Vice Prime Minister receives Aboitiz Group, a leading energy company in the Philippines under the Aboitiz Group. Photo: VGP
In the afternoon of August 5, Vice Prime Minister Nguyen Chi Dung received Mr. Danel C. Aboitiz, Chairman and CEO of Aboitiz Power. Aboitiz is a leading energy company in the Philippines under the Aboitiz Group.
Meeting with the Vice Prime Minister, Mr. Daniel C. Aboitiz shared that the group wants to learn about Vietnam’s priorities and orientations in energy and electricity development. Aboitiz wishes to invest in the electricity sector in Vietnam, especially in the transmission system. In addition to its strengths in coal-fired power and extensive experience in hydropower, the group is also researching the application of artificial intelligence (AI) in maintenance for power projects.
After listening to Mr. Daniel C. Aboitiz, the Vice Prime Minister expressed support for Aboitiz Group’s plan to expand its investments in Vietnam in the field of renewable energy, especially as Vietnam is also promoting energy transition and developing a green economy. The Vice Prime Minister stated that Vietnam aims for double-digit growth in the next phase, so the demand for electricity is huge, especially in emerging industries such as AI and big data.
“Vietnam has determined that energy development investments must ensure three factors: sufficient, clean, and stable electricity. In any case, there must be enough electricity to serve economic development,” emphasized the Vice Prime Minister.
The Vice Prime Minister supports Aboitiz Group’s plan to expand investments in renewable energy in Vietnam. Photo: VGP
To soon transform these investment ideas into specific projects, the Vice Prime Minister suggested that the Aboitiz Group discuss in detail with the Ministry of Industry and Trade and related localities to find suitable projects, especially wind, solar, and LNG power projects.
Along with that, the Vice Prime Minister suggested the group study models that combine renewable energy power plants with data centers. Develop supporting industries to serve the group’s projects in Vietnam and export to international markets. At the same time, actively consult on mechanisms and policies to effectively manage power sources and train human resources.
In addition, the Vice Prime Minister proposed that Aboitiz continue to expand its investments in Vietnam in fields where the group has experience and strengths, including through M&A activities, such as animal feed production, agricultural products, food, finance and banking, and infrastructure…
According to the Vice Prime Minister, the Vietnamese government is committed to creating favorable conditions for domestic and foreign investors to do business effectively, sustainably, and long-term.
According to the adjusted Power Plan VIII, renewable energy is expected to account for about 28-36% of total power capacity by 2030 and then increase to 74-75% by 2050. Vietnam continues to improve institutions and develop a synchronous and intelligent power grid to promote large-scale power projects.
In reality, regarding energy supply, to ensure a clean, stable, and reasonably priced energy supply to serve international commitments and the above development goals, Vietnam has issued Power Plan VIII. The plan aims to develop power sources using renewable energy, accounting for about 28-36% of the total grid capacity by 2030 and targeting 74-75% by 2050.
At the same time, Vietnam continues to improve institutions, create a favorable legal corridor, and develop a synchronous and intelligent power grid to promote large-scale power projects with high potential for dissemination.
The Famous Philippine Group is Operating Nearly 50 Power Plants
Aboitiz Power is currently operating nearly 50 power plants in the Philippines. Photo: Aboitiz Power
Aboitiz Power was established in 1988. Currently, the group is operating nearly 50 power plants in the Philippines, with a total capacity of about 5,000 MW, with diverse power sources such as thermal power, hydropower, geothermal power, wind power, and solar power.
In Vietnam, the Aboitiz Group has also started investing in agriculture since 2014, with a system of animal feed production plants located in many localities such as Tay Ninh, Dong Thap, and Ho Chi Minh City.
“Economic Growth and the Energy Transition: Walking Hand in Hand.”
To achieve double-digit growth, a nation must implement synchronized development strategies. Economic growth must go hand in hand with energy growth. Failing to prioritize energy growth will hinder any nation from achieving sustainable development.
“Leading Philippine Energy Corporation Seeks Investment Opportunities in Vietnam”
Established in 1988, Aboitiz Power, a part of the Aboitiz Group, is one of the largest power companies in the Philippines. With a diverse portfolio of power sources, including thermal, hydro, geothermal, wind, and solar, the company currently operates nearly 50 power plants across the nation, boasting a combined capacity of approximately 5,000 MW.
The Energy Policy Enforcer: Unraveling the Complex World of Energy Strategies with Expert Insights.
“Vietnam boasts a comprehensive set of policies, plans, and orientations for energy development. However, the gap between aspirations and reality remains significant. This discrepancy makes investors cautious, despite their interest in the country’s $368 billion energy transition market.”
“Nuclear Power Pursuit by Petrovietnam: Over $10 Billion Needed, But Which Technology?”
“The greatest challenge that Petrovietnam faced when tasked with the nuclear power project was the massive investment required, totaling over tens of billions of USD. This figure far exceeded the financial capabilities of the enterprise as well as domestic banks, presenting a formidable obstacle to overcome.”
“Sustainable Infrastructure Development for Long-Term Industrial Growth”
Vietnam is striving towards a dual goal of achieving high-income status by 2045 and sustainable development, with a Net Zero target by 2050. According to experts, one of the crucial prerequisites to attaining these goals is the development of a green industry.
