Around $1 billion will be used to develop four biomass power plants and thousands of hectares of sorghum cultivation in central and southern Vietnam, and a further $1.7 billion will be allocated for Tin Thanh Group (TTG) to build a tyre retreading and truck service plant in South Carolina to serve over one million trucks in the US with the goal of reducing emissions, saving costs, and transitioning to green energy.

The remaining $3.7 billion in funding will be spent on the establishment of a green hydrogen manufacturing facility in South Carolina.

Land grant approvals and support have also been given to TTG from the state of South Carolina, totalling huge incentives of over $500 million.

TTG is partnering with Air Products, a $67 billion corporation on the New York Stock Exchange, to implement this project. The results will contribute to revolutionising the automotive industry and replacing outdated and polluting coal-fired power plants.

Speaking at the ceremony, Australia’s Ambassador to Vietnam Andrew Goledzinowski congratulated Acuity Funding and Tin Thanh Group on concluding this pioneering deal.

“Unlocking green financing is a key challenge in Vietnam. So it is great that an Australian company like Acuity has decided to partner with the nation, including by sharing Australian technology that can contribute to sustainable development. I also wish TTG every success as they pursue innovative and ambitious projects, at home and abroad, aimed at moving Vietnam’s economy up the value chain and towards a high-income future,” said Goledzinowski.

Tran Dinh Quyen, chairman of TTG (left), and Ranjit Thambyrajah, president and managing director of Acuity Funding, at the signing ceremony. Photo: Le Toan

During the ceremony, Tran Dinh Quyen, chairman of TTG, said that the above projects have been approved by Vietnamese and US authorities, and many patents have been registered.

“The business models and technologies for the projects are highly practical, so they can be applied on a global scale. The business activities will raise the annual trade between Vietnam, Australia, and the US to hundreds of billions of dollars, and bring significant bilateral benefits in the exchange of technology, capital, and labour,” Quyen said.

The signing ceremony was a historic milestone marking the largest cross-border trade transaction between Vietnam, the US, and Australia. It also attracted huge interest from representatives of the South Korean and Indian governments, who attended the ceremony.