Updated: Apr 6
On March 21, Vietnam-Laos held in Vientiane (Laos) during the meeting between the Ministry of Planning and Investment and the leaders of ministries, branches and enterprises of the two countries, T&T Group and Phongsubthavy Group has signed the memorandum of understanding to cooperate in the field of renewable energy (RE). Accordingly, the duo will cooperate to develop renewable energy projects in Laos with a total capacity of about 2,500 MW , selling electricity to Vietnam.
After the memorandum of understanding, T&T Group will coordinate with Phongsubthavy to develop projects in accordance with the current laws of the two countries; directly participate in project development stages such as survey, evaluation, contractor selection, technology selection, construction and installation, consulting... in order to meet international standards and ensure the effectiveness of the project.
According to the agreement, T&T Group will be the focal point, connecting competitive and preferential funding sources for renewable energy projects through all necessary sources (such as export credit agencies, multilateral agencies, commercial banks and others)
Speaking at the cooperation signing ceremony, Ms. Nguyen Thi Thanh Binh - Deputy General Director of T&T Group said: “In order to achieve its target 2030, T&T will invest in developing power capacity of approximately 12,000 - 15,000 MW. Partnering with Phongsubthavy to invest in energy projects in Laos, aiming to sell electricity to Vietnam”
Ms. Binh further emphasized:“Being with a major partner in Laos helps us to quickly grasp the processes, regulations of the law and energy policy of Laos.It’s more convenient in selecting projects and implementing T&T Group's overseas investment plan in the energy field. At the same time, realizing the investment cooperation relationship between the two Governments of Vietnam - Laos in the field of energy, thereby further consolidating the friendly relationship between the two countries.
It is known that with favorable climate conditions, Laos is a country that is considered to have great potential for renewable energy sources (such as hydroelectricity, wind power, solar power...) that can be exploited. The capacity is large enough to meet the domestic electricity demand, as well as has high potential to connect to the power grid and export electricity to neighboring countries, including Vietnam.