Boston utility giant General Electric, Vietnamese firm ink power plant MoU

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Boston utility giant General Electric, Vietnamese firm ink power plant MoU

On Saturday, General Electric Co, the Massachusetts, Boston-headquartered American multinational conglomerate holding primarily engaged in utility and energies, and a Vietnamese company had signed an MoU (Memorandum of Understanding) aimed at developing a liquified natgas power plant, General Electric and a top official of Trump Administration had said.

More importantly, latest singing of an MoU over a $1 billion investment from General Electric came forth less than a month after Vietnam had agreed to release an American national, Michale Nguyen, citing humanitarian causes, who was sentenced to 12 years in prison over accusation of alleged attempt to overthrow the Government.

Notably, the senior official of Trump Administration had also been quoted saying on condition of anonymity that the signing took place during an event in Hanoi in presence of the US President Donald Trump’s National Security Adviser Robert O’ Brien, who had been on a three-day visit to Vietnam, the 21st-largest economy in the Asia-Pacific region garnering a $321-billion economy by PPP (Purchasing Power Parity).

GE, Vietnam’s EVNGenco3 reach MoU over $1 billion natgas power plant

In point of fact, General Electric said in a statement late in the day that the Memorandum of Understanding it had signed with Vietnam’s EVNGenco3, would deliver the world’s 23-largest economy, Vietnam, its “best-in-class” gas turbine technology, other related equipment and services, while the Boston-based American multinational utility conglomerate would invest as many as $1 billion over the lifetime of the project which would be constructed near a Vietnamese city of Ho Chi Minh.

On top of that, adding the Pacific Corp., TTC Group, Mitsubishi Corp’s local subsidiary alongside Vietnam’s Power Engineering Consulting Joint Stock Company 2, would also participate in the program, General Electric added on its Saturday’s statement that the facility in Ba Ria-Vung province would generate about 3,600 to 4,500 megawatts of electricity for the country.

Besides, industry experts were quoted saying followed by the GE statement that the deal would help Vietnam reduce its dependencies on coal-powered electricity plants, accounted for roughly a fourth of the country’s entire electricity production.