Malaysian energy firm Samaiden to explore renewable energy projects in Vietnam

Malaysian renewable energy firm Samaiden Group Bhd is all set to enter into the Vietnam market to explore renewable energy projects. The company has already set up a new company for the venture in Vietnam last year.

According to group managing director Ir Chow Pui Hee, as Malaysia contributed almost 100 per cent to its revenue, Samaiden planned to make its first overseas venture to Vietnam this year.

The official was quoted in a local media, "We have set our sights on Vietnam, which offers a plethora of potential as the Southeast Asia region's fastest-growing RE market and second-largest electricity consumer. We always believe the RE industry in Vietnam has good prospects."

Samaiden also said that it is open for other joint ventures or business.

To be noted, Vietnam is committed to reaching net-zero emissions by 2050 and will shift from fossil fuels to clean and renewable energy. The country has set a goal of increasing wind and solar power capacity by 333 per cent and 167 percent respectively.

As per Samaiden, it sees a huge investment opportunity in renewable energy assets like solar, biogas and biomass in the Asean region. Currently, the company is developing a biogas power plant and grid-connected rooftop solar photovoltaic power system.