The Thai Binh 2 Thermal Power Plant in Hung Yen province. (Photo courtesy of Petrovietnam)

According to the plant’s mid-year report, electricity output reached an estimated 3.79 billion kWh, achieving 115% of the target.

Revenue was estimated at nearly 7.74 trillion VND (296.1 million USD), 13% above the plan, while post-tax profit was roughly 58 billion VND, thereby reducing planned losses by 114% (equivalent to 461 billion VND).

The plant also contributed 177.35 billion VND to the State budget.

The plant’s director, Mai Van Long, attributed these positive results to the flexible bidding strategy in the electricity market, ensuring that both output and revenue were optimised.

In March, Thai Binh 2 hit a record output of 804.8 million kWh as industrial demand rose. But in the second quarter, demand levelled off due to slower industry, cooler weather and more rain, leading the plant to run at minimal capacity during low-demand times.

Since starting commercial operation in May 2023, the plant has generated over 12.75 billion kWh, helping to ensure stable power during peak dry-season demand in northern Vietnam.

Alongside stable production, environmental protection inside and outside the plant remains a top priority.

"With a large capacity of 1,200MW, the plant is equipped with dust filtration and noise control systems that meet environmental standards," Long said.

"Under Petrovietnam’s direction, we prioritise green, clean, and eco-friendly technologies as both a core value and a key part of the Group’s sustainable development branding."

Second half outlook

In the second half of 2025, Thai Bình 2 expects both opportunities and challenges.

On the upside, stable coal supply, efficient fuel handling, and improved market bidding experience allow the plant to operate flexibly and maximise revenue.

However, challenges are mounting. Volatile electricity prices and greater use of zero-fuel-cost hydropower may lower demand for thermal power. During heavy reservoir discharges, the plant could face output cuts despite full capacity.

To respond, the plant aims to balance output with economic efficiency and limit generation during low-price periods.

The plant targets 2.36 billion kWh in the second half, or 83% of the plan. For the full year, output is forecast to reach 6.15 billion kWh, meeting the assigned target, with revenue estimated at 12.3 trillion VND, or 98% of the plan.

The plant reaffirmed its commitment to safe, reliable operations and supporting Vietnam’s energy security.