The cooperation between leading power developers is expected to make the energy-centered bilateral trade target achievable.
Vietnam’s Trungnam Group and Korea Consortium on December 11 signed a memorandum of understanding (MoU) for cooperation in energy projects in Vietnam as the latest step to advance the bilateral economic relations in which energy is one of key pillars.
The move is in line with Vietnam’s National Power Development Plan for the 2021-30 with vision to 2045 and contributes to the realization of the bilateral trade of US$100 billion set for 2023.
Under the MoU, Korea Consortium will support Trungnam’s power and develop strategic partnerships with Vietnamese firms by bringing high quality equipment, finance, expertise, and technology transfer to Vietnam.
Korea Consortium was established in December 2019, consisting of Korea’s leading energy companies including Hanwha Energy, KOGAS and KOSPO.
Trungnam Group is one of the leading private power developers in Vietnam with dozens wind and solar power projects, including Thuan Nam – the largest solar power plant in Southeast Asia with installed capacity of 450 megawatts (MW).
In September, Trungnam connected to the national grid a 500/220kV substation and transmission line, the first private-invested project of its kind plugged in the national grid in Vietnam whose transmission network is traditionally run by state-owned Vietnam Electricity (EVN). The transformer combined with a 450-MW solar farm belongs to a VND12 trillion (US$522 million) project invested by the company.
The private sector is very active in key sectors of the economy. If there is a "push", they will become an important force with other economic sectors to take the country forward.