Taekwang Power likely to reignite thermal power project in northern Vietnam
South Korea’s Taekwang Power said it has completed capital arrangement to implement the 1,200 MW Nam Dinh 1 thermal power plant in Nam Dinh province, which has been on the shelf since its investment certificate was issued in 2017.
Sang Young Jin, CEO of the firm, a member of South Korean chaebol Taekwang Group, made the statement at a meeting on Wednesday with Pham Gia Tuc, chief of Nam Dinh's Party Committee.
The 242.7 hectare project, with an investment of $2.3 billion, has been idle due to changes in its shareholder structure, difficulties in capital arrangement, and problems associated with fulfillment of procedures.
Taekwang Power CEO Sang Young Jin (left) and Pham Gia Tuc, Secretary of Nam Dinh province's Party Committee, at a meeting in Nam Dinh, northern Vietnam on May 24, 2023. Photo courtesy of Nam Dinh newspaper.
The meeting took place a few days after the national power development plan (PDP) VIII was approved. The PDP VIII for 2021-2030, with vision to 2050, features the Nam Dinh 1 thermal power plant as an important and prioritized project.
The PDP VIII also requests coal-fired power plants to update technology to use biomass and ammonia as materials after 20 years of operation, when prices are suitable.
The executive clarified the firm has completed capital arrangement, and is ready to pay compensation to citizens for land impacted by the project. It has also finished resettlement areas for relocated people, and will complete preparations at the end of 2023 for project deployment, while urging provincial authorities to aid the progress, he noted.
Sang Young Jin said the firm will employ modern technology to minimize environmental impacts of the power plant in accordance with Vietnam’s pledge of zero emissions by 2050 made at the COP26.
Investors of Nam Dinh 1 BOT thermal power project receive an investment certificate on July 2, 2017. Photo courtesy of Nam Dinh newspaper.
The project, under the build-operate-transfer (BOT) format, was granted an investment certificate in July 2017 by the Ministry of Planning and Investment. State mining giant Vinacomin was designated as the coal supplier for the project, which was the fourth BOT thermal power project in Vietnam at that time.
The project, located in Hai Hau district, was slated to start construction in 2018, however progress has been frozen. Taekwang Power and Saudi Arabia’s Acwa Power were the two investors, but the latter withdrew.
- Related News
- Read More
Lotte Shopping plans to open more shopping malls in Vietnam
South Korean retail giant Lotte Shopping has unveiled plans to open an additional two to three large-scale shopping malls in major Vietnamese cities by 2030, underscoring the country’s growing role in the group’s international expansion strategy.
Companies - Tue, September 16, 2025 | 9:25 pm GMT+7
Vietnam ratifies WTO Agreement on Fisheries Subsidies
Vietnam officially deposited its instrument of ratification of the Agreement on Fisheries Subsidies at the WTO General Council’s special session in Switzerland on Monday.
Companies - Tue, September 16, 2025 | 9:21 pm GMT+7
What makes NobleGo - Vietnam’s first home-bidding livestream platform - so notable?
NobleGo – Vietnam’s pioneering AI-powered livestream real estate bidding platform developed by Sunshine Group – has completed its first 20 livestream sessions.
Real Estate - Tue, September 16, 2025 | 4:53 pm GMT+7
Japanese retailer Aeon to debut another northern Vietnam shopping mall by end-2026
Japanese-backed Aeonmall Vietnam is ramping up construction on its Aeon Mall Ha Long project in Quang Ninh province, home to Ha Long Bay, with an aim to open it to the public by end-2026.
Industries - Tue, September 16, 2025 | 3:54 pm GMT+7
Hanoi terminates Vinaxuki auto plant project, repurposes land for commercial complex
A long-stalled automotive manufacturing project by Xuan Kien Auto JSC (Vinaxuki) has been officially terminated by Hanoi authorities, and the reclaimed land in Phuc Thinh commune will be repurposed for a new commercial and service complex.
Industries - Tue, September 16, 2025 | 2:44 pm GMT+7
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.
Energy - Tue, September 16, 2025 | 1:44 pm GMT+7
Amata to sell stakes worth $46 mln in Vietnam units to Novaland-tied buyers
Amata VN, the Vietnam arm of Thailand’s leading industrial park developer Amata, has approved a plan for its subsidiary Amata City Long Thanh Urban JSC (ACLT) to sell its remaining 51% stakes in two entities to local developer Novaland-linked buyers.
Real Estate - Tue, September 16, 2025 | 12:19 pm GMT+7
Vietnam already meets FTSE's criteria for stock market status upgrade: Finance Minister
Vietnam has fulfilled the criteria for a stock market status upgrade by FTSE Russell through reforms aimed at facilitating foreign investment inflows into its market, said Minister of Finance Nguyen Van Thang.
Economy - Tue, September 16, 2025 | 9:36 am GMT+7
Banks should be allowed to distribute, invest in mutual fund certificates: Vietnam's finance ministry
The Ministry of Finance is proposing a key reform that would allow commercial banks to invest in and distribute mutual fund certificates, as part of a broader plan to restructure the investor base and foster the development of Vietnam’s fund management industry.
Finance - Tue, September 16, 2025 | 8:00 am GMT+7
E-commerce boom a major driver of Vietnam's packaging paper industry growth
Vietnam's paper packaging industry is entering a period of strong growth, with an average annual growth rate forecasted at 10% until 2030.
Companies - Mon, September 15, 2025 | 10:20 pm GMT+7
Vietnam needs support from UK in developing international financial center: Deputy PM
Permanent Deputy Prime Minister Nguyen Hoa Binh has called on the UK and the City of London to continue supporting and accompanying Vietnam in promoting and introducing its international financial center (IFC).
Finance - Mon, September 15, 2025 | 10:12 pm GMT+7
Vietnam enforces 8% capital adequacy ratio for banks from Sept 15
Commercial banks and foreign bank branches in Vietnam must maintain a minimum capital adequacy ratio (CAR) of 8%, including at least 4.5% in Tier 1 core capital and 6% in Tier 1 capital, starting from September 15.
Banking - Mon, September 15, 2025 | 10:04 pm GMT+7
Tool for wood traceability management debuts in Vietnam
The Vn-WoodID application has been officially launched in Vietnam, becoming a key tool contributing to wood traceability.
Companies - Mon, September 15, 2025 | 10:00 pm GMT+7
Sun Group, US Embassy foster aviation-hospitality cooperation
Sun Group, in collaboration with the US Embassy in Vietnam, hosted the US – Vietnam Aviation Partnership Roundtable on September 12, bringing together 15 leading American corporations in aviation, technology, and financial services, opening up opportunities to position Phu Quoc as a new aviation and tourism hub in the region.
Companies - Mon, September 15, 2025 | 9:54 pm GMT+7
Vietnam tops Thai giant SCG’s overseas markets with 9% revenue contribution in H1
Vietnam remained the largest overseas market for Thailand’s Siam Cement Group (SCG) in the first half of 2025, contributing 9% of consolidated sales.
Companies - Mon, September 15, 2025 | 8:10 pm GMT+7
Central Vietnam to have new airport Mang Den
Procedures to adjust Vietnam's airport system planning, including the addition of Mang Den Airport in central Vietnam, are being proceeded, according to the Ministry of Construction.
Infrastructure - Mon, September 15, 2025 | 5:16 pm GMT+7
