Present at the signing ceremony held on August 25 in Hanoi were Attaché Min Moonki of the Embassy of the Republic of Korea (RoK), Hoon Sung, general director of Asong Invest, Byun Jong Jin, investment director of Asong Invest, Tran Quang Vinh, director of PVCB Capital, alongside other representatives of KCCI, KOTRA, K-SURE, KEXIM Bank, KDB Bank, and Woori Bank.
Photo: Asong Green Growth Fund invests in renewable energy projects of PV Power REC
On the PV Power side, Hoang Van Quang, chairman of the board of directors, Le Nhu Linh, general director of PV Power, and other board members, in addition to heads of functional departments and subsidiary units, as well as leaders of PV Power REC, attended the event
Photo: Mr. Hoang Van Quang, chairman of the board of directors, addresses the signing ceremony
Mr Quang, who serves as chairman of PV Power's Board of Directors, stated at the signing ceremony that as the second-largest power producer in the country, PV Power is taking enormous efforts in a bid to ensure national energy security. In order to meet the nation’s commitments to achieving net-zero carbon emissions by 2050, as announced at the 26th UN Climate Change Conference (COP26), in the near future PV Power will develop renewable energy projects such as solar power, wind power, pumped-storage hydroelectricity, biomass power, and waste-to-energy, along with LNG power projects. This will be done to meet the urgent electricity demand for economic development. It will also strive to carry out fuel production projects such as the use of green hydrogen/ammonia to gradually replace fossil fuels in coal and gas power plants, thereby aiding the Vietnamese energy transition programme.
He also stressed that co-operation with Asong Invest and PVCB Capital, both of which are companies that specialize in the search and development of renewable energy projects, is a significant milestone marking PV Power's determination in its strategy to diversify investment portfolio and focus on green energy fields. “We hope that the signing of the MOU today will lay the solid foundation for a sustainable and fruitful cooperation relationship between parties in the future,” said Mr Quang.
Photo: Mr Byun Jong Jin, investment director of Asong Invest, speaks at the event.
Mr Byun Jong Jin, who works as investment director of Asong Invest, said energy security and sustainability is an important issue. Under the capable leadership of PV Power, Asong Invest will seek to approve a variety of renewable energy projects like solar power, hydroelectricity, pumped-storage hydroelectricity, and wind power projects.
The world is currently facing challenges in mitigating the negative impacts of climate change and reducing reliance on and environmental pollution from fossil energy. With the ultimate goal of addressing the requirements of both present and future generations, the utilisation of renewable energy sources has been identified as a critical element in promoting sustainable development. Mr Jin expressed hope that relevant units will support the renewable energy transformation scheme in order to improve both Vietnam and the rest of the world through the partnership between PV Power and Asong Invest.
Photo: Representatives of units sign MOU
According to the terms of the MoU, PV Power and Asong Invest, PVCB Capital are keen to seize upon co-operation investment opportunities to develop renewable energy projects in the nation. This includes solar power, hydropower, pumped-storage hydroelectricity, and wind power projects, as well as hydrogen production and carbon credit market development programmes.
The MoU also clearly defines the roles and responsibilities of the parties. Accordingly, the parties will work together as part of efforts to create and research around US$2 billion worth of a renewable energy project by 2025. As part of the ITMO agreement to create a sustainable carbon credit trading market in both countries, the parties have consented to register projects in the Vietnam - RoK carbon credit trading market. Additionally, Asong Invest and PVCB Capital will move to increase its chances of collaboration with PV Power's affiliated businesses on additional possible projects.
Photo: Delegates congratulate each other on the success of the signing ceremony
The co-operation with Asong Invest and PVCB Capital will facilitate PV Power REC's activities in order to help it flourish in the field of renewable energy according to the approved strategy of the Vietnam Oil and Gas Group (PetroVietnam) and PV Power. In addition, the partnership will open up greater opportunities to tap into reliable funding sources for the implementation of projects created by PV Power through investment funds.
