Prime Minister Pham Minh Chinh meets with Mr. Yi-Hua Lu, Asia-Pacific Director of Corio, a subsidiary of Macquarie Group – Photo: VGP/Nhat Bac
Founded in 1969, Macquarie is a global, diversified financial group with headquarters in Australia and listed on the Australian Stock Exchange. It primarily operates in the areas of financial investment and infrastructure development. Currently, Macquarie has over 21,000 employees in 34 countries and manages assets worth over USD 573.5 billion. In 2023, the group’s net profit reached USD 3.4 billion.
Corio Generation, established in 2012, is a subsidiary of Macquarie Group that specializes in offshore wind power development. Currently, Corio manages one of the world’s largest portfolios of offshore wind power with over 30 GW in operation in countries such as the UK, Norway, and Sweden.
Since 2019, Corio has been involved in researching and developing renewable energy projects in Vietnam. As a member of the Glasgow Financial Alliance for Net Zero (GFANZ), Corio is currently collaborating with partners to mobilize resources for energy transition projects in Vietnam.
On March 5th, 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 on the cooperation in offshore wind energy projects in Vietnam with Power Generation Corporation 3 – a subsidiary of Vietnam Electricity (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; raised some difficulties and challenges in implementing projects; and proposed the permission to pilot offshore wind energy projects.
Prime Minister encourages Corio to diversify partnerships in Vietnam – Photo: VGP/Nhat Bac
Prime Minister Pham Minh Chinh warmly welcomed and highly appreciated the effective investment and business activities of Macquarie in general and Corio Generation in particular.
The Prime Minister proposed that Corio immediately submit a pilot project proposal to relevant agencies and appoint Deputy Prime Minister Tran Hong Ha to directly supervise and handle the project. If the project exceeds the supervision authority, it must be reported to the Prime Minister.
The Prime Minister suggested that the corporation cooperate with relevant ministries, sectors, and partners in Vietnam to urgently study and implement specific projects that bring practical benefits to both sides, in which it is important to ensure that the cost of wind power is appropriate and beneficial to all parties.
The Prime Minister also expressed his desire for Corio to diversify its partnerships in Vietnam, including the Vietnam Electricity Group (EVN) or the Vietnam Oil and Gas Group (PVN), which are experienced enterprises in the wind power sector. At the same time, the Prime Minister stated that Vietnam wants to develop the wind power industry and therefore expects the corporation to focus on supporting and transferring technology rather than just investing.
The Government and relevant ministries and sectors of Vietnam commit to creating favorable conditions, protecting the legitimate rights and interests, and ensuring that investors operate and do business effectively and sustainably in Vietnam, with shared risks and benefits.
