EVN likely to take over major foreign-invested power plants as BOT contracts expire
Vietnam’s Ministry of Industry and Trade has proposed Prime Minister Pham Minh Chinh allow state utility Vietnam Electricity (EVN) to take over the management of two major gas-fired power plants in southern Vietnam after their build-operate-transfer (BOT) contracts expire.
The Phu My thermal power complex is Vietnam’s largest operational group of power generation plants, with a combined capacity of up to 3,900 megawatts. It is located in Ba Ria-Vung Tau province’s Phu My town, about one hour’s drive from Ho Chi Minh City.
The major complex comprises the Phu My 1, 2-1, 2-2, 3 and 4 plants, and the Ministry of Industry and Trade's proposal is focused on Phu My 3 (749 MW) and Phu My 2-2 (715 MW).
Part of the Phu My thermal power complex in Ba Ria-Vung Tau province’s Phu My town near Ho Chi Minh City, southern Vietnam. Photo courtesy of Vietnam Electricity.
The Phu My 3 BOT contract, with a term of 20 years, will be over at the end of next February. The plant will be transferred to the Vietnamese government on March 1, 2024. It began commercial operations on March 1, 2004.
The Phu My 2-2 BOT contract, also with a term of 20 years, will be over in early February 2025. The plant will be transferred to the government on February 4, 2025.
The Phu My 3 BOT Power Co. Ltd. was the first foreign-invested BOT power project in Vietnam. The $450 million plant was equally invested by BP Holdings of the Netherlands, Sembcorp Utilities Corp. (Singapore), and Kyushu Electrics Corp. and Sojitz Corp. (Japan). The capacity was 716.8 MW originally and was upgraded to 749 MW in 2009. It is fueled by the Nam Con Son Gas Pipeline in southern Vietnam.
The Phu My 2-2 plant, with about $480 million in investment, is a project led by Electricite de France (EDF) International with a 56.25% stake. Other members of the consortium are Japan’s Sumitomo with a 28.125% stake, and Tokyo Electric Power Company (Tepco) with a 15.625% stake. It is also fueled by the Nam Con Son Gas Pipeline.
Ba Ria-Vung Tau province is a major oil and gas hub in Vietnam. The Nam Con Son Basin lies off the coast of the southern province.
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