Latest news with #PetroVietnam
Free Malaysia Today
26-05-2025
- Business
- Free Malaysia Today
Malaysia, Singapore explore importing wind energy from Vietnam
Sembcorp Industries Ltd said the 'industry alliance' will look to export green electricity, especially offshore wind power, from Vietnam. (ADB pic) KUALA LUMPUR : Major power companies in Singapore, Malaysia and Vietnam have agreed to explore renewable energy links across their borders, as Southeast Asia takes steps to realise its long-held vision of a regional supergrid. The 'industry alliance' will look to export green electricity, especially offshore wind power, from Vietnam to the other two countries, according to a statement from Singapore's Sembcorp Industries Ltd today. The pact comes as the Association of Southeast Asian Nations steps up efforts to connect its 10 member countries through a regional power grid, which is seen as critical to meeting ambitious climate targets and voracious demand from sectors like artificial intelligence and data centres. Still, the region will need to significantly ramp up grid investment to accommodate rapidly expanding renewables. Announced on the sidelines of an Asean summit in Kuala Lumpur, the collaboration will bring together a unit established by Malaysian utility Tenaga Nasional Bhd and state-owned oil and gas company Petroliam Nasional Bhd and subsidiaries of Sembcorp and PetroVietnam, the statement said. The countries will evaluate the feasibility of exporting clean energy from Vietnam to Malaysia and Singapore via a new subsea cable and through the Malaysian grid, the statement said. Currently, there are more than a dozen projects underway in Asean related to the regional power grid.
Time of India
20-05-2025
- Business
- Time of India
Vietnam signs nuclear power agreement as it seeks to rebalance US trade
US nuclear power station builder Westinghouse has signed an agreement with Vietnam's biggest energy firm, Hanoi said on Tuesday as it seeks to head off stiff tariffs threatened by the Trump administration. Hanoi and Washington are engaged in a second round of trade talks after US President Donald Trump threatened a 46 percent levy on Vietnamese goods as part of his global tariff blitz, the industry and trade ministry said in a statement. Vietnam has the third-biggest trade surplus with the United States of any country after China and Mexico and is anxious to address the trade imbalance to head off the tariff threat. State-owned Vietnam National Industry and Energy Group ( PetroVietnam ) signed a memorandum of understanding with US company Westinghouse Electric on nuclear power development, according to a statement by the ministry. The agreement is focused on energy infrastructure investment models, technology transfer and human resource training, it said. Nguyen Hong Dien, Vietnam's industry and trade minister, said at a meeting with Westinghouse officials that energy development cooperation would be "an important driving force contributing to balancing bilateral trade between Vietnam and the United States". The ministry quoted Westinghouse corporate affairs executive vice president Margaret Cosentino as saying the company expressed strong support for Vietnam's plan, while emphasising the importance of long-term energy cooperation . The Vietnamese team had also entered the second round of trade negotiations on Tuesday, it said. Both sides "spent time discussing the overall approach to resolve fundamental issues of mutual concern", the statement said. Vietnam wants to restart nuclear power plans to meet its rapidly expanding energy needs and signed an agreement in January with Russia linked to the Ninh Thuan nuclear power project. The project, which involves two plants in central Ninh Thuan province with a combined capacity of 4,000 megawatts, was originally to be developed with assistance from Rosatom and the Japanese consortium JINED before plans were scrapped in 2016.
Time of India
20-05-2025
- Business
- Time of India
Vietnam signs nuclear power agreement as it seeks to rebalance US trade
Vietnam signs nuclear power agreement as it seeks to rebalance US trade (AI image) US nuclear power station builder Westinghouse has signed an agreement with Vietnam's biggest energy firm, Hanoi said on Tuesday as it seeks to head off stiff tariffs threatened by the Trump administration. Hanoi and Washington are engaged in a second round of trade talks after US President Donald Trump threatened a 46 percent levy on Vietnamese goods as part of his global tariff blitz, the industry and trade ministry said in a statement. Vietnam has the third-biggest trade surplus with the United States of any country after China and Mexico and is anxious to address the trade imbalance to head off the tariff threat. State-owned Vietnam National Industry and Energy Group ( PetroVietnam ) signed a memorandum of understanding with US company Westinghouse Electric on nuclear power development, according to a statement by the ministry. The agreement is focused on energy infrastructure investment models, technology transfer and human resource training, it said. Nguyen Hong Dien, Vietnam's industry and trade minister, said at a meeting with Westinghouse officials that energy development cooperation would be "an important driving force contributing to balancing bilateral trade between Vietnam and the United States". The ministry quoted Westinghouse corporate affairs executive vice president Margaret Cosentino as saying the company expressed strong support for Vietnam's plan, while emphasising the importance of long-term energy cooperation . The Vietnamese team had also entered the second round of trade negotiations on Tuesday, it said. Both sides "spent time discussing the overall approach to resolve fundamental issues of mutual concern", the statement said. Vietnam wants to restart nuclear power plans to meet its rapidly expanding energy needs and signed an agreement in January with Russia linked to the Ninh Thuan nuclear power project. The project, which involves two plants in central Ninh Thuan province with a combined capacity of 4,000 megawatts, was originally to be developed with assistance from Rosatom and the Japanese consortium JINED before plans were scrapped in 2016.
New Straits Times
20-05-2025
- Business
- New Straits Times
Vietnam says second round of trade talks started in Washington
HANOI: Vietnam and the United States have started a second round of trade negotiations in Washington, the Vietnamese government said on Tuesday as it seeks a deal to avoid a threatened 46 per cent tariff rate that could weaken its export-driven growth model. The second round of formal talks for a bilateral trade deal began on Monday and will run until May 22, the trade ministry said in a statement. The first round of talks was held earlier this month. "The two countries had discussions on the overall approach to resolving fundamental issues of mutual concern and accelerating the negotiation process," the ministry said. "Vietnam and the US are also speaking about current policies as a basis for proceeding to next steps." Trade Minister Nguyen Hong Dien is leading the delegation, which includes representatives from sectors such as construction, agriculture and technology, as well as officials from the central bank and finance ministry. Dien also met with his US counterpart Jamieson Greer in South Korea last week, following an APEC meeting. The US has delayed the implementation of the 46 per cent tariff on Vietnam until July, substituting it with a 10 per cent rate. If enforced, the tariff could disrupt Vietnam's growth, given its heavy reliance on exports to the US, its largest market. Vietnam, which is a significant regional manufacturing base for many Western companies, recorded a trade surplus of over US$123 billion with the US in 2024. In a bid to reduce that surplus, Hanoi has implemented several measures, including curbing shipments of Chinese goods to the US via its territory and increasing its purchases of US goods. Dien also held discussions on nuclear technology with US power company Westinghouse on Monday, the ministry said, after the government last year resumed plans to develop nuclear power plants. Westinghouse did not immediately respond to a request for comment outside of US business hours. In a separate statement, the finance ministry said state energy firm PetroVietnam planned to buy more crude oil from Exxon Mobil, while the country's rubber and maritime corporations were both looking to establish US facilities.
Arab News
20-05-2025
- Business
- Arab News
Vietnam says second round of trade talks started in Washington
HANOI: Vietnam and the United States have started a second round of trade negotiations in Washington, the Vietnamese government said on Tuesday as it seeks a deal to avoid a threatened 46 percent tariff rate that could weaken its export-driven growth model. The second round of formal talks for a bilateral trade deal began on Monday and will run until May 22, the trade ministry said in a statement. The first round of talks was held earlier this month. 'The two countries had discussions on the overall approach to resolving fundamental issues of mutual concern and accelerating the negotiation process,' the ministry said. 'Vietnam and the US are also speaking about current policies as a basis for proceeding to next steps.' Trade Minister Nguyen Hong Dien is leading the delegation, which includes representatives from sectors such as construction, agriculture and technology, as well as officials from the central bank and finance ministry. Dien also met with his US counterpart Jamieson Greer in South Korea last week, following an APEC meeting. The US has delayed the implementation of the 46 percent tariff on Vietnam until July, substituting it with a 10 percent rate. If enforced, the tariff could disrupt Vietnam's growth, given its heavy reliance on exports to the US, its largest market. Vietnam, which is a significant regional manufacturing base for many Western companies, recorded a trade surplus of over $123 billion with the US in 2024. In a bid to reduce that surplus, Hanoi has implemented several measures, including curbing shipments of Chinese goods to the US via its territory and increasing its purchases of US goods. Dien also held discussions on nuclear technology with US power company Westinghouse on Monday, the ministry said, after the government last year resumed plans to develop nuclear power plants. Westinghouse did not immediately respond to a request for comment outside of US business hours. In a separate statement, the finance ministry said state energy firm PetroVietnam planned to buy more crude oil from Exxon Mobil, while the country's rubber and maritime corporations were both looking to establish US facilities.
