“Enel Exits Vietnam: A Blow to the Country’s Renewable Energy Plans”
Enel, one of the world’s largest renewable energy investors, has reportedly decided to exit Vietnam as part of a broader global business restructuring strategy. This development comes as a surprise, considering the company’s ambitious plans announced just two years ago to invest in renewable energy projects with a capacity of up to 6 gigawatts (GW) in the country.
According to sources, Enel’s withdrawal is attributed to a shift in focus towards electricity grid infrastructure and a commitment to invest significantly in their domestic market, reducing their international presence. This strategic shift, under the leadership of CEO Flavio Cattaneo, marks a departure from their previous expansion goals in Vietnam.
Of the 6 GW capacity Enel intended to install in Vietnam, approximately 1 GW was in an advanced stage of development in mid-2022, with the first plant expected to become operational this year, as per the company’s website. However, Enel has refrained from commenting on the status of these projects.
The exit of Enel follows similar moves by other Western energy giants, such as Norway’s Equinor and Denmark’s Orsted, who have also withdrawn or halted their renewable energy investments in Vietnam. This trend deals a significant blow to the country’s energy strategy, which aims to reduce its reliance on coal by increasing investments in renewable sources and natural gas.
With Vietnam’s current installed power capacity at around 80 GW, and plans to nearly double this figure by 2030, the departure of major players in the renewable energy sector will undoubtedly impact their ability to meet these targets. The government had envisioned wind power alone to contribute nearly 20% of the total capacity by that year, a significant shift from the minimal contribution in 2020.
However, Vietnam faces challenges in integrating new renewable energy capacity. Onshore wind and solar projects continue to face hurdles in connecting to the national grid, and legal barriers and protracted negotiations over power prices further complicate the situation.
“Speaker of the House Trần Thanh Mẫn Embarks on an Official Visit to the Russian Federation”
Upon the invitation of Mr. Vyacheslav Victorovich Volodin, Chairman of the State Duma of the Federal Assembly of the Russian Federation, and Ms. Valentina Ivanovna Matvienko, Chairwoman of the Federation Council of the Federal Assembly of the Russian Federation, Mr. Tran Thanh Man, Chairman of the National Assembly of Vietnam, departed Hanoi on the morning of September 8, leading a high-level delegation on an official visit to the Russian Federation. The visit will also see Mr. Man co-chair the third meeting of the Vietnam-Russia Inter-Parliamentary Cooperation Committee from September 8 to 10, 2024.
Major Banks Donate Tens of Billions to Support Fellow Citizens in Storm and Flood-Affected Areas
With the above donations, banks, both private and national, aim to contribute additional resources to provide further support to the flood-affected communities.
Former Eximbank Branch Deputy Director Faces Trial for $117 Million Fraud
As the former Vice Director of the Vietnam Export Import Commercial Joint Stock Bank (Eximbank) – Ba Dinh Branch, accused Vu Thi Thu Nhung, employed a myriad of deceptive tactics to defraud 100 victims of 2.7 trillion VND. The funds were purportedly intended for bank deposits and the purchase of auctioned assets.
The Longest Sea Bridge in Vietnam, Connecting the City Center to the Billion-Dollar Peninsula
The Thi Nai Bridge, spanning the Thi Nai Lagoon in Quy Nhon City, Binh Dinh Province, once boasted the title of Vietnam’s longest bridge for a decade. This impressive structure connects the vibrant city of Quy Nhon to the peninsula of Phuong Mai, a region brimming with untapped economic, social, and tourism potential.
