On January 6, 2024, Export Import Development Investment Company Limited (VIEXIM), a subsidiary of Hanoi Plastics JSC, signed a collaboration agreement with VP Energy and Vu Phong Energy Group to develop a rooftop solar power system at the factory in Yen My district, Hung Yen province. With this agreement, VIEXIM becomes the latest member of An Phat Holdings’ ecosystem to collaborate in developing and using renewable energy.
- Energetically inspiring young people at the Social Impact Career Fair
- Established VP Carbon Solutions – A company specializing on emission reduction and carbon-neutral solutions
Under the agreement, VIEXIM, VP Energy, and Vu Phong Energy Group will develop together a 996 kW solar power system on the rooftop of VIEXIM’s factory in Yen My district, Hung Yen province, through a Power Purchase Agreement (PPA) collaboration. In this model, VP Energy will invest in the system, Vu Phong Energy Group will provide Engineering, Procurement, and Construction (EPC) services, as well as operation and maintenance (O&M), and VIEXIM will purchase solar electricity generated by the system at a significantly lower price than the current electricity rate. At the end of the collaboration, VIEXIM may receive a free system transfer with a guaranteed capacity of 80-90%, depending on conditions.
Through this collaboration, VIEXIM will use solar power at an attractive price, meeting goals for renewable energy use and reducing emissions from consumed electricity without worrying about system investment and operation costs. With a capacity of 996 kWp, the system can generate approximately 1,000 MWh of electricity to support production activities each year, reducing over 700 tons of CO2 emissions annually.
Scene of the cooperation signing ceremony
VIEXIM is a crucial supporter of Hanoi Plastics Joint Stock Company, producing high-tech plastic components for LG, Panasonic, Honda, and exporting to Japan and Italy. VIEXIM owns a comprehensive factory spanning 23,000 m2, with a synchronized workshop system, a modern production line featuring 60 injection molding machines from 75 to 900 tons, and accompanying synchronized auxiliary equipment. When the solar power system becomes operational, it will contribute a portion of clean energy to the factory’s total electricity consumption.
As the latest member of An Phat Holdings’ ecosystem, VIEXIM collaborates to develop and use renewable energy in the group’s green transition. This marks An Phat Holdings’ shift towards sustainability in a world where green living has become a global trend. The company is transitioning its production structure towards environmentally friendly products by pursuing a green transformation strategy. Following the introduction of the bio-degradable plastic product AnEco in 2018, An Phat Holdings is constructing a PBAT bio-degradable plastic factory with a capacity of 30,000 tons/year in Hai Phong, with a planned investment of USD 120 million, expected to commence operations in 2024.
Cooperate to develop a solar power system on the rooftop of VIEXIM’s factory
In addition to accompanying VIEXIM, VP Energy and Vu Phong Energy Group are also collaborating with another member of An Phat Holdings to develop and use renewable energy for manufacturing activities – An Tien Industries. The planned solar power system with a capacity of 2.56 MWp will be developed on the rooftop of An Tien Industries’ factory in Yen Bai City, Yen Bai Province, generating over 3,200 MWh of electricity per year, reducing emissions by over 2,300 tons of CO2 per year.
VP Energy and Vu Phong Energy Group are also currently accompanying An Tien Industries – a member of An Phat Holdings
According to Mr. Tri, Nguyen Quang, CEO of Vu Phong Energy Group, in the ongoing global green transition, more and more companies are setting targets and roadmaps to increase the proportion of renewable energy use, moving towards 100% renewable energy for their entire production and business operations. Over 400 companies from various business sectors, including information technology, automobile manufacturing, consumer goods, food, and chemicals,… are participating in RE100. This is a global initiative by the non-profit organization The Climate Group and CDP to call on companies on the Global Fortune 500 list to commit to 100% renewable energy in the shortest possible time frame.
In Vietnam, Vu Phong Energy Group is also collaborating with many businesses to increase the proportion of renewable energy in the total energy consumption for production activities. In particular, alongside solar solutions and the Power Purchase Agreement (PPA) model, Vu Phong Energy Group strives to best accompany businesses aiming for 100% renewable energy with the RECs certificate solution – through its subsidiary VP Carbon Solutions. Solar power and RECs certificates will help companies to fulfil commitments to clean energy ratios, reduce indirect emissions within Scope 2, and move towards 100% renewable energy.