Energy stocks seen driving up market furtherPhuong Thao HCMC – The energy sector is expected to send the VN-Index rising further after the Ministry of Industry and Trade announced a retail power price hike last Thursday. In Decision 24, the Prime Minister approved a retail electricity price rise by 6.08% to VND1,721 per kWh, effective from December 1. The decision comes in the lead to the traditional Lunar New Year holiday, or Tet, which falls in mid-February next year. According to Viet Capital Securities Company, even though the price hike will leave no short-term impact on energy stocks, this is a positive step in the process of liberalizing the power market. “We note that PetroVietnam Power Corporation’s initial public offering is expected in the first quarter of 2018, followed by Vietnam Electricity Group’s Genco 3 later in the year. The higher electricity price also supports the Government’s efforts to attract foreign direct investment for new power … [Read more...] about Energy stocks seen driving up market further
Energy
US helping Vietnam develop clean energy
The signing ceremony of a cooperation agreement between the US Trade and Development Agency and the Power Engineering Consulting Joint Stock Company 2 Project agreementsRecently, the Sao Mai Group and the US Agency for International Development (USAID) signed a cooperation agreement to carry out a 210MW solar power project with a total investment of US$193.35 million in An Giang Province’s Tinh Bien District. Under the agreement, USAID will provide funds for this project through the Vietnam Low Emission Energy Program (V-LEEP). This is the largest solar power project in Vietnam so far.The project will be implemented in four stages: In 2018 it will produce 46MW; in 2019: 58MW; 2020: 44MW; and 2021: 62MW. It has been approved by the prime minister as part of the National Power Development Plan based on Decision 869/TTg-CN dated June 19, 2017.In October 2017, the US Trade and Development Agency (USTDA) signed an agreement with the Power Engineering Consulting Joint Stock Company … [Read more...] about US helping Vietnam develop clean energy
Seminar looks into potential of developing wind energy
Illustrative image (Source: VNA) Hanoi (VNA) – The Danish Embassy in Hanoi, incollaboration with Danish wind turbine company Vestas, held a seminar in Hanoion December 7 to consider the potential of developing wind energy and thebusiness of operating wind energy mills in VietnamSpeaking at the event, deputy head of the Ministry ofIndustry and Trade (MoIT)’s Department of Electricity and Renewable Energy DoDuc Quan said renewable energy is proving increasingly competitive to othertraditional energy sources, adding that renewable energy development will helpVietnam diversify and become self-sufficient in power supply while protecting theenvironment. The MoIT will continue refining legal framework and proposemechanisms to facilitate the development of renewable energy; study smart grid andenergy storage technology, and forecast capacity to fully tap access to powerusing renewable energy, he said. According to the ministry, Vietnam now has only 6 operating … [Read more...] about Seminar looks into potential of developing wind energy
Asian markets tumble on sell-off in tech, energy firms
A global equity rally has hit the buffers this week as the US probe into Russia's alleged election meddling sows uncertainty, Britain struggles to reach a Brexit deal with the European Union and traders remain cautious about Washington's ability to push through tax cuts.A key drag for Asia on Wednesday was copper prices which sank more than four per cent in London, having already lost about 10 per cent over the previous week. Analysts blamed a pick-up in the dollar on hopes for US tax cuts.There are also worries about China's crackdown on borrowing-fuelled investing."The sentiment in China has turned less positive after the conclusion of the national party congress, as the deleveraging rhetoric has returned to the market, especially with regards to real estate speculation," TD Securities commodity strategist Ryan McKay told Bloomberg News."Worries of the deleveraging's impact on real estate and construction demand saw optimism for commodity demand reduced and prices retreat."Oil prices … [Read more...] about Asian markets tumble on sell-off in tech, energy firms
Wind energy could grow 7% a year: experts
HCM CITY — Experts at a wind energy workshop on Tuesday recommended sustainable solutions for development of the wind power sector in Việt Nam. Organised by Vestas Wind Systems from Denmark in collaboration with the Ministry of Industry and Trade (MoIT), the workshop attracted many foreign experts in the field of wind energy and representatives of organisations and agencies. Nguyễn Ngọc Hưng of the MoIT’s Institute of Energy said Việt Nam had turned into a net energy importer since 2015. Results of a business-as-usual (BAU) scenario show that Việt Nam could achieve an average growth of 7 per cent a year in the 2016-35 period in the wind energy sector by mobilising funds and improving efficiency of capital use. There are four wind power projects in the country located in Bạc Liêu, Bình Định and Bình Thuận provinces. Around 50 wind power projects have been registered. Vũ Chi Mai of MoIT … [Read more...] about Wind energy could grow 7% a year: experts