Central Vietnam province reviews investment proposal for thermal power project after Thai EGATi pullout

Authorities in the central province of Quang Tri are evaluating a proposal from Power Generation JSC 1 (EVNGENCO 1), a subsidiary of state utility Vietnam Electricity (EVN), to take over the Quang Tri thermal power plant project, following the withdrawal of Thai investor EGATi.

The provincial People’s Committee on Monday announced it had assigned the Department of Industry and Trade to coordinate with EVN to implement the Prime Minister’s direction regarding EVNGENCO 1’s proposal to become the project's new investor.

The committee has also requested the provincial department to prepare a formal evaluation report and proposal to submit to the Prime Minister by September 20, 2025.

Earlier, on September 6, the Government Office issued Notice No. 463/TB-VPCP, conveying Prime Minister Pham Minh Chinh’s conclusion following a working session with the Quang Tri provincial Party Committee.

The session reviewed the province’s socio-economic performance in the first half of 2025 and progress on key infrastructure projects, including the power plant.

Under the Electricity Law 2024, the Prime Minister directed the province to work closely with EVN to rigorously assess whether the project qualifies as an “urgent power infrastructure project.”

The evaluation must clarify the project's strategic significance, feasibility, investment timeline, and commitment to bringing it into commercial operation by December 31, 2030. Findings must be submitted to the Ministry of Industry and Trade for review and subsequent reporting to the Prime Minister by the end of September 2025.

The Quang Tri Thermal Power Plant, with a planned capacity of 1,320 MW (2 x 660 MW), was originally approved in August 2013 for development under the build-operate-transfer (BOT) model by EGATi, a wholly-owned subsidiary of the Electricity Generating Authority of Thailand. The total investment was estimated at over VND55 trillion ($2.08 billion).

However, on July 3, 2024, the Ministry of Industry and Trade officially agreed to EGATi’s request to withdraw from the project. As of that date, all contractual and legal obligations between EGATi and the ministry were nullified.

The project is now listed among delayed coal-fired power projects in the National Power Development Plan VIII (PDP8) due to shareholder changes and financing challenges. Under Decision No. 500/QĐ-TTg (issued May 15, 2023) and Decision No. 262/QĐ-TTg (issued April 1, 2024), the Prime Minister instructed relevant ministries to reassess such projects and consider termination if progress was not made by June 2024.

EVNGENCO 1 steps in

Following EGATi’s exit, EVNGENCO 1 submitted a formal request on February 7, 2025 to be assigned as the new project investor. The company had also met with Quang Tri’s leadership on February 6, 2025 to present its proposal.

EVNGENCO 1 highlighted its extensive experience in managing large-scale thermal and hydropower projects, including Duyen Hai 1 & 3 (2 x 622.5 MW each) and Nghi Son 1 (2 x 300 MW). The company stated that assuming control of the Quang Tri project aligns with its capabilities and national priorities.

If granted investment rights, EVNGENCO 1 has committed to executing the project on schedule as outlined in PDP8. Specifically, it will conduct surveys, prepare, and seek approval for the feasibility study from Q2/2025 to Q3/2026; begin construction in Q3/2027; and start commercial operation of both units by Q4/2030.

The firm emphasized that, as the project currently lacks an assigned investor but remains part of the national energy strategy, its involvement is in line with legal regulations.

EVNGENCO 1 now operates 20 power factories across Vietnam, accounting for 7,156.5 MW or 9.3% of the country's power power capacity, and 10.8% of the power generation.