According to the built-operate-transfer (BOT) contract, EVN has been assigned the task of managing the plant by the Vietnamese government, following the expiration of Sembcorp's 20-year power purchase agreement.

Phu My 3 Power Plant was Vietnam’s first independent power project and the first BOT power project in the country. Throughout the last two decades under the management of the joint venture partners, namely Sembcorp, Kyuden International Corporation, and Sojitz Corporation, Phu My 3 Power Plant has provided reliable and steady electricity and made a significant contribution to the socioeconomic development of the local community.

The plant has also maintained stability in its senior management, attracting the attention of foreign investors who may seek other opportunities in Vietnam for their overseas capital.

Put into operation in 2004, Phu My 3 Power Plant has also played a key role in promoting knowledge sharing about the combined-cycle power generation technology.

Phu My 3 Power Plant has received 15 national awards, including the First Class Labour Medal from the prime minister in 2019. Over the past decade, the plant has recorded more than 5.7 million safe working hours.

Sembcorp has been investing in Vietnam’s power industry and urban development for over two decades, and the smooth transfer of the Phu My 3 Power Plant will continue to underpin domestic energy needs. Moving forward, Sembcorp continues to be a trusted long-term partner of Vietnam during its energy transition and economic progress, supporting important pillars of the Power Development Plan 8, including renewable energy.

The handover of Phu My 3 Power Plant is expected to ease electricity demand in the domestic market at a time when, according to an assessment from the Ministry of Industry and Trade, the country is likely to face a shortage of electricity in the coming months as load demand continues to grow at a fast pace.