AES earns $34 mln from coal-fired power plant in Vietnam in 2024, 3rd consecutive fall
U.S.-based AES Corporation earned a pre-tax income of $34 million from the Mong Duong 2 coal-fired power plant in Vietnam’s northern province of Quang Ninh in 2024.
In its 2024 performance review, AES pointed out that the pre-tax income attributable to AES from the 1,242 MW Mong Duong 2 fell continuously from $40 million in 2023, $50 million in 2022, and $56 million in 2021.
Mong Duong 2 power plant in Quang Ninh province, northern Vietnam. Photo courtesy of Quang Ninh newspaper.
AES now holds a 51% ownership interest in the power plant. In November 2023, the company entered into an agreement to sell its 51% stake in the power factory to Czech-based Sev.en Global Investments.
In its latest performance review, AES said the sale is now subject to regulatory approval and is expected to close by early 2026.
Besides, AES reported that Mong Duong 2 power plant gained a pre-tax income of $79 million in 2024, down from $92 million in 2023 and $109 million in 2022.
Additionally, AES said its total revenue in Vietnam reached $312 million in 2024, down from $344 million in 2023 and $323 million in 2022. It also noted that its “income tax benefits” in Vietnam was $14 million in 2024, lower than $16 million in 2023 and $18 million in 2022.
In Vietnam, 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 $1.8 billion. The projects are reporting slow progress.
- Related News
- Read More
Three key trends to shape future of Vietnam’s marketing landscape: RMIT expert
Hyper-personalization, AI-driven localized content, and democratization of AI will shape the future of Vietnam’s marketing landscape, writes Dr. Soumik Parida, associate program manager for professional communication at RMIT University Vietnam.
Consulting - Tue, March 25, 2025 | 11:55 am GMT+7
US shows interest in Vietnam’s nuclear power project funding plan
The U.S. has expressed interest in Vietnam’s financial plan for the Ninh Thuan nuclear power plant project in the south-central region.
Energy - Tue, March 25, 2025 | 11:32 am GMT+7
Crypto asset sandbox to foster innovation, protect consumers: official
The widespread popularity of cryptocurrencies worldwide has created an urgent need for a legal framework in Vietnam, which may include the piloting of a sandbox mechanism, said Bui Hoang Hai, vice chairman of the State Securities Commission (SSC).
Finance - Tue, March 25, 2025 | 11:22 am GMT+7
Central Retail to open Hung Yen province GO! hypermarket in July, 43rd in Vietnam
Thailand’s leading retailer Central Retail is set to open its GO! hypermarket in the northern province of Hung Yen in July, its 43rd in Vietnam.
Companies - Tue, March 25, 2025 | 8:23 am GMT+7
Vietnam finance ministry suggests 2 ppt VAT reduction till end-2026
Vietnam’s Ministry of Finance has suggested the National Assembly extend the two-percentage-point reduction in value added tax (VAT) until end-2026.
Economy - Mon, March 24, 2025 | 10:57 pm GMT+7
USD prices at Vietnamese banks hit record high
The USD price at Vietnamese commercial banks on Monday rose to an all-time high.
Economy - Mon, March 24, 2025 | 10:05 pm GMT+7
Construction commenced on $460 mln new urban project in Vietnam's central hub Danang
Local property developer Futa Land Joint Stock Company has started constructing its 97.6 ha Thuan Phuoc new urban area project in Danang city, central Vietnam.
Southeast Asia - Mon, March 24, 2025 | 9:36 pm GMT+7
Investment for southern Vietnam mega port project approved
Vietnam's Deputy Prime Minister Tran Hong Ha has signed a decision approving the investment policy for the Long Son My Xuan General Port Project in Ba Ria-Vung Tau province, with a total investment of over VND2.38 trillion ($93.3 million).
Southeast Asia - Mon, March 24, 2025 | 8:35 pm GMT+7
Vietnam banks ramp up share payouts to meet Basel III
Vietnamese banks are ramping up share-based dividend payouts to increase charter capital, meet Basel III capital adequacy standards and enhance their competitive edge.
Southeast Asia - Mon, March 24, 2025 | 8:30 pm GMT+7
Omoda & Jaecoo Vietnam looks to expand EV charging network
Omoda & Jaecoo Vietnam has signed strategic agreements with five major partners to develop a nationwide electric vehicle (EV) charging network.
Southeast Asia - Mon, March 24, 2025 | 8:24 pm GMT+7
Thailand to tax influencers, online sellers
The Thai Revenue Department has urged social media influencers and online sellers to file their annual income tax by the end of March to avoid fines and penalties.
Southeast Asia - Mon, March 24, 2025 | 8:22 pm GMT+7
Thai economy shows sign of strong recovery
Despite persistent issues with household and informal debt, Thailand's economy has shown signs of a strong recovery since 2024, driven primarily by growth in exports, tourism, and investment projects.
Southeast Asia - Mon, March 24, 2025 | 8:19 pm GMT+7
ASEAN benefits from supply chain diversification: Moody's
ASEAN economies and India have benefited from the supply chain diversification, primarily in textiles and electronics, according to Moody's Ratings.
Southeast Asia - Mon, March 24, 2025 | 8:15 pm GMT+7
Japan's Aeon expands cinema business into Vietnam through joint venture with Beta Media
Aeon Entertainment, a subsidiary of Japanese retailer Aeon Group, is set to open its first movie theater in Vietnam this year, marking the company’s expansion into the Vietnamese market through a joint venture with local company Beta Media.
Industries - Mon, March 24, 2025 | 5:02 pm GMT+7
Real estate, retail among key beneficiaries of Vietnam’s higher inflation: analysts
Many sectors in Vietnam are expected to benefit significantly from the policy of allowing higher inflation to achieve an 8% economic growth this year, with real estate and retail standing out, according to economists.
Economy - Mon, March 24, 2025 | 4:26 pm GMT+7
Vietnam’s steel giant Hoa Phat eyes railway track steel project
Hoa Phat Dung Quat Steel JSC, a member of steel heavyweight Hoa Phat Group, has proposed to invest in a project producing high-quality steel for urban and high-speed railway tracks in central Vietnam.
Investing - Mon, March 24, 2025 | 3:48 pm GMT+7
