On November 8, 2024, in Chongqing City (China), within the framework of the Vietnam - China Business Forum, witnessed by Prime Minister Pham Minh Chinh and leaders of the two countries' ministries and branches, T&T Group signed and exchanged memorandums of understanding on cooperation with leading enterprises in the energy sector of China, including: Cospowers Co., Ltd., Goldwind International Holdings Co., Ltd.
Cooperation to build a storage battery factory in Vietnam
Accordingly, T&T Energy (a member of T&T Group) and Cospowers Company Limited signed a strategic cooperation agreement, with the important goal of researching and evaluating opportunities and potential for business development, building factories to produce energy storage products (for renewable energy and independent energy storage projects) and static energy storage systems for telecommunications.
According to the signed agreement, T&T Energy is responsible for finding a suitable location for the project and related legal procedures. Meanwhile, Cospowers will be in charge of technology, operations, markets and customers for the projects.
To concretize this cooperation, the two sides will immediately conduct research on cooperation opportunities in investing in the construction of an energy storage battery factory in Vietnam. In particular, phase 1 of the project has a capacity of about 2 GWh/year, with a total estimated investment of about 193 billion VND. Phase 2 of the project will be implemented 2-3 years after phase 1, contributing to increasing the total capacity of the project to about 10 GWh/year.
In addition to cooperating with Cospowers, T&T Group and Goldwind - the world's leading developer and manufacturer of wind energy technology, have also committed to cooperate in researching, developing, constructing and operating factories to produce battery storage systems for wind power projects in Vietnam.
In the context that Vietnam and other countries in the world have been strongly developing renewable energy sources, investing in battery storage systems is necessary; it not only contributes significantly to ensuring energy security and sustainable development of the country, but also promotes and opens a "new door" for the export market of storage batteries to potential countries.
In the long term, with access to and transfer of technology, Vietnam will be able to produce products that meet regional and world needs, be competitive in the international market, gradually become one of the leading countries in the field of green and clean energy innovation and participate in the global supply chain.
According to Ms. Nguyen Thi Thanh Binh, Deputy General Director of T&T Group, Chairwoman of the Board of Directors of T&T Energy, the cooperation with typical enterprises such as Cospowers and Goldwind to research and develop battery storage systems is not only a big step forward in the field of renewable energy but also demonstrates T&T Group's strong commitment to a green and sustainable future.
“With prestige, determination and understanding of the domestic market, combined with the experience, capacity and advanced technology of foreign partners, T&T Group will realize the goal of bringing breakthrough energy solutions and promoting socio-economic development,” emphasized Ms. Nguyen Thi Thanh Binh.
Development of energy support industry
Also according to the cooperation agreement between T&T Group and Goldwind, Goldwind will share information and experience to support T&T Group in developing the Energy Support Industrial Park project in Vietnam, with the goal of supplying equipment to the Vietnamese market and exporting to potential international markets.
When the Energy Support Industrial Park project is approved, Goldwind will invest in a part of the project to develop wind power equipment manufacturing plants. In addition, the two sides will jointly propose and promote mechanisms and policies to encourage investment in renewable energy support industrial parks.
Not stopping there, the strategic cooperation relationship between the two enterprises was also affirmed when T&T Group and Goldwind agreed to establish a cooperation mechanism to provide strategic equipment for a number of the Group's wind power projects, through providing and supporting wind potential assessment, developing customized turbines and other suitable separate related equipment, proposing operation and maintenance solutions to maximize the efficiency of the projects.
The cooperation with Goldwind promises to bring many long-term benefits to both T&T Group and Vietnam's energy industry, contributing to promoting the development of the domestic auxiliary energy industry with a key role in building a sustainable energy ecosystem.
In particular, the establishment of a renewable energy support industrial park will create a stable supply source, helping to reduce costs for investors based on the localization of each item and equipment of renewable energy projects, aiming for Vietnam to master technology, reduce dependence on foreign countries; and be completely self-sufficient in domestic production.
Furthermore, this will also be the driving force to create many new job opportunities, promoting the development of related industries. According to many experts, the cooperation of T&T Group this time is a strategic step, not only bringing economic benefits but also contributing to environmental protection and building a green, sustainable future.
In fact, in addition to cooperating with leading enterprises in the energy sector of China, T&T Group has also been cooperating and forming joint ventures with many large and prestigious partners in the world to develop green and clean energy in line with the national power development orientation according to the Power Plan VIII.
T&T Group constantly affirms its brand and reputation as a leading energy investor and developer in Vietnam, contributing to the national goal of climate change as well as realizing the Government's commitment to the goal of net zero emissions by 2050.
Currently, T&T Group has put into operation 10 solar and wind power plants with a total installed capacity and connection to the national grid of nearly 1,000 MW. In addition, the enterprise of businessman Do Quang Hien is also in a joint venture with KOGAS, KOSPO, HANWHA (Korea) to implement the Hai Lang LNG gas power project Phase 1 with a capacity of 1,500 MW, with an investment capital of about 2.5 billion USD.
In addition, T&T Group also cooperates with SK Group (Korea) to produce green hydrogen, recover carbon emissions and invest in a gas complex in Quang Tri; cooperates with Erex Group (Japan) to research and invest in biomass power plant projects; cooperates with Marubeni Group (Japan) in the field of offshore wind power in Vietnam;...
According to the Group's representative, T&T Group aims to have the total power generation capacity of renewable energy and low-carbon emission power plants reach about 12-15 GW by 2035, accounting for about 10% of the total installed capacity of Vietnam's power system.
