Keppel, as a global asset manager and operator, has contributed to Vietnam’s urbanization through high-quality real estate solutions that have helped to advance the country’s sustainable development. More recently, the company is also rolling out Energy-as-a-Service (EaaS) solutions in the country.
Three decades of sustainability and beyond
Keppel entered Vietnam more than three decades ago and has grown to become one of the largest foreign real estate investors, with 25 projects and total registered capital of approximately US$3.8 billion.
Keppel’s Real Estate Division is an innovative urban space solutions provider that leverages technology to deliver sustainable and customer-centric solutions that enrich people and communities. It focuses on areas such as sustainable urban renewal, senior living, urban living, retail and large-scale integrated developments.
“Keppel has integrated many innovative and sustainable initiatives into our operations to achieve meaningful environmental, social and governance (ESG) outcomes for our stakeholders. By incorporating sustainability into our strategy, we aim to create long-term value for both businesses and the communities where we operate,” said Joseph Low, President, Real Estate (Vietnam), Keppel Ltd.
Keppel’s projects are designed to meet high green standards and they incorporate features such as lower carbon energy including renewables and clean energy, chemical-free cooling tower water management systems and environmentally friendly building materials.
In 2021, Keppel set a target to halve its Scope 1 and Scope 2 carbon emissions by 2030, compared to 2020 levels, and achieve net zero by 2050. As at end-2023, it achieved a 69.5% reduction in Scope 1 and 2 emissions compared to its baseline, and has also significantly reduced water withdrawal and waste generation. In addition, Keppel aims to achieve 50% renewable energy utilization by 2025, with a view to reach 100% by 2030.
Keppel’s commercial projects are designed not only to meet high building standards but also focus on the health and well-being of their occupants. One of Keppel’s standout sustainability initiatives is its “Sustainable Urban Renewal” (SUR) program. The company believes that retrofitting existing assets can be a more sustainable, less costly and faster-to-market solution compared to demolition and rebuild. It also allows asset owners to update their buildings to be smarter, better connected, more sustainable and ultimately deliver higher returns to its owners.
A prime example is the implementation of SUR solutions for Saigon Centre, Keppel’s flagship mixed-use project in central Ho Chi Minh City. The initiative has improved the cooling efficiency of Saigon Centre by 4.5% and reduced blow down water by 50%. Saigon Centre has also generated over 125,000 kWh of renewable energy between 2021 and 2023 through its rooftop solar panels.
Keppel’s Infrastructure Division has also expanded into Vietnam by providing subscription-based EaaS solutions which include energy supply, cooling, decarbonization and smart energy management. These services are complemented by real-time remote monitoring and optimization of energy assets from our state-of-the-art Operations Nerve Centre in Thu Duc City of Ho Chi Minh City. Through this Operations Nerve Centre, Keppel will be able to remotely monitor and optimize all of its energy assets in Vietnam in real-time, leveraging digital technology, artificial intelligence and machine learning.
In 2023, the company signed contracts worth over US$70 million to provide EaaS solutions for several projects in Ho Chi Minh City and a resort in Quang Binh province. EaaS solutions allow businesses and building owners to save energy without large initial investments. Keppel designed and retrofitted the existing cooling systems of its clients’ developments to improve their energy efficiency and asset performance. The projects have a combined capacity of nearly 8,000 Refrigeration Tonnes, and saw over 600 tonnes of carbon emissions offset between November 2023 and June 2024, which is equivalent to removing more than 170 cars from the road.
Nurturing the community
Meanwhile, Keppel’s corporate social responsibility (CSR) programs focus on environmental protection, education support and care for the underprivileged.
Since 2021, Keppel has contributed over VND14 billion (approximately US$600,000) to society through various meaningful initiatives. This includes Keppel’s donation under SG Community Cares to provide essential support to communities affected by Typhoon Yagi, as well as a donation of VND7.4 billion to support COVID-19 relief efforts.
Keppel has also carried out several socially significant projects, such as the “Living Well” program, which provides clean water to areas severely affected by drought and salinity intrusion in the Mekong Delta. Since 2022, through “Living Well”, Keppel has implemented seven water filtration systems, capable of producing up to 42,000 litres of clean water per day for domestic usage, benefiting some 70,000 villagers in seven communes.
In the area of environmental protection, Keppel’s initiatives include the “R.I.S.E. to the Challenge” program, which raises community awareness about climate change, and the 3,000-tree planting project in Dong Nai which emphasizes environmental sustainability.
Equipping the next generation with the tools and knowledge they need to thrive in the digital world is the goal of the “Bytes for Future” initiative, Keppel’s latest effort in supporting education. In mid-September, through “Bytes for Future”, more than 800 students from Dong Khoi and Bien Gioi secondary schools in Chau Thanh District, Tay Ninh Province, gained access to better learning environments through Keppel’s donation of 80 computers, four air conditioners, as well as books contributed by the company’s staff.
Keppel also sponsored the “Words on Wheels” mobile library program, which aimed to raise literacy levels among students in Hanoi and Ho Chi Minh City by providing them with convenient access to reading and audio-visual materials as well as the Internet. The program successfully reached almost 38,000 student beneficiaries in 32 schools in Vietnam, from 2011 to 2024.
Keppel has also awarded more than 100 scholarships to students through various educational initiatives. The company also regularly organizes experiential tours for university students, nurturing young talent and supporting learning.
Keppel’s sustainability and community programs are widely promoted among all employees, to encourage them to contribute towards sustainable development, climate action and the community, and better understand the impact of their activities.
Over the past four years, Keppel staff in Vietnam have volunteered nearly 7,000 hours, participating in around 30 community outreach activities and supporting some 83,500 beneficiaries.
“We strive to create a positive impact by leveraging our expertise, engaging employees, collaborating with partners and efficiently using available resources,” Mr Joseph Low said, explaining how the Company implements socially impactful programs. “Through our sustainability and community programs, we hope to convey our deep commitment to building a better world. We believe that by working together, embracing social responsibility and pursuing sustainable practices, we can create a brighter future for everyone.”
