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Plan for the Development of a Green Hydrogen Production Project with a Capacity of 450-500 MW
On December 23, the People’s Committee of Binh Dinh province submitted a report to the Ministry of Industry and Trade on the implementation of the Strategy for the Development of Vietnam’s Chemical Industry by 2030, with a vision towards 2040.
In the report, the People’s Committee of Binh Dinh province stated that they are promoting the implementation of procedures for approval of investment policies for Phu My Industrial Park with an area of approximately 820 hectares. The park is oriented to focus on developing specialized subdivisions in the field of chemistry, including Green Hydrogen and Green Ammonia projects.
The 1/5000 construction planning of Phu My Industrial Park was approved by the Chairman of the Provincial People’s Committee of Binh Dinh province in March 2024.
The project’s scale is one of the largest in the province.
By October 2024, the 1/5000 construction planning of Phu My Industrial Park was basically completed and sent for comments from the Ministry of Planning and Investment, the Ministry of Construction, the Ministry of National Defense, and the Ministry of Public Security.
The report states that in Phu My Industrial Park, Phu My Investment Group Joint Stock Company is planning to invest in the future in a Green Hydrogen production project with a capacity of 450-500 MW (pilot 50MW) in phase 1 from 2026-2030 and 2,000 MW in phase 2 from 2030-2035.
The hydrogen production output is expected to be 20,000 tons of hydrogen per year (phase 1) and 160,000 tons of hydrogen per year (phase 2).
The technology and equipment for the Green Hydrogen production project are expected to be supplied by Siemens Energy and G7 countries.
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In late 2023, at the Conference on Announcing the Planning of Binh Dinh Province for the period of 2021-2030, with a vision towards 2050, the People’s Committee of Binh Dinh province granted the Investment Registration Certificate for the project “Hydro Production – General Port – Phu My Industrial Park” to Hướng Việt Investment Consulting Joint Stock Company.
Information at the conference showed that the project’s investment capital is expected to be around VND 21,000 billion.
Hướng Việt is a major shareholder of Phu My Investment Group Joint Stock Company.
Another enterprise, Dai An Saigon Joint Stock Company, on August 19, 2024, also proposed to the People’s Committee of Binh Dinh province to implement the investment in Phu My Industrial Park project.
According to the report, the Green Hydrogen project is facing difficulties due to the high investment cost of the electrolysis system and offshore wind power, lack of technology mastery, high production cost of green hydrogen, and challenges in competitiveness. The use of green hydrogen equipment is not yet popular in Vietnam, leading to difficulties in local consumption demand. Additionally, the project requires a significant amount of capital.
The report proposes mechanisms to encourage, incentivize, and support green hydrogen production projects and suggests policies to attract investment.
Who is the investor of the project?
The investor of the project, Phu My Investment Group Joint Stock Company, has a charter capital of VND 1,425 billion and three shareholders: Mandala Corporation Joint Stock Company holding 65% capital, Hướng Việt Investment Consulting Joint Stock Company holding 20% capital, and Vietnam Marine Port Investment Joint Stock Company holding 15% capital. Mr. Tran Nhu Long (born in 1979) is the Director and legal representative of the company.
Mandala Corporation Joint Stock Company
was established in March 2024 with a charter capital of VND 395 billion, in which Mr. Duong Quang Can holds 99.8% of the charter capital, High-Tech Energy and Infrastructure Development Joint Stock Company and Mrs. Thai Thi Thanh Huong hold the remaining 0.1%. By August 2024, the company had increased its investment capital to VND 930 billion without disclosing the shareholder structure.
Mr. Duong Quang Can is currently the General Director and legal representative of Ia Pet Dak Doa No. 2 Wind Power Joint Stock Company and High-Tech Energy and Infrastructure Development Joint Stock Company.
These individuals and entities are major “players” in the energy sector in Vietnam, with credit support from OCB Bank.
Regarding Hướng Việt, as mentioned above, this enterprise was granted the Investment Registration Certificate for the project “Hydro Production – General Port – Phu My Industrial Park” by the People’s Committee of Binh Dinh province in late 2023.
Vietnam Marine Port Investment Joint Stock Company, chaired by Mr. Le Xuan Quang, who is also the legal representative, recently increased its charter capital from VND 10 billion to VND 223.75 billion in September 2024.
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