Development framework needed for wind power sales

The Singapore Government approved in principle the sale of 1.2GW from a 2.3GW wind farm offshore Việt Nam but the latter must come up with a framework to implement the deal within the next year.

The opportunity for offshore wind power export could slip away if Việt Nam does not finalise the framework for the development of this renewable energy type within the next year, said industry insiders and exports.

Earlier, the Singapore government approved in principle the sale of 1.2GW from a 2.3GW offshore wind farm under the management of the PetroVietnam Technical Services Corporation (PTSC) - a member of the Vietnam Oil and Gas Group (PVN), to the Southeast Asian island nation through a high-voltage undersea cable.

A view of the Đông Hải 1 Windfarm in the southern province of Trà Vinh. VNA/VNS Photo
A view of the Đông Hải 1 Windfarm in the southern province of Trà Vinh. VNA/VNS Photo

The project, the first wind power sale from Việt Nam approved by Singapore, has received approval from the Vietnamese Ministry of Natural Resources and Environment (MoNRE) for monitoring, investigation, survey and assessment of marine resources (survey licence). Meanwhile, PTSC's Singaporean partner, Sembcorp Utilities Pte Ltd (SCU), a subsidiary of Sembcorp Industries Ltd, has received a letter of intent from the Singapore Ministry of Trade and Industry approving the project.

As the first Vietnamese company to receive the Singapore Government's approval for the implementation of the offshore wind farm project with a capacity of 2.3GW in Vietnam, exporting 1.2GW to the "Lion City" through a high-voltage undersea cable, the PetroVietnam Technical Services Corporation (PTSC), a member of the Vietnam Oil and Gas Group (PVN), is collaborating with Sembcorp Utilities Pte Ltd (SCU), a subsidiary of Sembcorp Industries Ltd, on the initial steps in the investment cooperation.

Director-general of PTSC Lê Mạnh Cường said the Singaporean Government had announced plans to import up to 4 GW of low-carbon electricity by 2035 and had outlined a progressive carbon tax schedule to achieve a net-zero carbon emission target by 2050. The island nation had approved power imports for several renewable projects, including 2GW from Indonesia, 1GW from Cambodia, and 1.2GW from Việt Nam.

Cường said so far it had been smooth sailing thanks to PTSC and PVN's extensive experience in the field. To date, PTSC had successfully won contracts for over 10 offshore wind projects with a total capacity of 5.2GW and a contract value exceeding US$1.2 billion, all of which would be for export.

He added the successful implementation of this deal would bring significant benefits, such as establishing Việt Nam as a hub for offshore wind power services for the region, contributing to Việt Nam's sovereignty over its islands, enhancing collaboration among ASEAN countries, and realising the goal of connected power grids in ASEAN. In addition, the underground power transmission cable could be used to set up a fibre optic cable connection to Singapore, which would bring substantial economic benefits in the future.

However, the Energy Market Authority (EMA) of Singapore could still look elsewhere if Việt Nam failed to come up with a framework to implement the deal within the next year.

There was competition to look out for. In August this year, the southernmost province Cà Mau submitted a proposal to the MoIT outlining a plan to export up to 5,000MW of renewable energy by 2040, Cường said.

Nguyễn Quốc Thập, Chairman of PVN, said offshore wind projects were complex, large investments and would require substantial incentives to encourage additional investors to jump in.

Based on international case studies, Thập said it would typically take 6-8 years for an offshore wind project to be fully implemented. Therefore, the establishment of policy mechanisms for the development of this renewable power source must be planned in a timely manner to prevent unnecessary delays.

Source: VNS

See also

MoIT implements the Hydrogen Energy Strategy

MoIT implements the Hydrogen Energy Strategy

The Ministry of Industry and Trade (MoIT) held a conference to deploy Việt Nam's hydrogen energy development strategy to 2030, vision to 2050 in Hà Nội on Thursday.
Support policies needed to develop green hydrogen

Support policies needed to develop green hydrogen

The Government should implement support policies to ensure the development and competitiveness of clean hydrogen sources in the country.
Deputy PM urges ensuring quality, progress of power projects

Deputy PM urges ensuring quality, progress of power projects

Deputy Prime Minister Tran Hong Ha on February 17 led a government delegation to inspect the implementation of sub-projects under the eastern North-South Expressway project, and another on the 500kV north-central power transmission grid.
Ensure coal and gas for electricity generation in 2024, PM asks

Ensure coal and gas for electricity generation in 2024, PM asks

Prime Minister Phạm Minh Chính issued a directive on Wednesday calling for hastened efforts to ensure adequate supply of coal and gas for electricity production as the dry season is coming.
MoIT focuses on solutions to prevent fuel shortage

MoIT focuses on solutions to prevent fuel shortage

(VEN) - Minister of Industry and Trade Nguyen Hong Dien recently chaired a meeting with related ministries, sectors and enterprises to implement the Prime Minister’s official dispatch 1437/CĐ-TTg on the solutions to ensure sufficient petroleum supply for production, trading and consumption in 2024.
MoIT leader emphasizes need to ensure sufficient fuel, electricity supply in all situations during Tet

MoIT leader emphasizes need to ensure sufficient fuel, electricity supply in all situations during Tet

(VEN) - Giving a speech at fuel and electricity businesses, Minister of Industry and Trade Nguyen Hong Dien emphasized the importance to ensure sufficient fuel and electricity supply in all situations during Tet (Lunar New Year Holiday).

See more news

Infrastructure and policy key to unlock LNG potential

Infrastructure and policy key to unlock LNG potential

Industry leaders and economists discussed current challenges and proposed solutions for the development of Việt Nam's liquefied natural gas (LNG) sector during a workshop yesterday in Hà Nội.
Difficulties in power supply timely resolved

Difficulties in power supply timely resolved

(VEN) - In 2023, in addition to completing mechanisms and policies, the Ministry of Industry and Trade (MoIT) regularly directed the Vietnam Electricity (EVN) and related units to basically ensure sufficient electricity supply for daily use and production needs.
Vietnam seeks to untie knots in LNG power development

Vietnam seeks to untie knots in LNG power development

(VEN) - Despite favorable conditions and prospects for liquefied natural gas LNG power development, Vietnam’s legal framework in this field, including the electricity price mechanism and storage, is still incomplete, which poses a big challenge for investors.
VN stays committed to developing clean and renewable energy

VN stays committed to developing clean and renewable energy

Việt Nam remains committed and focused on enhancing the development of hydrogen energy production and hydrogen-source fuels in regions with potential and advantages in renewable energy, close to major consumer markets.
Government Decree improves petroleum management

Government Decree improves petroleum management

(VEN) - Based on reports prepared by the Ministry of Industry and Trade, on November 17, the Government issued Decree 80/2023/ND-CP to amend and supplement a number of articles of Decree 95/2021/ND-CP and Decree 83/2014/ND-CP, both on petroleum business, in order to promptly solve petroleum business management problems, meet the domestic demand for petroleum, and ensure energy security, contributing to controlling the consumer price index (CPI), and ensuring interests of businesses using petroleum as input for production and trading activities, consumers and enterprises trading in petroleum.
NIC uses smart building technology to save energy

NIC uses smart building technology to save energy

The National Innovation Center (NIC) in Hanoi uses ABB energy management and smart building technology for optimum efficiency and sustainability
Ensuring sufficient power supply in 2024

Ensuring sufficient power supply in 2024

(VEN) - Along with efforts to ensure major balances of the economy, the Prime Minister put a special emphasis on the need to resolve problems facing the electricity sector and to ensure a sufficient supply of power in any context.
Petrovietnam cultural regeneration for further development

Petrovietnam cultural regeneration for further development

(VEN) - The policy of cultural regeneration is a creative breakthrough proposed by the leadership of the Vietnam Oil and Gas Group and was drastically implemented right after the unprecedented crisis.
Quang Ninh exploits offshore wind power potential

Quang Ninh exploits offshore wind power potential

(VEN) - In recent years, Quang Ninh Province has boldly proposed and mobilized all resources to promote the development of renewable energy sources, especially wind power in order to reduce dependence on fossil fuels and optimize the province’s potential and advantages.
Infrastructure, planning and market keys to develop LNG power

Infrastructure, planning and market keys to develop LNG power

Infrastructure, planning and a market mechanism were among key issues that must be addressed in order to develop a market for liquefied natural gas (LNG) in Việt Nam, heard participants at a conference on LNG on Wednesday in Hà Nội.
View more
Latest Most Read
Nam Dinh Province boosts IC development

Nam Dinh Province boosts IC development

(VEN) - In order to meet the needs for production sites of industrial enterprises, in 2024, the Nam Dinh Provincial Department of Industry and Trade will mobilize resources to develop infrastructure and attract investment in industrial clusters (ICs) across the province.
The craft of cooking sticky rice recognised as national heritages

The craft of cooking sticky rice recognised as national heritages

Phú Thượng, formally known as Gạ Village, is famous for its flavoursome, delicious steamed sticky rice.
Ninh Thuận approves zoning map, restricting groundwater exploitation in coastal areas

Ninh Thuận approves zoning map, restricting groundwater exploitation in coastal areas

The People’s Committee of Ninh Thuận Province has approved a list and zoning map, restricting groundwater exploitation in coastal areas, covering a total area of more than 367sq.m, with 388 restricted areas in 46 communes and wards.
HCM City affirms role as pillar of Việt Nam’s tourism industry

HCM City affirms role as pillar of Việt Nam’s tourism industry

As a hub of tourism linking with numerous provinces and cities, HCM City’s robust acceleration of tourism has positively impacted the overall development of localities in the southeastern region and beyond.
Vietnamese Government ranked 39th in AI readiness Report

Vietnamese Government ranked 39th in AI readiness Report

The Vietnamese Government ranked 39th out of 193 countries in terms of artificial intelligence (AI) readiness on a 2023 report by the UK-based Oxford Insights.
hcm city affirms role as pillar of viet nams tourism industry

HCM City affirms role as pillar of Việt Nam’s tourism industry

As a hub of tourism linking with numerous provinces and cities, HCM City’s robust acceleration of tourism has positively impacted the overall development of localities in the southeastern region and beyond.
vinh long ceramic tile industry to be enhanced

Vĩnh Long ceramic tile industry to be enhanced

The province has been widely promoting the image of ceramic tile products through a series of events: the Việt Nam Agricultural Product Festival Vĩnh Long 2023, the Vĩnh Long Tourism Festival 2023, and the Ceramic and Spring Flower Road 2024.
hcm city mekong delta welcome millions of visitors in tet

HCM City, Mekong Delta welcome millions of visitors in Tết

HCM City received 1.8 million visitors during the Tết (Lunar New Year) holiday from February 8-14, up 5.9 per cent year-on-year, according to the city Department of Tourism.
lantern festival to light up the citys district 5

Lantern festival to light up the City's District 5

The Tết Nguyên Tiêu (Lantern Festival) will be held on February 24, or the 15th day of the first month of the lunar calendar, in Chợ Lớn (Big Market) in HCM City’s District 5.
the craft of cooking sticky rice recognised as national heritages

The craft of cooking sticky rice recognised as national heritages

Phú Thượng, formally known as Gạ Village, is famous for its flavoursome, delicious steamed sticky rice.
PM requests expansion of visa exemption policy to more countries

PM requests expansion of visa exemption policy to more countries

Prime Minister Pham Minh Chinh has requested the Ministry of Public Security (MPS) consider expanding the coverage of the visa exemption policy.
General Department of Taxation reviews draft regulations on loan interest expense cap

General Department of Taxation reviews draft regulations on loan interest expense cap

The General Department of Taxation (GDT) is seeking solutions to amend the loan interest expense cap regulation at 30 per cent to solve difficulties for businesses in the context of high interest rates in the period 2022-23.
Two newly-adopted laws announced

Two newly-adopted laws announced

The Presidential Office held a press conference on February 19 to announce the President’s order announcing two laws that were approved by the 15th National Assembly during its fifth extraordinary session, namely the Land Law (revised) and the Law on Credit Institutions (revised).
PM Chính instructs action for stock market upgrade

PM Chính instructs action for stock market upgrade

Prime Minister Phạm Minh Chính has instructed the Ministry of Finance, State Bank of Vietnam and the Ministry of Planning and Investment to address obstacles in relevant sectors for upgrading the stock market from frontier to emerging status.
Nam Dinh Province boosts IC development

Nam Dinh Province boosts IC development

(VEN) - In order to meet the needs for production sites of industrial enterprises, in 2024, the Nam Dinh Provincial Department of Industry and Trade will mobilize resources to develop infrastructure and attract investment in industrial clusters (ICs) across the province.
Major solutions to improving industry promotion

Major solutions to improving industry promotion

(VEN) - Minister of Industry and Trade Nguyen Hong Dien has given directions related to five groups of solutions and tasks to develop industry promotion activities in the near future.
MoIT implements the Hydrogen Energy Strategy

MoIT implements the Hydrogen Energy Strategy

The Ministry of Industry and Trade (MoIT) held a conference to deploy Việt Nam's hydrogen energy development strategy to 2030, vision to 2050 in Hà Nội on Thursday.
Support policies needed to develop green hydrogen

Support policies needed to develop green hydrogen

The Government should implement support policies to ensure the development and competitiveness of clean hydrogen sources in the country.
Quang Ninh

Quang Ninh's FDI attraction hits 478 million USD in January

The northern province of Quang Ninh attracted eight foreign direct investment (FDI) projects with registered capital totaling 478 million USD in January.
Mekong Delta works to advance renewable energy development

Mekong Delta works to advance renewable energy development

Many localities in the Mekong Delta region are focusing on attracting investment and developing renewable energy projects, helping to solve energy security issues and driving socio-economic breakthroughs in the region.
Vietnam dangles chip incentives to draw foreign companies: Nikkei Asia

Vietnam dangles chip incentives to draw foreign companies: Nikkei Asia

Vietnam has pledged tax breaks and other perks to semiconductor companies that help to develop the sector in a Southeast Asian country, according to Japan's Nikkei Asia (asia.nikkei.com).
Northcentral region eyes breakthroughs in investment attraction in 2024

Northcentral region eyes breakthroughs in investment attraction in 2024

Localities in the northcentral region have made concerted efforts and implemented various measures to attract investment, especially foreign direct investment (FDI), contributing to socioeconomic development in 2024.
Slower credit growth makes banks set modest targets in 2024

Slower credit growth makes banks set modest targets in 2024

Slower than expected credit growth and a large number of non-performing loans have resulted in conservative growth targets among commercial banks for 2024, said industry insiders and experts.
Asia - biggest source of overseas remittances to HCM City in 2023

Asia - biggest source of overseas remittances to HCM City in 2023

Money sent from Asian countries made up 50.5% of the total overseas remittances to Ho Chi Minh City last year, Vietnam’s largest economic hub, a massive 143.8% spike year-on-year, according to the State Bank of Vietnam (SBV)’s branch in the city.
Bad debt recovery faces many challenges in 2024

Bad debt recovery faces many challenges in 2024

The settlement of bad debts will face many difficulties this year as there are no legal regulations related to repossessing collateral assets, industry insiders said.
Record-low interest rates drive early-year credit growth

Record-low interest rates drive early-year credit growth

Since the beginning of the year, numerous banks have launched attractive credit packages with low interest rates, some even as low as 0% per year, easing the financial burden for customers seeking additional capital, particularly during the time leading up to Tet (Lunar New Year holiday).
Ninh Thuận approves zoning map, restricting groundwater exploitation in coastal areas

Ninh Thuận approves zoning map, restricting groundwater exploitation in coastal areas

The People’s Committee of Ninh Thuận Province has approved a list and zoning map, restricting groundwater exploitation in coastal areas, covering a total area of more than 367sq.m, with 388 restricted areas in 46 communes and wards.
Technology solutions key to Hà Nội

Technology solutions key to Hà Nội's wastewater issues

With limited systems for water sewerage and drainage in the capital city, many experts agree that technology solutions are vital to addressing wastewater problems.
Southern region to face longer, more intense heat wave due to El Niño

Southern region to face longer, more intense heat wave due to El Niño

The southern region, including HCM City, is expected to face a longer and more intense heat wave this year due to El Niño compared to previous years, according to weather experts.
National programme on protection and development of aquatic resources approved

National programme on protection and development of aquatic resources approved

Vietnam will investigate and evaluate biodiversity, aquatic resources, and the habitat of aquatic species in Vietnam's waters, including deep sea areas, shallow waters, and underground water areas, under the national programme on protecting and developing aquatic resources until 2030 approved recently by the Prime Minister.
Vietnamese Government ranked 39th in AI readiness Report

Vietnamese Government ranked 39th in AI readiness Report

The Vietnamese Government ranked 39th out of 193 countries in terms of artificial intelligence (AI) readiness on a 2023 report by the UK-based Oxford Insights.
National council for science, technology, innovation established

National council for science, technology, innovation established

Prime Minister Pham Minh Chinh recently signed a decision on the establishment of the National Council for Science, Technology and Innovation.
HCM City seeks motivation for digital economic development

HCM City seeks motivation for digital economic development

Ho Chi Minh City will implement different measures to promote the digital economy, with the goal that it will contribute 20% to the city’s gross regional domestic product (GRDP) by 2025, and 40% by 2030.
Vietnam to join global semiconductor industry

Vietnam to join global semiconductor industry

(VEN) - Vietnam’s semiconductor sector is emerging as a destination for many semiconductor manufacturers when attracting the attention and presence of the world’s leading “giants” from the US and the Republic of Korea such as Intel, Samsung... with projects ranging from hundreds of millions to billions of dollars investing in factory construction, expanding production and assembly...
Ministry proposes more conditions for setting up satellite internet in Việt Nam

Ministry proposes more conditions for setting up satellite internet in Việt Nam

The Ministry of Information and Communications (MIC) has proposed that foreign businesses which want to provide domestic satellite telecommunications services must have a gateway station located in Việt Nam.
Việt Nam leads ASEAN in sending students abroad

Việt Nam leads ASEAN in sending students abroad

Việt Nam leads the Association of Southeast Asian Nations (ASEAN) in sending students abroad for education, followed by Indonesia, Malaysia and Thailand, Cambodian news site SBM News reported.
Positive changes seen in HCM City’s transport infrastructure development

Positive changes seen in HCM City’s transport infrastructure development

With great efforts of the entire political system, HCM City has seen strong changes in developing its urban transport infrastructure system.
Creative man finding new uses for Vietnamese banana trees

Creative man finding new uses for Vietnamese banana trees

Bananas are easy to grow and care for, and have good yields in Việt Nam, but while most people only think of bananas as food, one man in Hà Nội is making them into handicrafts.
Domestic airlines serve over 1.5 mln passengers during Tết

Domestic airlines serve over 1.5 mln passengers during Tết

Airlines in the country served more than 1.5 million passengers, including 748,600 international and 762,400 domestic, during the recent Lunar New Year 2024 from February 8-14.
PM calls for ‘comprehensive plan’ to revive national flag carrier

PM calls for ‘comprehensive plan’ to revive national flag carrier

Prime Minister Phạm Minh Chính has urged agencies to develop a ‘comprehensive plan’ to tackle the financial challenges faced by lossmaking national flag carrier Vietnam Airlines.
VAECO - 15 years of development

VAECO - 15 years of development

(VEN) - The Vietnam Airlines Engineering Company Limited (VAECO) was established in 2008 and has undergone 15 years of development. The company has gradually grown and solidified its brand position in the regional and global civil aviation sectors.
Hoan My Medical Group wins two awards at Asian Management Excellence Awards 2024

Hoan My Medical Group wins two awards at Asian Management Excellence Awards 2024

HCMC – February 1, 2024 – Hoan My Medical Group, the leading private healthcare network in Vietnam, has been honored with two awards in the Healthcare category at the Asian Management Excellence Awards 2024, held in Bangkok, Thailand.
The craft of cooking sticky rice recognised as national heritages

The craft of cooking sticky rice recognised as national heritages

Phú Thượng, formally known as Gạ Village, is famous for its flavoursome, delicious steamed sticky rice.
The ao dai and cultural diplomacy

The ao dai and cultural diplomacy

(VEN) - Not only a traditional costume, the ao dai or the Vietnamese traditional long address is also a special image in cultural diplomacy, helping introduce part of the Vietnamese culture to friends throughout the world.
Discovering Vietnam’s heritage values

Discovering Vietnam’s heritage values

(VEN) - Vietnam’s intangible cultural heritage is rich and diverse, encompassing various traditional practices. Notable examples are hat xoan (xoan singing), drum dancing, pottery, mud ball wrestling, and kite flying, among others. These various forms of intangible cultural heritage reflect the nation’s vibrant traditions, creativity, and community spirit.
Lantern festival to light up the City

Lantern festival to light up the City's District 5

The Tết Nguyên Tiêu (Lantern Festival) will be held on February 24, or the 15th day of the first month of the lunar calendar, in Chợ Lớn (Big Market) in HCM City’s District 5.
HCM City affirms role as pillar of Việt Nam’s tourism industry

HCM City affirms role as pillar of Việt Nam’s tourism industry

As a hub of tourism linking with numerous provinces and cities, HCM City’s robust acceleration of tourism has positively impacted the overall development of localities in the southeastern region and beyond.
Vietjet welcomes 105th aircraft

Vietjet welcomes 105th aircraft

The new aircraft will be put into operation immediately on routes connecting destinations in Việt Nam and internationally to serve passengers on their spring vacation, business travel, investment, and tourism.
Vĩnh Long ceramic tile industry to be enhanced

Vĩnh Long ceramic tile industry to be enhanced

The province has been widely promoting the image of ceramic tile products through a series of events: the Việt Nam Agricultural Product Festival Vĩnh Long 2023, the Vĩnh Long Tourism Festival 2023, and the Ceramic and Spring Flower Road 2024.
HCM City, Mekong Delta welcome millions of visitors in Tết

HCM City, Mekong Delta welcome millions of visitors in Tết

HCM City received 1.8 million visitors during the Tết (Lunar New Year) holiday from February 8-14, up 5.9 per cent year-on-year, according to the city Department of Tourism.
Mobile Version