Central Vietnam $1.7 bln thermal power plant to begin operations in 2026
The Quang Trach I thermal power plant in Quang Binh province is expected to undergo a test run in September 2025 and become operational the next year.
The information was revealed by the Power Project Management Board 2 (PPMB 2) under state utility Vietnam Electricity (EVN) during a recent inspection of projects at the Quang Trach Power Complex by chief of the central province’s Party Committee Vu Dai Thang.
The board said that the project was about 40% complete at present and that its main packages were being implemented on schedule.
Infrastructure packages involving electricity supply systems, drainage channels and fences for the plant have basically been completed, the board said.
All prefabricated components for the plant’s coal import port have been finished and work on the breakwater part is around 63% complete.
The project consultant was finalizing necessary documents to submit to the Ministry of Industry and Trade for appraisal and the technical design for the project’s second phase has been approved by investor EVN.
The board also mentioned some problems facing the Quang Trach I project including site clearance, landfill planning, the building of anchorage areas for ships and resettlement areas for affected households.
The provincial Party chief said the plant was a key project of the province, so the provincial People’s Committee should direct relevant departments, agencies and Quang Trach district to speed up site clearance and construction of resettlement and ship anchorage areas.
“Provincial authorities will always stand by the investor to complete the project on schedule,” he said.
The Quang Trach I thermal power plant project covers about 48.6 hectares in Vinh Son village, Quang Dong commune, Quang Trach district.
The project was approved by the Prime Minister in Decision No. 428 dated March 18, 2016 on adjustments to the National Power Development Plan for the 2011-2020 period, with a vision to 2030 (adjusted PDP VII).
It consists of two turbines with a total installed capacity of 1,200 megawatts, with a total investment of VND41.13 trillion ($1.71 billion), 30% of which is EVN’s contribution. Once put into operation, the plant will add about 8.4 billion kWh to the national grid per year.
In June 2021, EVN signed an engineering, procurement and construction (EPC) contract with a consortium comprising Japan’s Mitsubishi Corporation, South Korea’s Hyundai Engineering and Construction (Hyundai E&C), and Vietnam’s Construction Corporation No.1 (CC1).
Meanwhile, another project at the complex, the Quang Trach II thermal power plant under the newly approved Power Development Plan VIII will be converted from a coal-fired plant to a liquefied natural gas (LNG)-powered one, the board said.
The conversion was approved by the government in February 2021, with EVN as developer. Work on the project is expected to commence in the fourth quarter of 2026 and be completed in 2030.
Six coal-fired power plants under the PDP VIII are under construction: Na Duong 1, An Khanh-Bac Giang, Vung Ang II, Quang Trach I, Van Phong I and Long Phu I. Van Phong I is the largest of these with a capacity of 1,432 MW.
- Read More
Indonesia promises Asia-Pacific investors more incentives
Indonesian President Prabowo Subianto recently told the press that he will create more incentives and expand special economic zones (SEZs) so as to lure investors from Asia-Pacific.
Southeast Asia - Mon, November 18, 2024 | 11:01 pm GMT+7
Indonesia, Brazil enhance aviation cooperation
Indonesia's state-owned aircraft manufacturer, Dirgantara Indonesia (DI), and Brazilian aerospace company Embraer have signed a memorandum of understanding (MoU) to expand collaboration in the commercial aviation sector.
Southeast Asia - Mon, November 18, 2024 | 11:00 pm GMT+7
Indonesia eyes to become member of BRICS
Indonesian President Prabowo Subianto has shown his country’s desire to become a member of the BRICS - the alliance of major emerging economies initiated by Brazil, Russia, India, China, and South Africa.
Southeast Asia - Mon, November 18, 2024 | 10:57 pm GMT+7
Former Party chief, chairman of Vinh Phuc province face disciplinary action
Vietnam’s Central Inspection Committee has proposed disciplining Pham Van Vong, former Party chief of Vinh Phuc, and Phung Quang Hung, former chairman of the northern province, for violations related to Phuc Son Group.
Politics - Mon, November 18, 2024 | 9:17 pm GMT+7
Shaping a waterway into a key shipping channel: Viconship gets dredging nod
A major dredging project will allow safer ship navigation and increased cargo transportation capacity on the Hai Phong shipping channel, thereby enhancing competitiveness of Vinconship’s port system, says the company.
Companies - Mon, November 18, 2024 | 7:08 pm GMT+7
Former assistant to State President appointed general director of state-owned financial firm HFIC
Truong Tuan Anh, an official at the State President Office and former assistant to a state president, has been appointed general director of Ho Chi Minh City Finance and Investment Stated-owned Company (HFIC).
Companies - Mon, November 18, 2024 | 5:35 pm GMT+7
MBBank’s takeover of weak OceanBank to have limited impact on its credit profile: Fitch
Military Commercial Joint Stock Bank's (MBBank) takeover of Ocean Commercial Bank Limited (OceanBank) will have limited financial impact on the former’s credit profile, Fitch Ratings said Monday.
Banking - Mon, November 18, 2024 | 5:06 pm GMT+7
Win-win philosophy indispensable for sustainable growth: Bamboo Capital founder
A win-win cooperation strategy is not just desirable, but a necessary condition for sustainable development, says Nguyen Ho Nam, founder of Vietnam’s private conglomerate Bamboo Capital Group.
Bamboo Capital - Mon, November 18, 2024 | 4:46 pm GMT+7
Vietnam central bank resumes selling gold after 1-month hiatus
The State Bank of Vietnam (SBV), the country's central bank, on Monday announced that it will reactivate the sale of SJC-branded gold bars to meet market demand.
Banking - Mon, November 18, 2024 | 4:02 pm GMT+7
Vietnam 2nd biggest market of Thai giant Central Retail in Jan-Sept
Thailand’s leading retailer Central Retail earned a revenue of THB37.99 billion ($1.09 billion) in Vietnam in the first nine months of this year, up 0.9% year-on-year.
Companies - Mon, November 18, 2024 | 4:00 pm GMT+7
Singapore firm to invest in $19.7 mln garment factory in central Vietnam
Singaporean-based HGQ ASIA Pte., Ltd will pour nearly VND500 billion ($19.7 million) into building a garment factory in the south-central province of Binh Dinh.
Industries - Mon, November 18, 2024 | 2:23 pm GMT+7
IP developer KBC to raise $236 mln to restructure debts, augment capital
Kinhbac City Development Holding Corporation (KBC), a leading industrial real estate developer in Vietnam, will offer 250 million shares to 11 investors for more than $6,000 trillion ($236.4 million) to restructure its debts.
Companies - Mon, November 18, 2024 | 2:17 pm GMT+7
Vietnam's chemical giant Vinachem targets $500 mln trade turnover with Brazil in 2030
Vietnam’s state-run chemical group Vinachem and Brazil’s major trading firm Oceanside One Trading LLC say they will strive to boost their bilateral trade to $500 million in 2030.
Companies - Mon, November 18, 2024 | 12:32 pm GMT+7
Vietnam may welcome more FDI from US allies in Trump 2.0: broker
More companies from U.S. allies and elsewhere may move more production facilities to Vietnam in the second term of Donald Trump as U.S. President, given the expected intensification of U.S-China trade tension, according to KB Securities Vietnam (KBSV).
Economy - Mon, November 18, 2024 | 12:19 pm GMT+7
Vietnam PM asks Brazil's aerospace giant Embraer to help with air logistics development
Vietnam seeks to build an air logistics center and plans to collaborate with Brazil’s aerospace giant Embraer for the task, says Prime Minister Pham Minh Chinh.
Companies - Mon, November 18, 2024 | 10:45 am GMT+7
Singapore-domiciled TAEL Two Partners struggles to divest from Vietnam taxi operator Vinasun at loss
Singapore-headquartered fund TAEL Two Partners has planned to divest entirely from Vietnamese taxi operator Vinasun at a heavy loss after more than a decade of investment.
Finance - Mon, November 18, 2024 | 10:19 am GMT+7