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.
Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan (standing) at the signing ceremony in Hanoi on March 1, 2024. Photo courtesy of the Ministry of Industry and Trade.
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.
- Related News
- Read More
Vietnam’s budget carrier VietJet can pilot China's Comac aircraft on some routes: Deputy PM
China’s state-owned aerospace manufacturer Comac and Vietnam’s budget airline VietJet should collaborate with a Chinese airline having Comac aircraft to pilot Comac aircraft on some of VietJet routes, says Vietnamese Deputy Prime Minister Tran Hong Ha.
Companies - Thu, January 16, 2025 | 12:26 pm GMT+7
Offshore wind power investors can sell entire projects in Vietnam: draft decree
A draft decree on offshore wind power being compiled by Vietnam’s Ministry of Industry and Trade will facilitate investors to sell their projects or stakes.
Energy - Thu, January 16, 2025 | 11:27 am GMT+7
Build your own sales channels if e-commerce competition too harsh: NextTech exec
If e-commerce competition is too harsh, Vietnamese businesses should develop their own sales channels and customer databases, says Nguyen Hoa Binh, founder and chairman of NextTech Group, a leading technology startup in Vietnam.
Economy - Thu, January 16, 2025 | 9:05 am GMT+7
Indonesia moves to secure domestic pharmaceutical independence
Indonesia's Health Ministry is working to achieve domestic pharmaceutical independence through research and development, production, and market guarantees.
Southeast Asia - Thu, January 16, 2025 | 8:09 am GMT+7
Malaysia cooperates with UAE in AI development, digital transformation
Malaysian Prime Minister Anwar Ibrahim has said that the country must embark on digital transformation within its economic and financial sectors, prioritizing areas such as blockchain and cryptocurrency to remain at the forefront of the digital age.
Southeast Asia - Wed, January 15, 2025 | 11:00 pm GMT+7
Thai billionaire seeks to increase stake in Vietnam dairy gaint Vinamilk
F&N Dairy Investments Pte. Ltd - an entity associated with Thai billionaire Charoen Sirivadhanabhakdi - has registered to purchase nearly 20.9 million shares of Vietnamese dairy giant Vinamilk (HoSE: VNM).
Companies - Wed, January 15, 2025 | 10:54 pm GMT+7
Vietnam PM leaves for official visits to Poland, Czech, WEF meeting
Prime Minister Pham Minh Chinh departed Hanoi on Wednesday afternoon for official visits to Poland and the Czech Republic, attendance at the 55th World Economic Forum (WEF) Annual Meeting in Davos, and bilateral meetings in Switzerland.
Politics - Wed, January 15, 2025 | 10:31 pm GMT+7
Malaysia’s manufacturing sector sees positive signs in 2025
Malaysia’s manufacturing sector is forecast to recover well in 2025 as global trade dynamics and geopolitical shifts influence market trends.
Southeast Asia - Wed, January 15, 2025 | 10:06 pm GMT+7
Thailand posts record investment last year
Thailand saw record investment figures for 2024, with applications exceeding THB1.13 trillion ($32.5 billion), the highest in the past decade, according to the country’s Board of Investment (BOI).
Southeast Asia - Wed, January 15, 2025 | 10:05 pm GMT+7
Indonesia considers reducing trade tariffs with US
Indonesia is planning to lower trade tariffs with the U.S. as President-elect Donald Trump prepares to implement a universal tariff policy.
Southeast Asia - Wed, January 15, 2025 | 9:58 pm GMT+7
Malaysia eyes greater sustainability in palm oil sector as EU law looms
The Malaysian government said on Tuesday that it will encourage sustainability while maintaining the competitiveness of its palm oil industry ahead of the implementation of the EU’s anti-deforestation law at the end of this year.
Southeast Asia - Wed, January 15, 2025 | 9:52 pm GMT+7
T&T Group proposes 3,400 hectare urban, logistics, aviation industry complex in central Vietnam
Vietnamese conglomerate T&T Group and Singaporean consultancy firm CPG Corporation have proposed an urban-commerce-service-logistics-aviation industry complex covering 3,400 hectares in the central province of Quang Tri.
Real Estate - Wed, January 15, 2025 | 5:17 pm GMT+7
Samsung Vietnam facilities in Thai Nguyen province post 5% revenue growth in 2024: outgoing CEO
Factories in Thai Nguyen province of Samsung Vietnam earned a total revenue of $26.3 billion in 2024, up 5% year-on-year, said outgoing Samsung Vietnam CEO Choi Joo Ho.
Companies - Wed, January 15, 2025 | 4:22 pm GMT+7
Draft decree on offshore wind power sets requirements for foreign investors
A draft decree on offshore wind power being compiled by Vietnam’s Ministry of Industry and Trade includes requirements for foreign investors, such as financial capacity and past experience.
Energy - Wed, January 15, 2025 | 4:01 pm GMT+7
Kim Long Motors, China’s Changan Automobile to build 50,000-unit plant in central Vietnam
Vietnamese automaker Kim Long Motors and China’s Changan Automobile Co., Ltd. will join hands to build a plant manufacturing 5-7 seat passenger cars in the central city of Hue.
Industries - Wed, January 15, 2025 | 1:43 pm GMT+7
From a third-grade dropout to famous ceramics maker exporting worldwide
Ly Ngoc Minh, chairman and founder of Minh Long Ceramics Company, defied the odds by transforming from a boy who only completed the third grade into the creator of a globally recognized ceramic brand and the owner of a ceramic product museum.
Companies - Wed, January 15, 2025 | 12:30 pm GMT+7
