Hapaco Group, the Vietnamese paper manufacturer, plans to invest VND4 trillion (US$173.3 million) in a wind power project in the Central Highlands province of Gia Lai.

Gia Lai province would grow into a major renewable energy hub of Vietnam. Photo: VGP

The project is among those to be submitted for approval at the group’s annual shareholders meeting, which will be held on March 14.

At the meeting, the group’s shareholders will discuss an investment in building a 23-ha geriatric center in Thuy Nguyen district of Hai Phong city and Hapaco’s new plans on social housing and labor export to Taiwan (China).

Hapaco (Stock Code: HAP) was one of the first businesses listed on Vietnam’s stock market. As of December 31 2020, its total asset exceeded more than VND808 billion (US$35 million).

Last year, the group’s profit exceeded the target by 29%, reaching VND415 billion (US$18 million) in revenue and VND28 billion (US$1.2 million) in pre-tax profit, respectively. 

In the newly-revised power development plan, the People’s Committee of Gia Lai has submitted an addition of 67 wind power projects with total capacity of 4,048.4MW to the government and relevant ministries for approval, in which 14 have been lisensed.

According to Ho Phuoc Thanh, Director of the Provincial Department of Investment and Planning, investors are exploring and pondering setting up solar and wind power projects in Gia Lai. If the projects were all materialized, the province would grow into a major renewable energy hub, he said.