HCMC – Singapore’s Sembcorp will step up its investment in renewable energy in Vietnam, with a focus on offshore wind power generation for export to Singapore, heard a meeting today, February 10, between Vietnamese Prime Minister Pham Minh Chinh and a Sembcorp leader during the former’s visit to Singapore.
Tow Heng Tan, vice chairman of Sembcorp, the investor of the Vietnam-Singapore industrial park (VSIP) projects, said that the group would expand investment in the VSIP projects and cooperate with PetroVietnam Technical Services Corporation, a unit of the Vietnam Oil and Gas Group, to develop an offshore wind power project.
The wind farm is expected to produce electricity for export to Singapore, the local media reported.
PM Chinh praised Sembcorp’s plan, saying Vietnam and Singapore are in talks over a submarine power transmission line across the East Sea. He told Vietnam Oil and Gas Group (PVN) to cooperate closely with the Singaporean firm to execute the project effectively.
As for the VSIP projects in Vietnam, the PM said that Sembcorp should collaborate with Vietnamese partners and develop VSIPs in Lang Son and Nghe An provinces, and expand its operations to construct innovation parks in Vietnam.
Vietnam has 12 VSIPs in nine provinces and cities that have attracted some 900 projects with total pledged capital of US$17.6 billion.
In 2021, bilateral trade between Vietnam and Singapore totaled US$8.3 billion and rose to nearly US$9 billion last year.
Singapore is Vietnam’s largest investor in Southeast Asia and ranks second among 141 countries and territories investing in Vietnam.