Prime Minister Pham Minh Chinh receives Mr. Yi-Hua Lu, Asia-Pacific Director of Corio, a subsidiary of Macquarie Group – Photo: VGP/Nhat Bac
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Macquarie (1969) is a multi-industry, multinational financial conglomerate headquartered and listed in Australia, mainly engaged in financial investment and infrastructure development. Currently, Macquarie has over 21,000 employees operating in 34 countries, with total assets under management of over 573.5 billion USD. In 2023, the group’s net profit reached 3.4 billion USD.
Corio Generation (2012) is a subsidiary of Macquarie Group, mainly engaged in offshore wind power development. Currently, Corio manages one of the world’s largest offshore wind portfolios with over 30 GW in operation in countries such as the UK, Norway, Sweden, etc.
Corio has been involved in researching and developing renewable energy projects in Vietnam since 2019. As a member of the Glasgow Financial Alliance for Net Zero (GFANZ), Corio is currently working with partners to mobilize resources for energy transition projects in Vietnam.
On March 5, in Australia, under the witness of Prime Minister Pham Minh Chinh, at the Vietnam-Australia Business Forum, Corio signed and handed over a memorandum of understanding on cooperation in the development of offshore wind projects in Vietnam with Power Generation Corporation 3, a subsidiary of the Vietnam Electricity Group (EVN).
During the meeting with the Prime Minister, Corio’s leadership presented plans to expand investments in Vietnam; expressed interest in researching and investing in other infrastructure development projects in the future; raised some difficulties and challenges in implementing projects; proposed to allow the pilot offshore wind projects.
Prime Minister Pham Minh Chinh welcomed and highly appreciated the effective business investment activities of Macquarie in general and Corio Generation in particular in the past time.
The Prime Minister suggested that Corio immediately develop a pilot project and submit it to the relevant agencies, assigning Deputy Prime Minister Tran Hong Ha to directly direct the handling and settlement within authority. If it exceeds the authority, report it to the Prime Minister again.
The Prime Minister proposed that the corporation cooperate with the relevant ministries, sectors, and partners in Vietnam to urgently study and implement specific projects in the near future, bringing practical benefits to both sides, of which the important thing is that wind power prices must be suitable, and all parties must benefit.
The Prime Minister also expressed his hope that Corio would diversify its partners in Vietnam, including the Vietnam Electricity Group (EVN) or the Vietnam Oil and Gas Group (PVN), which are experienced enterprises in the wind power industry. At the same time, the Prime Minister stated that Vietnam wants to develop the wind power industry, so he suggested that the group focus on providing support and technology transfer, not just investment.
The Government and relevant ministries and sectors of Vietnam commit to create favorable conditions, protect the legitimate rights and interests, and ensure the effective and sustainable operation of investors in Vietnam, with mutual victories and balanced benefits, and shared risks.
Nhat Quang
