Vietnamese PM receives executives of Australian enterprises

Prime Minister Pham Minh Chinh on March 8 received executives of some leading enterprises of Australia planning cooperation and investment in Vietnam.

Prime Minister Pham Minh Chinh (R) receives Jeffrey Gandel, Non-Executive Chairman of ASM – an emerging Australian group in mining. (Photo: VNA)

At the meetings in Canberra, part of his official visit to Australia, PM Chinh highly valued the firms’ fruitful investment and business activities while welcoming their investment intentions and current operations in Vietnam.

He asked the enterprises to coordinate closely with Vietnamese ministries, sectors, businesses, and partners to implement their projects in line with regulations, apply modern technology, and increase support and technology transfer to help Vietnamese businesses further engage in global supply chains.

He pledged the best possible conditions for the enterprises to operate effectively and sustainably, stating that Vietnam always protects the rights and legitimate interests of investors.

Meeting with the Vietnamese leader, an executive of Corio Generation, a portfolio company of Macquarie Asset Management, said Corio has participated in some renewable energy projects in Vietnam since 2019 and hopes to invest in offshore wind power development in the country.

PM Pham Minh Chinh (R) receives CEO Paul Serra of the SunRice Group. (Photo: VNA)

The company is working with Vietnamese partners, ministries, sectors, and localities to make investment preparations but it is facing some problems, he noted, proposing the PM order ministries and sectors to facilitate its project.

In reply, PM Chinh said Vietnam approved the National Power Development Plan 8 in 2019 to provide an important legal basis for attracting more foreign investment to power, renewable energy, and energy transition projects.

He demanded the Ministry of Planning and Investment, the Ministry of Industry and Trade, and related ministries and sectors give guidance and streamline procedures to promote the project of Corio.

The Government leader asked Corio to coordinate closely with the Vietnamese parties to take the next steps of project implementation to bring about tangible benefits for both sides.

He called on the company to thoroughly consider the project’s feasibility, transfer wind power technology to Vietnam, and cooperate with experienced and capable businesses of Vietnam like the Vietnam Oil and Gas Group (Petrovietnam) to reduce production costs.

PM Chinh had separate meetings with Jeffrey Gandel, Non-Executive Chairman of ASM – an emerging Australian group in mining; and Oliver Kleinhempel, Chairman & Non-executive Director of EQ Resources – a leading Australian group in the production and distribution of tungsten - one of the important raw materials in electronics manufacturing.

The groups are seeking investment opportunities in Vietnam and they share the wish to inject capital into mining and developing mineral supply chains in the country.

At the meetings, the PM said Vietnam boasts relatively large mineral reserves, which have been highly valued by partners, noting the country has been devising a planning scheme and selecting investors in this sector.

Chinh suggested the businesses consider and roll out feasible, effective mining projects in Vietnam, apply high-tech, transfer mining technologies to the country, and help it join global mineral and metal supply chains.

The two groups pledged to closely coordinate with Vietnamese ministries, agencies and enterprises, as well as relevant partners to implement projects in line with regulations, and in the spirit of “harmonising interests and sharing risks” as suggested by the PM.

PM Chinh also received CEO Paul Serra of the SunRice Group – the largest rice production and distribution conglomerate in Australia, having about 90 percent of the country's rice market share.

Serra said the group, operating in Vietnam since 2008, has been coordinating the implementation of a project on developing a high-quality rice supply chain in the Mekong Delta since 2022 with the aim of developing high-yield, high-quality and sustainable varieties serving the international consumer market.

The SunRice Group wants to expand its investment in Vietnam in the time to come, he affirmed.

The Government leader informed the businessman on Vietnam’s current implementation of its green transition strategy to develop green and clean production, especially in agriculture. He lauded the group’s existing projects in Vietnam and welcomed its intention of future investment expansion.

PM Chinh recommeded the conglomerate to continue working directly and supporting Vietnamese farmers in farming production, seeking Vietnamese partners, investing in warehouses, promoting e-commerce, and supporting Vietnam’s participation in global supply chains.

He also suggested SunRice Group engage in Vietnam’s conduction of a project on growing 1 million ha of high-quality, low-emission rice and developing green growth in the Mekong Delta by 2030. The group is encouraged to collaborate and invest in the country’s halal food, seafood, fruit industries.

PM Pham Minh Chinh visits the hydrogen project model in Australia of SK Group from the Republic of Korea . (Photo: VNA)

Earlier the same day, PM Chinh visited the hydrogen project model in Australia of SK Group from the Republic of Korea. The group is looking to invest in an LNG exploitation and hydrogen production project in Vietnam.

PM Chinh said that Vietnam is focusing on implementing its green transition strategy, including energy transition and measures to realise its commitment to achieve net-zero emissions by 2050.

He said the SK Group's investment plan is in line with Vietnam's policies.

According to him, Vietnam has advantages and experience in the gas and oil exploitation industry and has large gas reserves. Vietnam prioritises LNG gas exploitation projects for electricity production, which will then serve for hydrogen production.

PM Chinh said that many corporations want to cooperate and invest in Vietnam and Vietnam will select qualified ones based on the spirit of respecting market mechanisms and competition rules.

He requested the SK Group to coordinate with experienced and potential Vietnamese partners to quickly prepare project proposals and submit them to competent authorities for consideration. He called on the group to develop a long-term investment strategy in Vietnam.

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