The Hanoitimes - SHS Holdings Ltd. has announced that it and its wholly-owned subsidiary, Sinenergy Holdings Pte Ltd, signed a memorandum of understanding with Vietnam to develop a 300MW solar farm.
The proposed farm would be constructed by Singaporean based SHS Holdings on agricultural land in Ninh Thuan Province, Vietnam. This proposed investment is subject to a detailed feasibility study to be conducted; the subsequent issue of an investment licence from the Ministry of Planning and Investment of Vietnam, and the passage of certain legislation by the Vietnam government.
The specific solar power policy and legislation is anticipated to be ratified by the Vietnam Government later this year, before the parties move ahead to sign a formal implementation agreement. “We have completed extensive research into the opportunities and technical parameters surrounding the potential of harnessing solar energy in Vietnam, and believe that Ninh Thuan is the most suitable and ideal location for such a project,” said Mr Henry Ng, CEO of SHS Holdings.
The Group, he said, is accelerating its track record in solar energy, which is one of its key growth engines. In 2016, it completed a 4MW grid-tiered solar photovoltaic system on the rooftop of SATS Airfreight Terminals 5 and 6 at Singapore Changi Airport. It is also currently constructing a 50MW solar plant in Bangladesh that is expected to complete by the second quarter of 2018.
Vietnam and Singapore have also actively coordinated at regional and international forums, especially within the framework of the Association of Southeast Asian Nations (ASEAN), Asia-Pacific Economic Cooperation (APEC), and Asia-Europe Meeting (ASEM).
The two sides are sparing no effort to connect the two countries’ economies and with others in ASEAN. Notably, Singapore’s direct investment in Vietnam has continuously increased since 1998, making it the third biggest investor of Vietnam among 101 countries and territories, with a total investment of US$39 billion, mainly poured into real estate, processing industry, manufacturing, and construction.
The two sides are expected to discuss strategic orientations and specific measures to further deepen the bilateral strategic partnership in the coming time and keep up with the current rapid developments in the fourth industrial revolution.
Experts said Vietnam and Singapore should take advantage of their strengths to promote strategic partnership and join the global supply chain. For example, Singapore has strength in capital, research, technology, and markets, while Vietnam boasts advantages in natural resources, labour and markets.
Key projects should be defined, especially at industrial parks, urban and logistics areas, they said, adding that the two countries need to create a periodical information exchange mechanism as well as provide information on their socio-economic development situation, policies and laws as a source of reference data for their businesses when seeking market entry.
Translated by Anh Kiet