Singapore’s Sembcorp will work with a subsidiary of Petrovietnam to build an offshore wind power project in Vietnam that will transmit electricity to the city state.
Sembcorp, the developer of Vietnam Singapore Industrial Parks (VSIPs), signed a joint development agreement with Petrovietnam Technical (PTSC) on Friday.
Prime Minister Pham Minh Chinh, who was on an official visit trip to Singapore, witnessed the closing of the deal.
Sembcorp Deputy Chairman Tow Heng Tan told the PM that the company planned to increase its investment in Vietnam, including expanding its industrial parks.
Chinh praised Sembcorp for the decision. Vietnam and Singapore are currently discussing the establishment of a power transmission line through the South China Sea.
The PM has asked Petrovietnam to partner closely with the Singaporean company to complete the new power project.
He also suggested that Sembcorp cooperate with Vietnamese agencies, including those in Lang Son and Nghe An provinces, to build VSIPs. The company should also expand to other localities to establish industrial parks with high-tech urban areas.
There are 12 VSIPs in nine Vietnamese localities, and they have an absorption rate of 83%. They are home to 900 projects that have attracted $17.6 billion in investment and created jobs for nearly 300,000 workers.
Also on Friday, Prime Minister Chinh met with Le Chong Min, chairman of equity firm CMIA Capital Partners, and Nina Yang, CEO of infrastructure consultancy Surbana Jurong, who are both developing a high-tech agro-ecological urban area in Ho Chi Minh City’s Cu Chi District.
He asked CMIA and SJ to coordinate with consultants and local authorities to develop the project. He encouraged the companies to obtain the best location possible before launching the project.
“It is necessary to promote production and business in accordance with the distinct potential and future competitive advantages of Cu Chi and its overall connection with Ho Chi Minh City, Binh Duong Province and the whole Southeast region,” he said.
With 3,095 projects worth a total of $70.8 billion, Singapore is Vietnam’s second-largest foreign investor. Singaporean capital accounts for 22.9% of Vietnam’s total registered foreign direct investment.
In 2021, trade turnover between Vietnam and Singapore reached $8.3 billion. The figure increased to about $9 billion in 2022.
Chinh and his wife Le Thi Bich Tran began their official visit to Singapore on Wednesday at the invitation of Prime Minister Lee Hsien Loong.
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