U.S.-based energy giant AES Corporation earned a revenue of $321 million from the Mong Duong 2 coal-fired power plant in Vietnam’s northern province of Quang Ninh in 2025.

The figure represents a 2.9% increase year-on-year, according to AES’s 2025 performance review.

The Mong Duong 2 plant, located in Cam Pha ward, is 51% held by AES. South Korea’s Posco Energy and China’s CIC own 30% and 19%, respectively.

Mong Duong 2 coal-fired power plant in Quang Ninh province, northern Vietnam. Photo courtesy of Nang Luong Vietnam (Vietnam Energy) magazine.

The site, which was constructed under a build, operate, and transfer (BOT) contract, includes two 621-MW generating units and began commercial operation in April 2015. It produces over 7.6 billion kWh annually.

In November 2023, the company signed an agreement to sell this stake to Czech-based Sev.en Global Investments. Given that sale did not close by the deadline specified in the agreement, AES exercised its rights to terminate the deal and remains the owner of its entire 51% interest, the firm said in the review.

AES is expanding its activities to LNG-fired power. In 2023, Vietnam's south-central province of Binh Thuan granted in-principle approvals to AES for the latter's $1.4 billion Son My LNG Terminal project and the 2,250 MW-Son My 2 combined cycle gas turbine power plant project worth $2.1 billion.

The firm is following legal procedures and waiting for the Ministry of Industry and Trade to approve feasible study for the Son My 2 project.

Binh Thuan is now part of Lam Dong province following their merger last July.