG-fired power plant in Dong Nai province, southern Vietnam. Photo courtesy of PV Power.

Regarding those already having investors, including LNG Quang Ninh, LNG Thai Binh, LNG Quang Trach II, phase 1 of LNG Hai Lang, LNG Son My I and LNG Son My II, and LNG O Mon II III IV, the trade ministry must speed up the progress to operate them in 2028. 2028 is two years earlier than the deadline in PDP VIII.

For project without investors yet such as LNG Quynh Lap, LNG Nghi Son, and LNG Ca Na, relevant agencies must accelerate the progress to complete them in Q1/2028 at the latest.

The government also requested that under-construction power projects must complete the construction and enter operation in 2025. These include the Nhon Trach 3 and Nhon Trach 4 LNG-fired power, Nam Cum 4 hydropower, expanded Hoa Binh hydropower, Vung Ang II thermal power, and Quang Trach I thermal power plants.

In addition, it ordered amendments to PDP VIII must be approved on March 20 at the latest. Electricity sources as baseload of the system must exceed 50% of the total in the amended PDP VIII, with the increase in LNG-fired power making up for the decrease in coal-fired power, the government added.

Vietnam currently has only one operational LNG-fired power project – the Nhon Trach 3 and Nhon Trach 4 in the southern province of Dong Nai.

In its draft amendment to the power development plan VIII (PDP VIII), the Ministry of Industry and Trade said that Vietnam can import LNG from major exporters such as Australia, the United States, and Qatar. In the long term, the country can consider LNG imports from Russia and other Middle East nations.

According to the draft amendment to PDP VIII, the electricity sector is set to consume 10-11.8 billion cubic meters of imported LNG yearly until 2030, then 9-11 billion cubic meters yearly by 2045.

Project

Hanoi honours 36 key industrial products

Published

1 hour ago

March 17, 2025

Industrialzone.net

The Hanoi Department of Industry and Trade (DOIT) held a ceremony on the evening of December 13 to honour the capital city’s key industrial products for 2024.

According to the DOIT, 160 businesses participated in the selection programme for Hanoi’s key industrial products in 2024.

The department then selected 36 products from 25 enterprises to submit to the municipal People’s Committee for recognition. Ten products from ten enterprises with the highest scores were recognised as the Top Ten Key Industrial Products of Hanoi for 2024.

Of the 25 enterprises whose products were recognised as key industrial products in 2024, eight companies achieved revenue exceeding 1 trillion VND, while ten were among Vietnam’s 500 largest enterprises in 2024, as announced by the Vietnam Report.

The 2024 revenue from the 36 products of these 25 enterprises reached nearly 50 trillion VND, with an export turnover of approximately 1 billion USD.

Speaking at the ceremony, the Deputy Director in charge of the DOIT, Nguyen Kieu Oanh, stated that Hanoi has implemented various programmes to support enterprises whose products have been recognised as the capital city’s key industrial products.

Additionally, enterprises participating in the programme have made efforts to apply scientific and technical advances in modern technology in production, increase automation levels, implement digital transformation, and build smart factory models.

Therefore, the products recognised as Hanoi’s key industrial products help affirm product credibility and enhance their brands in both domestic and international markets.

Project

Pacifico Energy, EDF eye energy investments in Vietnam

Published

2 hours ago

March 17, 2025

Industrialzone.net

U.S.-based Pacifico Energy (PE) and France’s EDF have expressed strong interest in investing in Vietnam’s offshore wind and nuclear power sectors, respectively, as the country faces rising energy demands to support economic growth.

The proposals were presented during their talks with Vietnamese Prime Minister Pham Minh Chinh in Hanoi on Wednesday.

PE chairman Nate Franklin stated that the company is committed to expanding its investments in Vietnam’s energy sector, including multi-billion-USD offshore wind projects.

Vietnam's Prime Minister Pham Minh Chinh (right) receives U.S.-based PE's chairman Nate Franklin in Hanoi, March 12, 2025. Photo courtesy of the government's news portal. — Vietnam’s Prime Minister Pham Minh Chinh (right) receives U.S.-based PE’s chairman Nate Franklin in Hanoi, March 12, 2025. Photo courtesy of the government’s news portal.

He emphasized that PE aims to introduce advanced solutions to help Vietnam enhance energy security, attract high-tech foreign direct investment (FDI), develop the semiconductor industry, supply power to data centers and AI training hubs, and drive fast and sustainable economic growth.

In response, PM Chinh encouraged PE to increase its investments and partner with Vietnamese businesses in the green transition, clean energy, and renewable energy sectors, particularly offshore wind and solar power.

He also urged the company to invest in Vietnam’s electricity grid and transmission infrastructure to strengthen the country’s energy security.

PE is among the leading U.S. investors in Vietnam’s renewable energy sector. In 2019, the company completed a 40 MW solar power project in the central province of Binh Thuan. It is also developing a 30 MW wind power project in the southern province of Ben Tre, which is expected to become operational in 2025.

During a separate discussion with PM Chinh, French Ambassador to Vietnam Olivier Brochet affirmed that electricity producer EDF intends to continue expanding its cooperation and investment in Vietnam’s energy sector, particularly in renewable energy and nuclear power projects.

Vietnam's Prime Minister Pham Minh Chinh receives French Ambassador to Vietnam Olivier Brochet in Hanoi on March 12, 2025. Photo courtesy of the government's news portal. — Vietnam’s Prime Minister Pham Minh Chinh receives French Ambassador to Vietnam Olivier Brochet in Hanoi on March 12, 2025. Photo courtesy of the government’s news portal.

The Vietnamese leader noted that Vietnam has restarted investment plans for the Ninh Thuan 1 and Ninh Thuan 2 nuclear power plants in the central province of Ninh Thuan. He added that multiple partners have expressed interest in collaborating with Vietnam on nuclear energy development.

Vietnam will prioritize partners that commit to working alongside Vietnamese investors in technology transfer throughout the project development, Chinh stated.

The Prime Minister also called on France, and EDF in particular, to support Vietnam in developing policies and regulatory frameworks for nuclear power development.

He suggested exploring cooperation in human resource training, providing preferential financing for nuclear power projects, and investing in production of electrical equipment and supporting industries for Vietnam’s nuclear energy sector.