Thailand's EGATi abandons $2.3 bln thermal power project in central Vietnam
Thailand's Ministry of Energy confirmed Thursday that state utility EGATi will abandon its $2.3 billion BOT coal-fired power project in Quang Tri province.
At a Vietnam-Thailand energy forum in Bangkok, the ministry said that an official announcement about the withdrawal will be sent to Vietnam's Ministry of Industry and Trade and Quang Tri authorities soon.
The decision has factored in Quang Tri authorities' recommendations, difficulties in capital arrangement and the two governments' commitments on net-zero emissions by 2050, the Thai ministry said.
EGAT International (EGATi) is a wholly owned subsidiary of the Electricity Generating Authority of Thailand (EGAT), a state-owned enterprise under supervision of the kingdom’s ministries of energy and finance.
Construction of technical infrastructure for the project began in November 2019, six years after the Vietnamese Prime Minister approved EGATi as investor.
The 1,320MW plant, located in the Southeast Economic Zone, was designed with two 660MW turbines.
Coal-fired power holds the largest share in Vietnam's energy structure. Photo courtesy of the government's portal.
The Thai ministry asked Vietnam's industry ministry and Quang Tri authorities to create favorable conditions for EGAT and EGATi to find other energy projects or projects involving infrastructure in support thereof.
Nguyen Duc Tan, director of Quang Tri's tourism, trade and investment promotion center, told The Investor that the thermal power plant was part of the province’s energy development plan and considered a key project in efforts to turn it into an energy hub in the central region by 2030.
"Therefore, after the project is closed, we will research and select another. It's likely that we will consider a more suitable fuel than coal for the power plant," Tan added.
Vietnam's industry ministry recently proposed that the government includes five coal-fired thermal power projects in the national power development plan VIII for the 2021-2030 period with vision until 2050.
The ministry said the five projects, which already received in-principle agreement from Vietnamese authorities, should be included to help the government avoid legal disputes with the investors as also paying compensation.
It noted that none of the investors showed willingness to have their projects scrapped despite capital arrangement difficulties.
- Related News
- Read More
Over 86 mln bank accounts in Vietnam to be terminated from September 1
More than 86 million bank accounts that have not been biometrically authenticated or have been 'frozen' for a long time will be deleted starting September 1 to prevent fraud and cybercrime.
Banking - Sat, July 19, 2025 | 12:02 pm GMT+7
Malaysia boosts investment in green technology, digital transformation
Malaysia is unlocking high-impact investments at the intersection of sustainability and digital transformation, a key priority under the MADANI government’s green growth agenda.
Southeast Asia - Sat, July 19, 2025 | 11:59 am GMT+7
Indonesia expands retail network in Asia to boost exports
Indonesia has opened 2,400 retail stores in the Philippines and plans to expand into Malaysia, Bangladesh, and other Asian countries, Indonesian Trade Minister Budi Santoso said on Thursday.
Southeast Asia - Sat, July 19, 2025 | 11:57 am GMT+7
Southeast Asia IPO performance in Jan-June
The first half of 2025 saw a measured rebound in Southeast Asia’s capital markets, underpinned by stabilizing macroeconomic conditions and renewed momentum in larger IPOs, particularly in Malaysia and Indonesia, write Deloitte analysts.
Consulting - Sat, July 19, 2025 | 11:41 am GMT+7
Vietnam's fund management market must be transparent, sustainable to allure investors: experts
To spur the growth of Vietnam’s fund management industry, an open, transparent and fair playing field is needed for all participants, experts said at a seminar hosted by The Investor on Thursday.
Finance - Sat, July 19, 2025 | 9:32 am GMT+7
More data center investment to be poured into Vietnam: Cushman & Wakefield
Vietnam is an ideal destination for data center investment and the country is expected to see further interest from international investors, according to consultancy firm Cushman & Wakefield.
Companies - Sat, July 19, 2025 | 9:00 am GMT+7
Vietnam's Ministry of Science and Technology works with Google to explore digital transformation, AI
The Vietnamese Ministry of Science and Technology (MoST) has been working with Google to explore deeper cooperation in digital transformation, AI, and support for small and medium-sized enterprises (SMEs).
Companies - Sat, July 19, 2025 | 12:01 am GMT+7
Thailand hopes for US tariffs at levels comparable to other regional countries
Thai Deputy Prime Minister and Minister of Finance Pichai Chunhavajira on Friday expressed his expectation that the U.S.'s final reciprocal tariff rate imposed on Thailand's exports will align closely with other countries in the region, likely settling at approximately 20%.
Southeast Asia - Fri, July 18, 2025 | 11:53 pm GMT+7
Vietnam's central bank to assess compliance of banks in risk management
The State Bank of Vietnam (SBV) will deploy monitoring measures and tools to assess the compliance of commercial banks in implementing requirements related to risk management, especially compliance with Basel III international banking standards, an SBV official said on Wednesday.
Banking - Fri, July 18, 2025 | 11:49 pm GMT+7
Malaysia aims to play key role in implementing ASEAN Power Grid
Malaysia is expected to assume a key role in the implementation of the ASEAN Power Grid (APG) starting next year, leveraging its strategic advantages to lead the regional initiative aimed at integrating electricity transmission networks across Southeast Asia.
Southeast Asia - Fri, July 18, 2025 | 11:36 pm GMT+7
Tran Duc Thang assigned to be acting Minister of Agriculture and Environment
Vietnam's Prime Minister Pham Minh Chinh has assigned Tran Duc Thang, a Party Central Committee member and standing Deputy Chief Inspector of the Government, to be acting Minister of Agriculture and Environment, starting from Thursday.
Politics - Fri, July 18, 2025 | 11:28 pm GMT+7
Gasoline vehicle market stalls as consumer sentiment wavers
While the electric vehicle (EV) market is gaining momentum, dealers of gasoline-powered cars and motorbikes, both new and used, in Hanoi are facing a wave of order cancellations, vehicle returns, and even deposit forfeiting.
Companies - Fri, July 18, 2025 | 7:48 pm GMT+7
E10 fuel rollout marks key step in Vietnam’s green energy transition
From January 1, 2026, all gasoline distributed across Vietnam must contain 10% ethanol, marking a pivotal milestone in the country’s shift toward green energy and its long-term carbon neutrality goals.
Companies - Fri, July 18, 2025 | 7:40 pm GMT+7
Vietnam's consumer finance major F88 wins M-CRIL’s gold-level client protection certification
F88 Investment JSC (F88), a pioneering enterprise in the field of alternative finance in Vietnam, has once again reaffirmed its position by receiving the prestigious Gold-Level Client Protection Certification (CPC) from M-CRIL.
Companies - Fri, July 18, 2025 | 4:36 pm GMT+7
HCMC faces shortfall of 179,000 new apartments: Savills
Ho Chi Minh City aimed to develop approximately 235,000 new housing units for the 2021-2025 period, but only 24% of this target has been achieved, leaving the city short by 179,000 units.
Real Estate - Fri, July 18, 2025 | 4:09 pm GMT+7
Telecom giant Viettel proposes $317 mln wind power project in central Vietnam
Military-run telecom heavyweight Viettel is proposing a 198 MW wind power project in the central province of Quang Tri, with four separate plants and a total cost of $317 million.
Energy - Fri, July 18, 2025 | 3:54 pm GMT+7
