A new coal-fired power plant is to be built in the northern province of Nam Dinh, while a thermal power plant is to be constructed in South Vietnam.
A consortium led by Korea's Taekwang Vina Industrial signed a memorandum of understanding with the Vietnamese government on Tuesday to build a coal-fired power plant in Vietnam's northern province of Nam Dinh.
This comes after the Korean-led consortium gained approval to construct the US$4.5 billion power plant on a build-operate-transfer basis in the Southeast Asian country.
The plant is expected to have a capacity of 1,200 MW after its first phase of construction from 2012 to 2017 and a final capacity of 2,400 MW by 2021.
Taekwang Vina says they are the fourth overseas consortium to invest in Vietnam's electricity industry, and they expect to generate at least $25 billion in revenue over the next 25 years.
In a separate announcement, Dongfang Electric Corp Ltd, a Sichuan-based company engaged in manufacture and sale of electric power generating equipment, has signed a contract with Vietnam Electricity Group on the construction of a thermal power plant in South Vietnam.
The total investment in the project is estimated at US$1.4 billion.
Two 622-MW thermal power generating units will be installed in the proposed plant, which will cover an area of 50 hectares. The plant is expected to generate 7.5 billion to 8 billion kilowatt hours of electricity per year after it is completed in the second quarter of 2014.
