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CORPORATE NEWS

PANDORA BREAKS GROUND is a term for leasing space from data opment orientations, and priority areas
AT BINH DUONG FACTORY center operators to park client data locally. for investment attraction, and is in accor-
However, he did not disclose the specific dance with the national strategy on green
timeline for the center’s construction. growth and Vietnam’s commitment to net-
zero emissions by 2050. It will also be the
VINFAST SET TO ENTER first power project to be granted an invest-
THE PHILIPPINES ment license following the recent approval
of the Power Development Plan VIII
(PDP8). The project has also received sup-
port from the Japanese Ministry of the
Environment as part of the Financing Pro-
gram for the Joint Crediting Mechanism
(JCM) Model Projects. Once completed
in early 2027, the plant will generate 50
Danish jewelry maker Pandora broke ground MW of power, of which about 45 MW will
on a $150 million factory in the southern be supplied to Electricity of Vietnam
province of Binh Duong on May 16, accord- (EVN)’s power transmission network. The
ing to the Embassy of Denmark in Vietnam. plant will use about 500,000 tonnes of
Its new crafting facility will be its third in scrap and wood by-products as fuel each
the world and the first outside of Thailand. VinFast Auto has announced its entry into year. It will be Erex’s second biomass
Located at the Vietnam-Singapore Industrial the Philippines’ electric vehicle (EV) market power plant in Vietnam, with its first, gen-
Park 3 (VSIP 3), the facility will have an in late May, affirming its commitment to erating 20 MW in the Mekong Delta’s Hau
annual capacity of 60 million pieces of being a leader across Southeast Asia and Giang province, scheduled to be put into
jewelry and employ more than 6,000 people. its mission to promote the electrification operation later this year.
It will be built under LEED Gold standards, of transportation globally. Entry into the
powered by 100 per cent renewable energy Philippines marks a new milestone for NIC & SAMSUNG PARTNER TO
and contributing to Vietnam’s green trans- VinFast in its Southeast Asian expansion DEVELOP LOCAL TECH TALENT
formation goals. “We scouted countries all strategy, particularly as the country
over the world before deciding on Vietnam embraces more government policies that
and Binh Duong province,” said Mr. promote the growth of EVs. The launch
Jeerasage Puranasamriddhi, Chief Supply also reaffirms VinFast’s commitment to
Officer at Pandora. “Expanding our pro- supporting the country in promoting
duction capacity is critical to meeting antic- greener and more sustainable transportation
ipated demand, and we are ready and infrastructure. “The brand launch in the
excited about our new chapter in Vietnam.” Philippines marks another significant mile-
stone for VinFast on its journey to grow its
ALIBABA TO BUILD $1-BILLION DATA presence in the global EV market,” said
CENTER IN VIETNAM Ms. Nguyen Thi Minh Ngoc, CEO of Vin-
Fast Philippines. “We will support the
Philippines in its electric mobility revolution The National Innovation Center (NIC) and
and believe that by offering modern, pow- Samsung Vietnam have kicked off the Sam-
erful, and smart vehicles alongside excep- sung Innovation Campus (SIC) for the
tional customer service, VinFast will steadily 2023-2024 academic year at the NIC campus
achieve its expansion goals in the market.” in Hanoi’s Hoa Lac Hi-Tech Park. This is
the first collaborative endeavor between
JAPANESE ENERGY PLAYER INVESTS the NIC and Samsung Vietnam to achieve
IN BIOMASS POWER PLANT the country’s goal of training 50,000 semi-
conductor engineers by 2030. It comes
under an MoU signed in October 2023
between the two parties on implementing
Chinese tech giant the Alibaba Group educational projects and high-tech devel-
plans to build a data center in Vietnam to opment for the younger generation in Viet-
satisfy legal requirements on local data nam. The agreement aims to cultivate tech-
storage and meet rising demand in one of nological talent and make Vietnam a des-
Asia’s fastest-growing economies. The tination for innovation in the region and
plan comes after a government decree the world. Mr. Choi Joo Ho, General Direc-
was promulgated in 2022 in which Vietnam tor of Samsung Vietnam, said the SIC pro-
directs foreign-invested enterprises to gram will serve as an exemplary model in
have data centers within the country’s the training of young Vietnamese. “The
boundaries to store user data. Alibaba is The northern province of Yen Bai has current environment presents significant
leasing space for computer servers from agreed to Erex, a Japanese renewable opportunities for young Vietnamese talent,”
two Vietnamese telecom groups - Viettel energy company, pouring between $100 he added. “In order for them to develop
and VNPT. Mr. Dang Minh Tam, Solution and $120 million into building a biomass into tech talent and fully realize their poten-
Architect Lead at Alibaba Cloud, said the power plant. To be located at the Bac Van tial, active cooperation and support from
company cooperated with Viettel and Yen Industrial Park, the plant falls within the government, enterprises, and educa-
VNPT via the co-location method, which provincial planning, socio-economic devel- tional institutions are essential.”

48 Vietnam Economic Times May 15, 2024 en.vneconomy.vn