Thermal power plant transferred to state utility EVN after BOT contract ends
The 715 MW Phu My 3 thermal power plant has been transferred to state utility Vietnam Electricity (EVN) for ongoing operation after its build-operate-transfer (BOT) contract ended.
The three foreign investors of the project, namely Sembcorp Utilities Pte. Ltd. from Singapore and Japanese firms Kyuden International Corporation and Sojitz Corporation signed an agreement with EVN for the move on Friday.
The $450 million power factory, located in the southern coastal province of of Ba Ria-Vung Tau entered commercial operation on March 1, 2004, and the BOT contract ended 20 years later.
It was the first power factory in Vietnam following the BOT format and fully invested by foreign businesses, Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan said at the signing ceremony.
After the transfer, Phu My 3 thermal power plant will continue operations and it expected to generate 4.6 billion kWh for Vietnam annually. EVN’s Power Generation JSC 3 (EVNGENCO3) is the new operator of the facility.
In November 2023, Deputy Prime Minister Le Minh Khai signed a decision on EVN taking over two thermal power plants in the southern region after their BOT contracts end. The plants, both in Ba Ria-Vung Tau province, are Phu My 3 and Phu My 2.2.
- Read More
2024 – a look back at ups and downs
Ngo Dang Khoa, head of markets and securities services, and Vu Binh Minh, associate director of rates trading at HSBC Vietnam offers an insight into Vietnam's economic landscape in 2024 and their 2025 forecasts.
Economy - Fri, December 20, 2024 | 1:21 pm GMT+7
Sweden's Bulten, China's ZJK team up to make micro screws in Vietnam
Sweden’s Bulten and China’s ZJK Precision Parts will jointly manufacture micro screws in Vietnam, targeting production from 2025, the former said Wednesday.
Industries - Fri, December 20, 2024 | 12:02 pm GMT+7
Japan’s Meiko Electronics to invest extra $300 mln in Vietnam to make printed circuit boards
Meiko Electronics Vietnam Co. Ltd., under Japanese printed circuit board (PCB) manufacturer Meiko Electronics, will invest $300 million more in Hanoi, raising its total investment in the capital city to $800 million.
Industries - Fri, December 20, 2024 | 11:51 am GMT+7
Supply of apartment units in Vietnam may rise 33% next year: expert
Vietnam’s property market is expected to see the entry of 35,000-40,000 apartment units in 2025, up 33% from 2024, says Duong Thuy Dung, executive director, head of professional services at CBRE Vietnam.
Real Estate - Fri, December 20, 2024 | 9:23 am GMT+7
Singapore-invested Vietnam SuperPort, Vietnam Post partner in digital logistics
Vietnam SuperPort and state-controlled Vietnam Post (VNPost) have signed an MoU on developing customized platforms to support small and medium-sized enterprises (SMEs) in exporting goods to Asian markets.
Economy - Fri, December 20, 2024 | 8:17 am GMT+7
Daughter of Vietnam agribusiness HAGL’s chairman registers to buy more company shares
Doan Hoang Anh, daughter of HAGL chairman Doan Nguyen Duc, has registered to purchase 1 million HAGL shares amid a 20% increase in the stock’s value over the past three months.
Companies - Thu, December 19, 2024 | 9:38 pm GMT+7
Property giant Vinhomes raises additional $157 mln in bonds
Leading housing developer Vinhomes successfully raised VND4 trillion ($157 million) in private placement bonds on Tuesday, according to the Hanoi Stock Exchange (HNX).
Companies - Thu, December 19, 2024 | 9:28 pm GMT+7
E-visas available at all Thai embassies, consulates from January 1, 2025
Intending visitors to Thailand will be able to apply online for an e-visa at Thai embassies and consulates worldwide from January 1, 2025.
Southeast Asia - Thu, December 19, 2024 | 8:04 pm GMT+7
Indonesia rolls out $51.65 bln stimulus package for 2025
The Indonesian government has unveiled a series of economic stimulus packages totaling Rp827 trillion ($51.65 billion) for 2025, designed to mitigate economic shocks and address the weakening purchasing power of low- and middle-income groups.
Southeast Asia - Thu, December 19, 2024 | 8:03 pm GMT+7
Malaysia accelerates electric vehicle growth
Malaysia’s electric vehicle (EV) industry is accelerating, with over 100,000 electrified vehicles recorded and more than 3,300 charging stations established nationwide to date, positioning the country as a key regional hub for EV innovation.
Southeast Asia - Thu, December 19, 2024 | 8:00 pm GMT+7
EV maker VinFast plans $140 mln resort project in northern Vietnam
VinFast, an electric vehicle maker under Vietnam’s private conglomerate Vingroup, seeks to build a resort-recreation-park project worth VND3.5 trillion ($137.5 million) in the northern coastal city of Hai Phong.
Real Estate - Thu, December 19, 2024 | 7:57 pm GMT+7
Chinese investment capital shifts to green energy, electronics, automobiles: official
Chinese direct investment in Vietnam has traditionally focused on the manufacturing sector and it is now transitioning toward green energy, electronics, and automobiles.
Industries - Thu, December 19, 2024 | 4:30 pm GMT+7
BP seeks to help long-delayed power plant in central Vietnam with coal-to-LNG conversion
British oil-gas giant BP seeks to help the Cong Thanh coal-fired power project in Thanh Hoa province with its transition into an LNG-fired plant, said Chris Bramley, vice president of integrated gas & power at BP.
Energy - Thu, December 19, 2024 | 3:48 pm GMT+7
Vietnam refinery operator BSR plans listing in Jan next year
Binh Son Refining and Petrochemical JSC (BSR), the operator of Vietnam’s first oil refinery Dung Quat, plans to list its shares on the Ho Chi Minh Stock Exchange (HoSE) on January 17, 2025.
Companies - Thu, December 19, 2024 | 3:23 pm GMT+7
The 'key' that helps Phu Quoc make a 'leap' to become global destination
The famtrip “Journey to Paradise Island” from December 4-6, 2024 has brought Phu Quoc to the center of attention of the tourism industry in the world.
Travel - Thu, December 19, 2024 | 2:10 pm GMT+7
Dollar index reaches 2-year high, Vietnam’s exchange rate hits new peak
The exchange rate in Vietnam made a new peak on Thursday as the State Bank of Vietnam, the country’s central bank, increased its central exchange rate by VND26, or 0.11%, to VND24,304 per USD.
Banking - Thu, December 19, 2024 | 11:59 am GMT+7