Banpu Group makes its debut in Vietnam’s green energy sector

As one of Asia’s fastest-growing economies with a high demand for electricity, Vietnam is in the sights of investors from abroad. Banpu Group CEO Somruedee Chaimongkol outlined to VIR’s Nguyen Thu the firm’s ambition to expand its portfolio and create a greener and smarter strategy.

What is your priority for the country, and what is the role of Soc Trang Wind Power Plant 3 in your development strategy in Vietnam?

banpu group makes its debut in vietnams green energy sector
Banpu Group CEO Somruedee Chaimongkol

Soc Trang 3 is an investment under Banpu’s energy generation business group. We expect that this project will successfully achieve commercial operation date (COD) of the first phase by the end of 2020.

In accordance with Banpu’s greener and smarter strategy, as well as energy sustainability principles comprising reliability, affordability, and eco-friendliness, the company continually seeks opportunities to strengthen growth in power generation and distribution on both base-load and renewable power businesses across the Asia-Pacific region.

Vietnam is an attractive country for its high potential, growing needs of electricity, and clear policies to promote various kinds of energy generation.

We have had good support from government agencies and communities since making our presence here. For that reason, Banpu will continue to create sustainable growth in response to those energy trends and policies.

This is your first foray into Vietnam. Will there be any plans to invest in other sectors that the group has experience and operation in elsewhere?

Banpu has a presence in 10 countries in Asia-Pacific, and with over 20 years of experience and expertise in project development and power business operation.

The company continually seeks opportunities to strengthen growth in energy generation, focusing on both base-load and renewable power generation in these strategic counties as well as other potentials that have favourable government policies and high business prospects.

Many overseas investors are now interested in developing renewable power projects in Vietnam as the government is offering incentives. In what way will Banpu contribute to Vietnam’s renewables market in the near future?

As energy sustainability is the key, Banpu has prudently considered investment opportunities with balanced energy proportion in our portfolio across the Asia-Pacific region.

For Vietnam, we hope to be a unit fulfilling the government’s renewable targets.

Being committed to conducting our business professionally and ethically, we embrace environmental, social, and governance principles.

Currently, we are focusing on the wind power plant project to achieve the targeted COD and in the long term, we will contribute to the energy market growth in Vietnam in response to government policies.

Moreover, stakeholder relationship management and community development are our top priorities to ensure our investment and businesses follow sustainable development policy.

The company will carefully continue to consider all prospects with our strength in project development and power business operation across Asia.

Do you have any suggestion for the Vietnamese government to remove obstructions for the domestic power sector to lure more investment?

In every country we enter, we aim to have a long-term commitment with our business stakeholders in order to create sustainable growth.

To reach those goals, clear policy from the government is required, along with available access for international investors to study and gain advice about investment information.

Market insights, proper rules and regulations, and adequate infrastructure shall also enable successful investment decisions and returns in the future.


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