Three PV Power Member Companies Sign Cooperation Agreement for Renewable Energy Development
On June 29th, at the headquarters of Vietnam Power Corporation Joint Stock Company (PV Power), a subsidiary of Vietnam Oil and Gas Group (Petrovietnam), a Memorandum of Understanding (MoU) signing ceremony took place between three member companies under PV Power to collaborate on renewable energy development.
Strategic Cooperation Event in the Energy Sector
The event marks a significant step in PV Power's strategy for sustainable development and diversification of energy sources, while demonstrating Petrovietnam's strong commitment to transitioning to a green economy model, reducing carbon emissions, and addressing climate change.
Vietnam Power Hydropower Joint Stock Company (PV Power HHC), Vietnam Power Dakdrinh Hydropower Joint Stock Company (PV Power DHC), and Vietnam Power Renewable Energy Joint Stock Company (PV Power REC) have jointly committed to close cooperation to develop renewable energy projects nationwide.
Introduction to the Participating Companies
Vietnam Power Hydropower Joint Stock Company (PV Power HHC)
Established in 2009, PV Power HHC specializes in investing, constructing, operating, and managing hydropower projects. The company currently operates the Hua Na Hydropower Plant with a total capacity of 240MW, making a significant contribution to the national power system and socio-economic development in the Northwest region.
Vietnam Power Dakdrinh Hydropower Joint Stock Company (PV Power DHC)
Founded in 2010, PV Power DHC is a subsidiary of PV Power specializing in the hydropower sector. The company operates the Dakdrinh Hydropower Plant with a capacity of 70MW, providing stable electricity to the Central Highlands region and contributing to national energy security.
Vietnam Power Renewable Energy Joint Stock Company (PV Power REC)
As a pioneer in the renewable energy sector of PV Power, PV Power REC specializes in investing, constructing, and operating solar power, wind power, and other renewable energy projects. The company has implemented numerous large-scale projects across the country, establishing its leading position in the clean energy industry.
| Company | Specialization | Flagship Project | Capacity (MW) |
|---|---|---|---|
| PV Power HHC | Hydropower | Hua Na Hydropower Plant | 240 |
| PV Power DHC | Hydropower | Dakdrinh Hydropower Plant | 70 |
| PV Power REC | Renewable Energy | Trung Nam Solar Power Complex | 550 |
Content and Significance of the Memorandum of Understanding
The Memorandum of Understanding between the three PV Power member companies focuses on several key areas:
- Coordinating investment and development of renewable energy projects nationwide
- Sharing experience, technology, and resources in the clean energy sector
- Ensuring economic efficiency and environmental sustainability of projects
- Strengthening cooperation with local authorities and domestic and international partners
- Developing high-quality human resources for the renewable energy industry
Mr. Nguyen Van Loc, General Director of PV Power, emphasized: "This cooperation is not only a strategic move to optimize resources but also a strong commitment from PV Power to contribute to the country's renewable energy development goals. We expect the coordination between the three units to create synergistic strength, accelerating Vietnam's transition to clean energy."
Strategic Vision for Renewable Energy Development
Vietnam aims to achieve a 20-25% share of renewable energy in the total energy supply by 2030 and 30-35% by 2050. To achieve these targets, PV Power has identified renewable energy as one of its strategic development pillars.
According to its plan, PV Power will focus on developing solar power, wind power, LNG gas power, and other renewable energy sources with a total target capacity of 5,000MW by 2025 and 10,000MW by 2030.
PV Power's Development Strategy
- Diversifying energy sources to reduce dependence on fossil fuels
- Applying advanced and modern technologies in power generation
- Ensuring national energy security and sustainable development
- Strengthening international cooperation to access capital and advanced technology
- Developing high-quality human resources for the energy sector
Reactions from Stakeholders
Mr. Tran Sy Thanh, Chairman of the Board of Directors of PV Power, shared: "Today's event is a clear demonstration of PV Power's determination to lead in the renewable energy sector. We believe that cooperation between member companies will yield significant results, not only economically but also environmentally and socially."
Mr. Le Manh Hung, Chairman of Vietnam Oil and Gas Group (Petrovietnam), highly commended this cooperative initiative and affirmed: "Petrovietnam always supports and creates favorable conditions for its member companies to develop renewable energy. This is not only a global trend but also the responsibility of state-owned enterprises in contributing to the country's sustainable development."
Conclusion
The cooperation agreement signing between three PV Power member companies marks an important milestone in Vietnam's renewable energy development journey. With close coordination and leveraging the individual strengths of each unit, PV Power expects to quickly realize its strategic goals, making a significant contribution to national energy security and Vietnam's carbon emission reduction commitment at COP26.
This event also opens up broader cooperation opportunities with domestic and international partners, attracting investment into the clean energy sector and creating momentum for Vietnam's sustainable socio-economic development in the future.