Northern Vietnam province seeks power plant fuel shift from coal to LNG
Nam Dinh province is seeking approval to have its $2.2 billion Nam Dinh 1 power plant, currently a build-operate-transfer (BOT) project, shift to using LNG instead of coal as its fuel.
In a document seeking approval from the Ministry of Industry and Trade, authorities in the northern province said the move aimed to facilitate Vietnam fulfilling its net-zero emissions by 2050 commitment made at the COP 26.
The move was also in line with the latest national power development plan, PDP VIII, and has the support of the province’s residents, they said.
The BOT project, with a capacity of 1,109.4 MW, was granted an investment certificate in July 2017 by the Ministry of Planning and Investment.
State mining giant Vinacomin was designated coal supplier for the project, which was the fourth BOT thermal power project in Vietnam then.
The project, covering 242.7 hectares in Hai Hau district, was slated to start construction in 2018. However, issues related to power purchase agreement and restructuring of investment has stalled the project. South Korea’s Taekwang Power and Saudi Arabia’s Acwa Power were the project investors, but the latter has withdrawn its participation.
The project features in the PDP VIII as a priority project. The Ministry of Industry and Trade has been asked to extend the project deadlines, but take steps to terminate it in June 2024 if no progress is made.
In October 2023, Thailand’s Gulf Energy Development Public Company Limited expressed its willingness to reignite the project. In particular, the Thai firm urged Nam Dinh authorities to connect Gulf Energy with Taekwang Power to transform the project from a coal-fired power plant to one fired by LNG.
The request aligned with Gulf Energy’s plan to build a 1,500-3,000MW LNG power center project and an LNG terminal capable of accommodating ships of up to 200,000 cubic meters.
Vietnam currently has no LNG-to-power plant in operation. The LNG-fired Nhon Trach 3 and 4 power plants in the southern province of Dong Nai are the only such projects under construction in the country. They are expected to become operational soon.
- Read More
AI tool to help Vietnam curb tax evasion by e-commerce platforms: Deputy PM
An artificial intelligence (AI)-based tool will be used to check revenues and trades on e-commerce platforms operating in Vietnam as part of a broader attempt to prevent tax losses, says Deputy Prime Minister Ho Duc Phoc.
Economy - Wed, November 6, 2024 | 2:12 pm GMT+7
Cambodia announces new initiative to encourage use of local currency
The National Bank of Cambodia (NBC) and the country's Ministry of Commerce have recently announced a major step to promote the use of the local currency by encouraging businesses to register new bank accounts in riel.
Southeast Asia - Wed, November 6, 2024 | 2:02 pm GMT+7
Thailand, Turkey agree to resume FTA negotiations
Thai Deputy Commerce Minister Suchart Chomklin and his Turkish counterpart Mustafa Tuzcu have agreed to resume negotiations on a free trade agreement (FTA) between the two countries.
Southeast Asia - Wed, November 6, 2024 | 2:00 pm GMT+7
Singapore Airlines aims to attract high-spending passengers to longest flights
Singapore Airlines is planning to add a four-seat first class to the Airbus aircraft it uses for its longest routes, a bet to attract high-spending travelers to flights that can top 17 hours.
Southeast Asia - Wed, November 6, 2024 | 1:58 pm GMT+7
Indonesia eyes $120 bln investment for economic development
Indonesia aims to secure an investment of $120 billion by 2025 to promote its national economy, Minister of Investment Rosan Roeslani said on Monday.
Southeast Asia - Wed, November 6, 2024 | 1:56 pm GMT+7
Vietnam’s Jan-Oct industrial production grows 8.3%
Vietnam’s January-October index of industrial production (IIP) grew 8.3% year-on-year, extending the recovery of the sector, backed by a 4% increase from September to October, the General Statistics Office (GSO) said.
Economy - Wed, November 6, 2024 | 1:36 pm GMT+7
AES earns $27 mln pre-tax income from Vietnam coal-fired power plant in Jan-Sept
U.S.-based AES Corporation earned a pre-tax income of $27 million from the Mong Duong II coal-fired power plant in Vietnam’s northern province of Quang Ninh in the first nine months of this year.
Companies - Wed, November 6, 2024 | 12:06 pm GMT+7
Vietnamese businesses able to leverage e-commerce, overcome market challenges: experts
Amidst the rapid expansion of low-cost Chinese e-commerce platforms like Temu, 1688 and Taobao, several Vietnamese businesses have managed to hold their own, showing how e-commerce can be leveraged to achieve success, experts say.
Finance - Wed, November 6, 2024 | 11:09 am GMT+7
Vietnam’s Eximbank seeks to move headquarters to Hanoi after ownership changes
Eximbank, among the leading mid-sized banks in Vietnam, has announced a plan to move its head office from Ho Chi Minh City, the largest economic hub in the south, to Hanoi after recent changes in shareholders.
Banking - Wed, November 6, 2024 | 10:41 am GMT+7
Coffee trading floor should be set up in Vietnam Central Highlands for risk management: experts
A coffee trading floor should be set up soon to set price benchmarks and manage market risks, experts said Sunday at a workshop.
Economy - Wed, November 6, 2024 | 8:18 am GMT+7
State utility EVN proposes trial of two-tier electricity pricing model
State utility Vietnam Electricity (EVN) has proposed piloting a two-tier electricity pricing mechanism for some customer groups before it is expanded nationwide starting January 1, 2025.
Economy - Tue, November 5, 2024 | 8:16 pm GMT+7
Registered FDI in Vietnam rises 1.3% in to $27.3 bln in Jan-Oct
Registered foreign direct investment (FDI) in Vietnam totaled $27.26 billion in the first 10 months of this year, up 1.9% year-on-year, according to the Ministry of Planning and Investment.
Economy - Tue, November 5, 2024 | 5:35 pm GMT+7
Thailand’s Krungsri aims to wholly acquire Hanoi-based SHBFinance soon
Bangkok-domiciled Krungsri, officially known as Bank of Ayudhya Public Company Limited, has offered to acquire the remaining 50% stake in SHBFinance from private lender SHB before their initially agreed timeline.
Finance - Tue, November 5, 2024 | 4:23 pm GMT+7
LG Electronics to expand R&D operations in Vietnam to in-vehicle infotainment
LG Electronics is strengthening its research and development (R&D) capabilities in Vietnam and will expand its local research program into vehicle components, webOS platform, and home appliances.
Companies - Tue, November 5, 2024 | 3:28 pm GMT+7
BIDV cuts selling price of construction major’s mortgaged assets to $174 mln
State-controlled BIDV, a “Big 4” lender in Vietnam, has slashed the auction price of mortgaged assets held by Tai Nguyen Construction and Trading Company to VND4.41 trillion ($174.4 million).
Finance - Tue, November 5, 2024 | 3:16 pm GMT+7
Vietnam developer Novaland denies involvement in violations at Central Highlands property project
Real estate major Novaland asserted on Monday that it was neither aware of nor involved in any violations of the law by its partner or other parties concerned in a Central Highlands eco-resort and urban area project.
Companies - Tue, November 5, 2024 | 2:36 pm GMT+7