Mitsubishi-KEPCO invested central Vietnam thermal power plant set to beat schedule

By Tri Duc
Tue, June 18, 2024 | 3:09 pm GMT+7

Project developer VAPCO says the $2.4 billion, 1,320-MW Vung Ang II thermal power plant can put its first and second turbines into operation a month ahead of its original plan.

In its latest environmental impact report, Vung Ang II Thermal Power LLC (VAPCO) says that the turbines can become operational in June and October 2025, respectively.

The project, located in the central province of Ha Tinh, is invested by One Energy Asia Limited, in which with Japan’s Mitsubishi and Chugoku hold stakes of 40% and 20%, respectively. The remaining 40% stake is held by South Korea’s KEPCO.

Vung Ang II coal-fired power plant under construction in Ha Tinh province, central Vietnam. Photo courtesy of Lao Dong (Labor) newspaper.

Vung Ang II coal-fired power plant under construction in Ha Tinh province, central Vietnam. Photo courtesy of Lao Dong (Labor) newspaper.

The coal-fired power plant project is 75% financed by the Japan Bank for International Cooperation (JBIC).

Construction of the project located at the Vung Ang Economic Zone, started in October 2021, with South Korea-invested Doosan Enerbility Vietnam as its general contractor.

It is one of six under-construction coal-fired plants featured in the national power development plan VIII (PDP VIII).

The six plants, also featured in PDP VII, are expected to account for 6,125 MW of the total of 30,127 MW produced by all coal-fired power plants in Vietnam by 2030.

In keeping with Vietnam’s sustainable development growth target, all coal-fired power plants are set to use biomass and ammonia as fuel from 2050. PDP VIII has already discontinued dozens of coal-fired power projects with a combined capacity of 13,220 MW.

Comments (0)
  • Read More
Vietnam earns $3.7 bln from steel exports in H1, down 22.5%

Vietnam earns $3.7 bln from steel exports in H1, down 22.5%

Vietnam raked in $3.7 billion from exporting 5.66 million tons of steel in the first half of 2025, down 13% in volume and 22.5% in value year-on-year.

Economy - Wed, July 30, 2025 | 10:30 am GMT+7

Challenges mount for Vietnam’s Century Synthetic Fiber Corporation

Challenges mount for Vietnam’s Century Synthetic Fiber Corporation

Ho Chi Minh City-based Century Synthetic Fiber Corporation is facing a myriad of difficulties as it has failed to raise capital, while hundreds of billions of VND (VND100 billion = $3.82 million) in project-related debt near maturity.

Companies - Wed, July 30, 2025 | 9:11 am GMT+7

Vietnam’s Long Thanh may enter global mega airports club next decade: report

Vietnam’s Long Thanh may enter global mega airports club next decade: report

Long Thanh International Airport, under construction in Vietnam’s southern province of Dong Nai, is expected to join global mega airports capable of handling at least 100 million passenger arrivals annually by the next decade, a report said.

Infrastructure - Wed, July 30, 2025 | 9:00 am GMT+7

Vietnam's agri major BAF enjoys skyrocketing 444% profit growth in Q2

Vietnam's agri major BAF enjoys skyrocketing 444% profit growth in Q2

BAF Vietnam Agriculture JSC, which owns the "Vegetarian Pig" brand, posted impressive business results in Q2/2025 amid a volatile pork market, with after-tax profit soaring 444% year-on-year.

Companies - Wed, July 30, 2025 | 8:00 am GMT+7

Vietnam benchmark VN-Index’s plunge opens up buying opportunities: expert

Vietnam benchmark VN-Index’s plunge opens up buying opportunities: expert

The 4.11% drop of the VN-Index on Tuesday after hitting an all-time high is "reasonable" and "could set a new price base for incoming capital flows", said Tran Hoang Son, director of market strategy at VPBank Securities (VPBankS).

Finance - Wed, July 30, 2025 | 12:24 am GMT+7

Central Vietnam province okays Hoa Phat's $393 mln railway track project

Central Vietnam province okays Hoa Phat's $393 mln railway track project

The Dung Quat Economic Zone and Quang Ngai Industrial Parks Authority on Tuesday gave in-principle approval to a $393 million rail track and special steel project by Hoa Phat Dung Quat Rail and Special Steel JSC, a subsidiary of steel giant Hoa Phat.

Industries - Tue, July 29, 2025 | 5:19 pm GMT+7

Vietnam benchmark VN-Index plunges 64 points after historic peak

Vietnam benchmark VN-Index plunges 64 points after historic peak

The VN-Index, which represents the Ho Chi Minh Stock Exchange (HoSE), plummeted by 64.01 points, or 4.11%, to close at 1,493.41 on Tuesday due to a sharp and broad-based sell-off, just one day after hitting an all-time high.

Finance - Tue, July 29, 2025 | 4:56 pm GMT+7

US semiconductor manufacturer Coherent inaugurates its third Vietnam facility

US semiconductor manufacturer Coherent inaugurates its third Vietnam facility

Coherent Corp., a leading semiconductor producer in the U.S., on Monday inaugurated its third Vietnam factory, located in the southern province of Dong Nai.

Industries - Tue, July 29, 2025 | 3:42 pm GMT+7

Trung Nam Group’s solar power unit reports $5.3 mln in 2024 after-tax profit

Trung Nam Group’s solar power unit reports $5.3 mln in 2024 after-tax profit

Trung Nam Thuan Nam Solar Power Co., Ltd., a subsidiary of Vietnamese private conglomerate Trungnam Group, has announced a strong financial recovery in 2024, with an after-tax profit of VND138 billion ($5.28 million).

Companies - Tue, July 29, 2025 | 1:30 pm GMT+7

Southern Vietnam port operator Phuoc An posts heavy loss as forecast

Southern Vietnam port operator Phuoc An posts heavy loss as forecast

Dong Nai province-based Petrovietnam Phuoc An Port Investment and Operation JSC (UPCoM: PAP) reported a post-tax loss of over VND125 billion ($4.78 million) in Q2/2025, its highest quarterly loss to date, due to revenue falling short of covering cost of goods sold and financial expenses.

Companies - Tue, July 29, 2025 | 10:37 am GMT+7

Council formed to appraise investment proposals for Cai Mep Ha downstream port complex in HCMC

Council formed to appraise investment proposals for Cai Mep Ha downstream port complex in HCMC

A state appraisal council will be established to review investment proposals for the Cai Mep Ha downstream port complex project in Ho Chi Minh City, under a decision recently signed by Deputy Prime Minister Tran Hong Ha.

Economy - Tue, July 29, 2025 | 10:12 am GMT+7

Vietnam's pharma major Phytopharma posts 24% decline in Q2 profit

Vietnam's pharma major Phytopharma posts 24% decline in Q2 profit

Ho Chi Minh City-headquartered Phytopharma, one of the leading pharmaceutical firms in Vietnam, reported an after-tax profit of VND15 billion ($57,340) in the second quarter of this year, down 24% year-on-year.

Companies - Tue, July 29, 2025 | 9:30 am GMT+7

Vietnam Rubber Group proposes renewable energy investment in central province

Vietnam Rubber Group proposes renewable energy investment in central province

The state-controlled Vietnam Rubber Group (VRG) is eyeing opportunities to study renewable energy development on rubber plantation land in the central province of Gia Lai, in line with a new resolution by local authorities.

Companies - Tue, July 29, 2025 | 8:00 am GMT+7

Vietnam's retail giant Mobile World posts record revenue in Q2

Vietnam's retail giant Mobile World posts record revenue in Q2

Mobile World Investment Corporation (MWG), a leading retailer in Vietnam, delivered its highest-ever quarterly revenue in Q2/2025, rising nearly 10% from a year earlier to over VND37.52 trillion ($1.44 billion).

Companies - Mon, July 28, 2025 | 4:23 pm GMT+7

Techcombank named domestic retail bank of the year by Asian Banking & Finance for 4th consecutive year

Techcombank named domestic retail bank of the year by Asian Banking & Finance for 4th consecutive year

Techcombank has been named Domestic Retail Bank of the Year - Vietnam at the Asian Banking & Finance Retail Banking Awards 2025.

Companies - Mon, July 28, 2025 | 3:06 pm GMT+7

Navigating tariff shocks: Vietnam’s path forward through diversification

Navigating tariff shocks: Vietnam’s path forward through diversification

Market diversification is not a choice but an urgent necessity for Vietnam to safeguard export growth and mitigate risks from global policy and market fluctuations, writes Huong Vu, general director of EY Consulting Vietnam Joint Stock Company and vice chairwoman of Vietnam's Association of Foreign Invested Enterprises (VAFIE).

Consulting - Mon, July 28, 2025 | 2:16 pm GMT+7