Singapore-based SP Group has partnered with Hoa Sen Group to launch Vietnam’s first Industrial Cooling-as-a-Service (CaaS) model. The service is being deployed at Hoa Sen’s steel sheet manufacturing facilities in Phu My and Nghe An. SP is installing cooling systems with a combined capacity of 1,900 refrigeration tonnes for critical areas. Alongside, rooftop solar systems totaling 17.6MWp are expected to generate 21,000MWh annually. The solar systems began operations in March and June 2025. The CaaS units are scheduled to be operational by Q2 2026. This initiative is projected to cut cooling-related power use by over 30% each year. It is expected to reduce more than 14,000tons of CO₂ emissions annually, with total lifecycle reductions estimated at 214,000tons.