On the afternoon of March 12, Prime Minister Pham Minh Chinh met with Mr. Nate Franklin, Chairman of Pacifico Energy

Prime Minister Pham Minh Chinh meets with Mr. Nate Franklin, Chairman of Pacifico Energy

Pacifico Energy is one of the leading corporations in the development of energy solutions, including fossil fuels in the United States, grid power combining renewable energy and natural gas, with an investment portfolio spanning multiple countries in the Asia-Pacific region, including Vietnam, Japan, and South Korea. The company is also the largest solar power developer in Japan.

In Vietnam, Pacifico Energy is one of the leading U.S. investors in renewable energy. The company developed a 40 MW solar power project in Binh Thuan, which was completed in 2019, and a 30 MW wind power project in Ben Tre, which is expected to be operational by 2025.

In September 2023, Prime Minister Pham Minh Chinh met Mr. Nate Franklin in New York, USA. Expressing his pleasure at meeting Mr. Nate Franklin again, Prime Minister Pham Minh Chinh highly appreciated and thanked Pacifico Energy for its significant and effective contributions to Vietnam’s socio-economic development, particularly in renewable energy. The Vietnamese Government welcomes Pacifico Energy’s commitment and plans to invest further in Vietnam’s energy sector, including conducting surveys to implement offshore wind power projects in Binh Thuan and exploring investment opportunities in other areas in Vietnam.

The Prime Minister highly appreciates and thanks Pacifico Energy for its significant and effective contributions to Vietnam’s socio-economic development, including the solar power project in Binh Thuan and the wind power project in Ben Tre

To achieve fast and sustainable development goals, the Vietnamese Government has identified renewable and new energy development as a key priority. The Government aims to strengthen cooperation with foreign investors, including U.S. investors, contributing to the comprehensive strategic partnership between Vietnam and the United States.

The Prime Minister stated that Vietnam aims for a GDP growth rate of 8% by 2025 and is targeting double-digit growth in the following years. In the context of rising electricity demand, Vietnam is not only focused on ensuring domestic energy security but also on promoting the export of clean electricity to other countries.

To support companies like Pacifico Energy in investing effectively in Vietnam, the Prime Minister called on the corporation to strengthen cooperation with domestic enterprises in the fields of green transition, clean energy, and renewable energy. He emphasized the importance of implementing solar power and offshore wind power projects, as well as researching and investing in the development of power grids and transmission systems to ensure national energy security.

In addition, the Prime Minister encouraged Pacifico Energy to promote technology transfer and support Vietnam in training high-quality human resources for the renewable energy sector. He also invited the company to contribute feedback to help improve policies and mechanisms, thereby creating a transparent, equitable, and stable investment environment.

Prime Minister Phạm Minh Chính emphasized that the economies of Vietnam and the United States are both competitive and complementary. He requested that Pacifico Energy act as a voice to the U.S. Government to help promote bilateral cooperation, including advocating for Vietnam’s removal from the list of countries restricted from accessing high-tech exports, and for recognition of Vietnam as a market economy.

The Prime Minister affirmed the Vietnamese Government’s commitment to building a transparent, stable, and favorable investment environment while protecting the legitimate rights and interests of foreign investors. He stressed the principle of “harmonized benefits and shared risks” and assured that Vietnam always stands by businesses, listening to their feedback to improve the effectiveness of cooperation.

Regarding Pacifico Energy’s proposals, the Prime Minister assigned the Government Office, the Ministry of Industry and Trade, local authorities, and relevant agencies to review and promptly resolve issues related to project implementation. He also noted that the Government would soon issue new decrees on wind power to establish a favorable legal framework with various incentives for offshore wind energy investors. At the same time, Vietnam remains committed to maintaining a public, transparent, and corruption-free investment environment, combating wastefulness and misconduct.

Mr. Nate Franklin, Chairman of Pacifico Energy, reaffirmed the company’s commitment to expanding its investment in Vietnam’s energy sector, including plans to invest billions of USD in offshore wind power projects

For his part, Mr. Nate Franklin expressed his appreciation for the attention and support of the Vietnamese Government in improving the investment environment, as well as for the close guidance of Vietnam’s senior leadership. He affirmed that Vietnam holds tremendous potential for energy development and is making strong strides toward sustainable economic growth.

The Chairman of Pacifico Energy emphasized that among Asian countries, Vietnam possesses unique advantages in wind energy resources, including a long coastline, high wind speeds, and favorable seabed conditions for the development of offshore wind power projects. He pledged that the Group will continue to expand its investment in Vietnam, including plans to invest several billion USD in offshore wind power.

In addition, Pacifico Energy aims to implement advanced solutions to ensure energy security and attract foreign direct investment (FDI) in high-tech sectors such as semiconductors and power supply for data centers and artificial intelligence (AI) training hubs, thereby contributing to Vietnam’s rapid and sustainable economic growth.