Market News

Global corporations in Vietnam interested in growing energy investment

Foreign firms and companies acknowledge the National Assembly of Vietnam's innovations in assisting the government in creating advantageous legislative laws for investors to come and do business in Vietnam, particularly in the energy industry.

Expand renewable energy investments

The President of the National Assembly, Vuong Dinh Hue, has welcomed members from various economic organizations operating in Belgium during a visit and working sitting with the European Parliament and the Kingdom of Belgium.

National Assembly Chairman Vuong Dinh Hue appreciated the group's efforts in executing and finalizing the signing of the original agreement during a meeting with Mr. Perer Lavoy, Senior Director of the Asia-Pacific area of Exonmobil Group. Guarantees and promises from the government

(National Assembly Chairman Vuong Dinh Hue and a high-ranking delegation from the National Assembly of Vietnam  met with Exonmobi Corporation officials.)


In an effort to conduct oil and gas exploration activities with Vietnam, the National Assembly Chairman praised the Blue Whale project, which involves a total investment of $20 billion USD for offshore natural gas production in Central Vietnam. This project, which contributes to national security and energy, is an important prerequisite for Vietnam to build and operate gas power plants in the central region.As a result, Exonmobil and the Vietnam National Oil and Gas Group (PVN) must continue to collaborate closely in order to meet the target of delivering the first gas flow onshore by 2024.

Vietnam's strategy is to develop wind energy while progressively decreasing coal power and increasing liquefied petroleum gas. As a result, it is also proposed that Exonmobil begin the plan to return the project to Vietnam as soon as feasible following the pandemic. “At the moment, the draft Power Plan VIII has examined and recommended the construction of a number of liquefied natural gas (LNG) power projects in the North, including one in Hai Phong.” "We welcome Exonmobile's building of an LNG power plant in this port city," stated the Chairman of the National Assembly.

Mr. Fabien De Jonge, Board Member of Infra Asia Investment, (IAI), announced that the firm has invested USD 1.2 billion in industrial parks in Hai Phong and Quang Ninh and is actively expanding investment operations in a variety of areas such as renewable energy, wind and solar. Nevertheless, because of overlapping areas between the two sites, the firm presently faces problems in executing the Industrial Park infrastructure project and the Nam Tien Phong port.

Faced with this enterprise problem, the President of the National Assembly suggested that Hai Phong city, Quang Ninh province, and investors discuss and find a suitable and correct solution as soon as possible; requesting Hai Phong city and investors to discuss and agree on the spirit of feasibility, ensuring to meet the standard requirements with the proposal to retain Cat Hai town, Hai Phong as an urban area.


Creating a favorable environment for investors

During a meeting with Mr. Eddy Bruyninckx, a representative of Smart Universal Logistics Company, the Chairman of the National Assembly stated that the government is heavily promoting logistics. However, logistical operations continue to face challenges, the total contribution to GDP remains low, and the cost to finish the product is expensive. In this environment, the successful implementation of Smart Universal Logistics' projects in Vietnam, particularly investment and business collaboration activities in industrial parks in Hai Phong and Quang Ninh, is critical.

Mr. Fabien De Jonge, member of the Board of Directors of Infra Asia Investment Company,is welcomed by National Assembly Chairman Vuong Dinh Hue (IAI)

The Chairman of the National Assembly advised that the enterprise and its partners should continue to research and exchange experiences in the construction of industrial parks in line with international standards to attract more ADO capital promptly. In terms of Vietnam's policy and commitment to help investors thrive and achieve a high degree of efficiency and support.

Since this may be seen as a 'model' project in displaying the role of Belgian companies as well as the collaboration of capable partners of Belgium, the Cai Mep Ha Logistics Centre (Ba Ria - Vung Tau) project can be seen as a model. In line with the requirements of legislation the Belgian companies and partners shall, according to the President of the Assembly, exchange and work closely with the Planning and Investment Minister and the Ba Ria-Vung Tau people's committee on advice and execution.

At the meeting, foreign investors thanked the President of the National Assembly for his time to welcome and appreciate the efforts of Vietnam in the area of socioeconomic development and the prevention and control of Covid 19. The National Assembly President's initiative in requesting that Ministers and local leaders respond, meet, and have discussions and proposals

(According to EVN)