Prime Minister Pham Minh Chinh meets Mr. Yi-Hua Lu, Asian-Pacific Director of Corio, a subsidiary of Macquarie – Photo: VGP/Nhat Bac
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Macquarie (1969) is a multinational financial conglomerate headquartered 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. In 2023, the group’s net profit reached $3.4 billion.
Corio Generation (2012) is a subsidiary of Macquarie Group that primarily operates in offshore wind power development. Currently, Corio manages one of the largest offshore wind portfolios in the world with over 30 GW in operation in countries such as the UK, Norway, Sweden, etc.
Corio has been involved in the research and development of 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 exchanged a memorandum of understanding for cooperation in offshore wind projects in Vietnam with Power Generation Corporation 3, a subsidiary of Vietnam Electricity Group (EVN).
During the meeting with the Prime Minister, Corio’s leadership presented plans to expand investment in Vietnam; expressed interest in researching and investing in other infrastructure development projects in the future; highlighted some difficulties and challenges in the implementation of projects; and proposed to pilot offshore wind projects.
Prime Minister Pham Minh Chinh warmly welcomed and highly appreciated Macquarie’s overall effective investment and business activities, and specifically Corio Generation’s achievements in recent times.
The Prime Minister requested Corio to immediately develop a pilot project and submit it to relevant agencies, assigning Deputy Prime Minister Tran Hong Ha to directly oversee and handle it within his jurisdiction, and report to the Prime Minister if it goes beyond his jurisdiction.
The Prime Minister suggested that the group coordinate with Vietnamese ministries, sectors, and relevant partners to urgently study and implement specific projects in the coming time, bringing practical benefits to both sides. The important thing is that the cost of wind power must be appropriate and beneficial to all parties.
The Prime Minister also expressed his desire for Corio to diversify its partners in Vietnam, including Vietnam Electricity Group (EVN) or Vietnam Oil and Gas Group (PVN), which are experienced enterprises in the wind power sector. At the same time, the Prime Minister mentioned that Vietnam wants to develop the wind power industry, so he suggested that the group focus on supporting and transferring technology, not just investment.
The Government of Vietnam and its ministries and sectors are committed to creating favorable conditions, protecting the legitimate rights and interests, and ensuring that investors can operate and do business effectively and sustainably in Vietnam, with mutual development and harmonious benefits, as well as shared risks.
Nhat Quang
