The Korean conglomerate SK Group recently invested USD 30 million in a Vietnamese startup fostering agency, while also expanding its collaboration with the Vietnamese government on eco-friendly ventures, spanning carbon capture, waste recycling, and the development of solar and wind farms.
SK Group has been one of the pioneers in Vietnam’s rapidly growing renewable energy sector, with operations in solar and onshore wind power as a part of Vietnam’s commitment to achieving net zero emissions by 2050. SK E&S, a subsidiary specializing in LNG power generation, leads SK Group’s clean energy initiatives in Vietnam, including the operation of solar farms with increasing capacity.
At the hydrogen summit held at the National Innovation Center (NIC), SK’s Chairman affirmed his plan to “support Vietnam’s clean energy transition and collaborate on achieving net-zero using advanced technologies such as hydrogen, carbon dioxide capture utilization and storage (CCUS), small modular reactors (SMRs), and energy solutions.”
Besides South Korea, Vietnam is also seeking support from Saudi Arabia to further develop the energy sector, especially renewables. Several Saudi Arabian large companies have also shown interest in the country’s fast-growing energy field. Notably, Saudi Arabian state-owned energy behemoth Aramco is working with Vietnamese partners to build a refinery in Vietnam.
In addition, the Southeast Asian nation is also inviting companies from Qatar and the UAE to invest in a wide range of sectors, including renewable energy, green transformation, and circular economy..
(Sources: VNExpress, SolarQuarter)