Argentina’s IMPSA install a wind turbine factory in Vietnam and build 1,000 MW of wind power

Accompanied by a large delegation, Prime Minister of the Socialist Republic of Vietnam, Nguyen Tan Dung, arrived yesterday to Mendoza (Argentina) and met with Deputy Governor Cristian Racconto and all the provincial cabinet in the Government House.

He was then treated to a lunch at The Jacintana, property belonging to businessman Enrique Pescarmona, and toured the vineyards of Bodega Lagarde.

The Vietnamese premier finally visited the plant where IMPSA build the wind turbines that will supply the wind farms in the country and will also be made in Vietnam.

This mission has a special character as the company Pescarmona has led in recent years made significant investments in Southeast Asia.

Pescarmona Metallurgical Industries (Impsa) announced the investment of 3,000 million dollars in the development of a wind turbine plant in Vietnam. Thus, together with PetroVietnam Power (PVP) reaffirmed their commitment to manufacture these wind energy products.

Both companies agreed to build and operate a wind farm capable of generating 1000 MW of wind power in Vietnam, over the next 5 years.

PVP is the largest company dedicated to developing the electricity industry in Vietnam and other Southeast Asian countries, promoting investment in large scale projects. It is a state company belonging to Vietnam National Oil and Gas Group.

Impsa noted that apart from venturing into wind energy, the company plans to invest in the hydropower sector in that country.

"Vietnam is a country with a great development. Given that wind power is growing worldwide at a rate of 25%, the investment represents significant growth for the renewable energy sector," they said.

For his part, Enrique Pescarmona held that "the future of Argentina goes to Asia, and it is very clear." The employer said Vietnam’s economy and said it was "a country that works well and even with the international crisis achieved a growth of five percent."

According to preliminary investigations, 8.6 percent of Vietnamese territory has advantages to exploit wind energy, which aims to reach more than 513 megawatts of wind power generation in 2020.

Relations between the two countries are "assessed regularly on a bilateral basis by a political consultation mechanism that allows review on a rotating basis in both capitals the status of the relationship and issues of common interest," according to the Foreign Ministry explained.

Argentina and the Socialist Republic of Vietnam established diplomatic ties on October 25, 1973, but only since the 90s the contacts gained further momentum, including the opening of embassies in Buenos Aires in 1995 and in Hanoi in 1996.

Vietnam’s economic performance has only been surpassed by China: the average rate of GDP growth in the last twenty years along the 8 per cent, its exports hover around the 65,000 million dollars a year and in 2008 investment external amounted to 64,000 million dollars, despite the strict regulations governing over their activities.

Being a country with an agriculture destroyed by bombing during the war with the United States and unable to produce the requirements for food, today is the second largest exporter of rice.

By José Santamarta,