Seah Kian Wee, Managing Director of UOBVM, Vu Quang Hoi, Chairman of Bitexco Power and Yuichi Nishigori, Director, Corporate Executive Vice President and Head of Energy and Eco Services Business Headquarters, ORIX Corporation. —  Photo United Overseas Bank Limited

HA NOI (Biz Hub) — Singaporean UOB Venture Management Pte Ltd (UOBVM), a wholly-owned subsidiary of United Overseas Bank Limited, and Japan-based ORIX Corporation (ORIX) announced they would each invest US$25 million in one of Viet Nam's largest privately-owned hydropower companies, Bitexco Power Corporation (Bitexco Power).

"Hydropower is one of the most cost-efficient sources of electricity generation, and we believe Viet Nam's growth will continue to drive the demand for renewable energy. By investing in Bitexco Power, we hope to participate in the growth of the power sector and play a role in the country's economic transformation," said Seah Kian Wee, managing director of UOBVM.

"Bitexco Power is our first investment in Viet Nam's power sector, which is showing strong growth potential. We believe Bitexco Power is in the best position to benefit from the country's ongoing reform of the electricity market, underpinned by the rising demand for electricity. Following this investment, we are pleased to announce our further business expansion in the renewable energy sector across Asia," said Yuichi Nishigori, corporate executive vice president of ORIX. — VNS