Aboitiz Group seeks opportunities to invest in Vietnam’s power projects

Danel C. Aboitiz, chairman and CEO of Aboitiz Power, made the statement during a meeting with Deputy Prime Minister Nguyen Chi Dung on August 5.

“In addition to its expertise in coal power and experience in developing hydropower projects, the group is researching the application of AI to build maintenance systems and enhance the operational efficiency of power plants,” Aboitiz said.

DPM Dung emphasised that Vietnam is striving for rapid and sustainable economic growth, targeting double-digit growth to lay the foundation for achieving its two centennial goals. Consequently, the demand for electricity, particularly for emerging industries such as AI and big data, is significant.

“Vietnam is committed to ensuring energy development meets three key criteria: sufficient, clean, and stable power. In all circumstances, the power supply must be adequate to meet economic development needs,” he said.

To meet the growing electricity demand, Vietnam introduced the National Power Development Plan VIII, aiming for renewable energy sources to account for approximately 28-36 per cent of total capacity by 2030 and 74-75 per cent by 2050.

Vietnam will continue to refine its legal framework, create a favourable legal corridor, and develop a synchronised, smart grid system to promote the implementation of large-scale, high-impact power projects.

“Aboitiz will promptly engage in detailed discussions with the Ministry of Industry and Trade and relevant localities to identify suitable investments, particularly in wind power, solar power, and LNG. The group should explore investments in renewable energy power plant models integrated with data centres, and develop supporting industries to serve the group’s projects in Vietnam, with an eye towards exporting to international markets,” the DPM said.

Established in 1988, Aboitiz Power currently operates nearly 50 power plants in the Philippines, with a total capacity of approximately 5,000 MW, including thermal power, hydropower, geothermal, wind, and solar power sources.

In Vietnam, since 2014, the group has invested in the agricultural sector, operating animal feed production plants in various localities such as Ho Chi Minh City, Tay Ninh and Dong Thap provinces.

British International Investment (BII), a UK development finance institution (DFI) and impact investor, on July 29 announced a $50 million loan to VPBank, supporting Vietnam’s green energy transition.

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