S. Korean firms participate in Vietnam project to make carbon-free island
SEOUL, AJU – Three South Korean companies including SK Innovation will participate in an eco-friendly project to turn a small Vietnamese island into a clean carbon-free area as the Southeast Asian country emphasizes social responsibility by foreign investors to protect the environment.
Vietnam has promised to select investments that employ modern and environmentally friendly technologies. Projects with outdated and resource-intensive technologies which pose potential risks to the environment may not be allowed to expand or renew.
SK Innovation (SKI) and Doosan Heavy Industries & Construction, a key contractor in South Korea's energy industry, signed a memorandum of understanding with the Quang Ngai provincial government in Vietnam. The agreement also involves Vietnam’s biggest private conglomerate, Vingroup, and Ingine, a South Korean social venture which generates power using wave movements.
An Binh Island, which has a population of 500 and a size of 690,000 square meters, will be given eco-friendly facilities. SKI, a battery-making subsidiary of South Korea's third-largest conglomerate SK Group, would provide plastic recycling technology, replace streetlights and government office lighting with light-emitting diodes, and introduce solar energy cookers.
Doosan Heavy would support the maintenance of a seawater desalination plant, while Injin would set up a 50-100 kilowatt offshore tidal power plant. Vingroup promised to replace motorcycles with electric scooters and donate charging facilities.