Major Partnership for Vietnam’s Green Energy Future
KN Holdings, a prominent multi-sector group in Vietnam, has announced a landmark partnership with Samsung C&T, a subsidiary of the South Korean conglomerate Samsung. The two companies signed a Memorandum of Understanding to jointly develop three floating solar power projects in Vietnam’s Central Highlands, with an impressive total capacity of 864 MW. This significant agreement was formalized at the Vietnam-Korea Economic Forum in Seoul, a high-level event held during a state visit by Vietnam’s Party General Secretary To Lam. The projects will be strategically located at the KN Srepok 3, KN Ialy Gia Lai, and KN Ialy hydropower reservoirs, and are designed to operate under a Direct Power Purchase Agreement (DPPA) mechanism. This will prioritize the supply of clean electricity to major industrial consumers, marking a pivotal step in both nations’ shared commitment to green economic development.
Leveraging Expertise for Sustainable Development
This collaboration is set to become a model for international cooperation in renewable energy. KN Holdings will leverage its local expertise and resources, while Samsung C&T will contribute its extensive experience in executing large-scale renewable energy projects around the world. By combining their strengths, the two companies aim to utilize advanced technologies to optimize the investment and operational efficiency of the projects. Beyond generating clean power, the initiative is designed to support Vietnam’s broader energy transition goals, with a focus on reducing greenhouse gas emissions and promoting sustainable development. The DPPA mechanism is a key component of this strategy, enabling large-scale electricity users to directly source clean energy and, in turn, accelerate the country’s shift toward a greener and more resilient energy economy.
A New Chapter in Vietnam-South Korea Relations
The MoU signing transcends a simple business deal, symbolizing a new direction for energy cooperation between Vietnam and South Korea. The fact that the agreement was reached at a forum co-chaired by top leaders from both countries, including Vietnam’s Party General Secretary and South Korea’s Prime Minister, highlights its strategic importance. The event brought together over 400 leading enterprises and more than 500 delegates, all organized through a coordinated effort by government bodies like the Ministry of Finance of Vietnam and the Ministry of Trade, Industry and Energy of Korea. This high-level engagement ensures that the projects are not only commercially viable but are also aligned with the national priorities of both countries. The partnership is a tangible outcome of diplomatic efforts and a clear reflection of a shared vision for a sustainable and prosperous future built on clean energy.
