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CORPORATE NEWS

DOOSAN ANTICIPATES Vsun began construction of the wafer fac-
DEVELOPING LNG PROJECT tory in the northern province of Hung
Yen last November, covering 132,000 sq
m. The production base was ready for full
production at the end of April, marking a
significant advancement in Vsun’s strategic
layout towards the development of its
entire industry chain. Vsun Solar has
signed a strategic polysilicon supply deal
with leading South Korean-owned poly-
silicon producer the OCI Co., Ltd., which
will provide a stable supply of low-carbon
silicon materials meeting international importation. Mitsubishi Shokunin said it
standards. Leveraging the advantages of a is intensifying its overseas focus amid a
South Korea’s Doosan Group is interested vertically-integrated supply chain, Vsun shrinking domestic market. This latest
in working with Electricity of Vietnam Solar aims to help customers with cost investment will also serve its goal of pro-
(EVN) to develop the Quang Trach 2 liq- reductions and efficiency enhancements. moting innovation through startup busi-
uefied natural gas (LNG) project and other nesses. It began its cooperation with Home-
renewable energy projects, Mr. Kim Bong INDIAN CHEMICALS GIANT EYES DEEP- farm last year, and has already invested
Jun, Deputy General Director of Doosan, WATER PORT & AIRPORT PROJECTS JPY100 million ($645,000) in the Viet-
told a meeting between a visiting South namese food importer. The company said
Korean delegation and EVN in April. The it was looking to utilize Homefarm’s
project is part of the Quang Trach Power strengths, including its network of 161
Center in the central province of Quang stores as of end-2023 versus ten stores
Binh, which includes the Quang Trach 1 when it was established in 2017.
coal-fired power plant, also being developed
by EVN. The government approved the IGLOO PARTNERS WITH FINANCIAL
Quang Trach 2 project in 2021, initially as & INSURANCE PLAYERS
a coal-fired plant, with EVN assigned as
the developer. The initial estimated cost
was VND48.2 trillion ($1.9 billion), with
20 per cent coming from EVN and 80 per
cent from loans. Quang Trach 2 was Kanoria Chemicals & Industries Ltd., a
approved for transformation into an LNG- manufacturer of chemical intermediates
to-power project under the Power Devel- and specialties from India, has expressed
opment Plan VIII (PDP8), with capacity interest in the Bai Goc Deep-water Port
rising to 1,500 MW. Doosan wants to project at the Nam Phu Yen Economic
expand its eco-friendly energy portfolio Zone in the south-central province of Phu
in Vietnam, as one of its future strategies Yen, a meeting between Mr. Ta Anh Tuan,
is to enter the country’s clean energy Chairman of the Phu Yen Provincial People’s
market, which it views as having potential. Committee, and a representative from Regional insurtech (insurance technology)
“Doosan can participate in the bidding for Kanoria heard. The 220-ha Bai Goc Deep- company Igloo has announced strategic
some of the project’s main packages as water Port project has been designed to partnerships with leading financial solutions
soon as EVN completes regulatory approval accommodate vessels with a tonnage of providers ZaloPay, Lotte Finance, and FE
procedures,” EVN General Director Nguyen up to 50,000 DWT, and is expected to Credit and the digital insurer OPES, aimed
Anh Tuan said. include a berth for ships of up to 250,000 at expanding insurance coverage to under-
DWT. In addition to the port project, insured communities in Vietnam. These
JAPAN’S VSUN SOLAR BEGINS Kanoria is also keen on oil refinery projects partnerships not only offer popular insur-
SILICON WAFER PRODUCTION in Phu Yen and the upgrade of the local ance policies but also introduce a new
Tuy Hoa Airport. Mr. Tuan affirmed the range of products tailored to safeguard
province’s primary focus is the Bai Goc the distinctive needs of modern, tech-savvy
Deep-water Port and the Tuy Hoa Airport Vietnamese individuals. “Our mission is
upgrade as economic drivers. to revolutionize the insurance industry
through technology, ensuring accessible
MITSUBISHI INVESTS IN and dependable insurance solutions,” said
VIETNAMESE FOOD IMPORTER Mr. Tri Nguyen, Country Manager Vietnam
Mitsubishi Shokunin, the food arm of at Igloo. “By working closely with financial
Japanese giant Mitsubishi, has announced and insurance partners in Vietnam, we
an investment of VND45 billion ($1.8 mil- will extend our reach to a wider audience
lion) in Homefarm, a Vietnamese startup and deliver innovative products tailored
in food importation. The investment is to evolving consumer needs. This collabo-
The Japanese-invested solar solutions aimed at boosting demand and selling ration underscores our dedication to mak-
provider Vsun Solar has completed an Japanese food in overseas markets. Vietnam ing insurance affordable and accessible to
integrated industry chain with the pro- is a promising market, thanks to its pro- diverse Vietnamese communities, thereby
duction of its first silicon wafer in Vietnam, Japanese culture, potential for market enhancing insurance awareness and pen-
which is used to produce solar panels. growth, and suitable regulations on food etration in the country.”

en.vneconomy.vn May 15, 2024 Vietnam Economic Times 49