Thai Binh 2 Plant

The Ministry of Industry and Trade (MoIT) has reviewed the list of thermal power plant projects to report to the government, which is a requirement for approving the Power Development Plan VIII.

At present, five projects are in the preparation process but the investors reported that they face many difficulties. Four projects have foreign capital namely Song Hau 2, Nam Dinh 1, Vinh Tan 3, and Quang Trị 1, while Cong Thanh is invested by a local investor.

At the Vinh Tan 3 thermal power plant, its investors involve Vietnam Electricity, Pacific Group, and OneEnergy Asia Ltd., a partnership of Hong Kong’s CLP Holdings and Japan’s Mitsubishi Group.

In February this year, Mitsubishi withdrew from the Vinh Tan 3 thermal power plant in the central province of Binh Thuan due to increasing global concerns about climate change.

At the Nam Dinh 1 thermal power plant, in July 2017, a consortium of Saudi Arabian ACWA Power and South Korean Taekwang Power Holdings Co., Ltd. officially received an investment certificate for the $2.3-billion Nam Dinh 1 thermal power project. However, ACWA Power withdrew from the project.

The Quang Tri 1 thermal power plant, which is invested by EGAT International Co., Ltd. (EGATi), has the total investment capital of $2.39 billion. In November 2019, EGATi kicked off the construction of the plant; however, the construction has yet to be implemented because the investor is waiting for the approval of the Thai government to invest overseas.

The $3.5 billion Song Hau Coal-fired power plant II is invested by Toyo Ink Group. The project's construction is expected to commence in 2023. At present, the investor is delaying paying fees for land clearance and compensation costs due to difficulties in arranging capital.

The remaining project is the Cong Thanh thermal power plant, which is invested by the Cong Thanh Thermal Power JSC. The investor is face difficulties in mobilising capital.

According to MoIT, despite problems, the investors remain determined to develop these projects.

Currently, there are 39 thermal power plants in operation. Several projects are now under construction, such as Thai Binh 2, Long Phu 1, Quang Trach 1, Van Phong 1, Vung Ang 2, An Khanh, and Na Duong 2.