HDF Energy plans $500 million green investment in Vietnam

HDF Energy plans $500 million green investment in Vietnam

French group HDF Energy plans to invest $500 million in Vietnam across renewable energy, green transportation, and petrochemical refining.

HDF Energy shared its investment plans during a meeting with Bui Xuan Cuong, Vice Chairman of Ho Chi Minh City People’s Committee, on November 20.

Tran Khanh Viet Dung, director of HDF Energy in Vietnam, said, “HDF Energy has maintained a representative office in Vietnam since 2022 and has collaborated with ministries, agencies, and state-owned enterprises in renewable energy, transportation, petrochemical refining, and more. We also have a portfolio of investment ventures in the pipeline in Vietnam with a total capital of $500 million.”

HDF Energy is seeking the municipal city’s support for its investments in green ventures, ranging from renewable energy to a hydro-powered water bus system along the Saigon River. Other collaborative projects include a green port at Can Gio and green-energy supply initiatives for the Con Dao Special Administrative Zone. The effort is coupled with the research and development of a hydrogen-powered inner-city railway line.

Cuong expressed his appreciation for HDF Energy’s ongoing and planned green projects in Vietnam, including initiatives in Ho Chi Minh City.

“Developing renewable energy and green transportation is essential to ensure energy security, sustainable economic growth, and environmental protection. Ho Chi Minh City aims to pursue development in line with this direction, and we hope HDF Energy will invest in green ventures here,” he said.

He added, “We are committed to facilitating progress and working closely with HDF Energy to ensure the projects are implemented efficiently and successfully in the city.”

HDF Energy has been intensifying its efforts to promote sustainable development in Vietnam. In June, the French company announced a partnership with Vietnam Maritime Corporation (VIMC), a leading state-owned enterprise in maritime transport, port operations, and logistics. The collaboration aims to deploy locally produced green hydrogen and HDF’s fuel cell technologies across VIMC’s operations, supporting the decarbonisation of Vietnam’s maritime sector.

In May, HDF Energy signed a major MoU with Southern Power Corporation in Hanoi to develop five renewable power plants, with a total investment of around $575 million, in off-grid and isolated island communities in the East Sea, southern Vietnam.

VIR