Vietnam Electricity receives 715 MW power plant from foreign investors as BOT contract ends
The 715 MW Phu My 2.2 gas-fired power plant, invested per the build-operate-transfer (BOT) format, was transferred to state utility Vietnam Electricity (EVN) on Tuesday.
The transfer followed the expiration of the power plant’s 20-year operation starting February 4, 2005. This is the second BOT power plant transferred to EVN, following Phu My 3 in March 2024.
The Ministry of Industry and Trade holds a signing ceremony for the transfer of Phu My 2.2 power plant to EVN in Hanoi, February 4, 2025. Photo courtesy of EVN.
The $400 million power plant, located in the southern coastal province of Ba Ria-Vung Tau, was originally invested by France’s EDF International, Japan’s Sumitomo Corporation, and Japan’s JERA Co., Inc.
It generated over 90 billion kWh to the national grid during its 20-year operation, using domestic gas. The facility is set to continue supplying 4.6 billion kWh to Vietnam annually.
At some points of time in 2024, it utilized LNG as feedstock, making it one of the first power plants in Vietnam to operate with LNG.
The transfer of the power plant highlighted a success of Vietnam in attracting foreign investments in the energy sector, according to the Ministry of Industry and Trade.
- Related News
- Read More
Vietnam conglomerate Masan to issue over 7.5 mln ESOP shares
Vietnam’s leading multi-sector conglomerate Masan Group will issue up to 7.5 million MSN shares under an employee stock ownership plan (ESOP) at a par value and issue price of VND10,000 ($0.38) apiece.
Companies - Mon, July 14, 2025 | 11:26 am GMT+7
Investment funds in Vietnam upbeat about new US tariff
With Vietnam soon reaching a trade agreement with the U.S., major uncertainties have significantly diminished, positively impacting investor sentiment in the stock market, according to investment funds.
Banking & Finance - Mon, July 14, 2025 | 9:04 am GMT+7
AI, data platform investment unlocks huge opportunities to enhance customer experience: Masan CEO
Vietnam’s leading multi-sector conglomerate Masan Group has made strong investments in AI, big data, and integrated supply chains to improve its operational efficiency, optimize costs, and better serve Vietnam’s 100 million consumers, said CEO Danny Le.
Companies - Sun, July 13, 2025 | 6:51 pm GMT+7
HCMC poised to become Southeast Asia's innovation, financial hub following merger: experts
Ho Chi Minh City, Vietnam’s southern metropolis, is expected to establish itself as a hub for finance, manufacturing, trade, logistics, and innovation in Southeast Asia, after its merger with neighboring provinces.
Economy - Sun, July 13, 2025 | 1:56 pm GMT+7
PVI Insurance honored with prestigious international awards
2025 marks a proud milestone for PVI Insurance Corporation (PVI Insurance), as it has been consecutively recognized with prestigious accolades from top-tier institutions in the Asian insurance industry.
Companies - Sun, July 13, 2025 | 1:27 pm GMT+7
Green logistics a vital condition for Vietnam firms to flourish: exec
Green logistics is not just a long-term goal but a present-day opportunity for Vietnamese enterprises to advance amid the global transition toward sustainable development.
Companies - Sun, July 13, 2025 | 12:18 pm GMT+7
VNPT-VinaPhone, VNPT-Media to merge into parent company VNPT
Telecommunication Services Corporation (VNPT-VinaPhone) and Communications Corporation (VNPT-Media) will be merged into their parent company, Vietnam Posts and Telecommunications Group (VNPT).
Companies - Sun, July 13, 2025 | 9:52 am GMT+7
Real estate major Kinh Bac gains majority control of Trump International Vietnam
Vietnamese developer Kinh Bac City Development Holding Corporation (HoSE: KBC) has expanded its portfolio to 19 subsidiaries following a new ownership move involving Trump International Vietnam.
Companies - Sun, July 13, 2025 | 8:41 am GMT+7
Sumitomo seeks to clear hurdles for industrial park expansion in northern Vietnam
Japanese conglomerate Sumitomo has called on authorities in Hung Yen province to resolve several pressing issues affecting the expansion of Thang Long Industrial Park II (TLIP II), one of the largest industrial parks in northern Vietnam.
Industrial real estate - Sun, July 13, 2025 | 8:00 am GMT+7
Rixos debuts in Southeast Asia on Vietnam’s 'Pearl Island'
A new chapter in travel is unfolding in Southeast Asia as Rixos Hotels, the world’s leading all-inclusive brand, prepares to unveil its first-ever resort in the region.
Travel - Sat, July 12, 2025 | 6:48 pm GMT+7
Vietnam’s biggest airport project ‘races to the finish line’
The Ministry of Construction has requested investors of the Long Thanh International Airport to complete the main route by August 2025 to facilitate trial operations of the passenger terminal and other components.
Infrastructure - Sat, July 12, 2025 | 6:19 pm GMT+7
Singapore's YCH Group eyes developing logistics center in southern Vietnam economic zone
Tay Ninh province has pledged full support to Singapore’s YCH Group in developing a logistics center within its Moc Bai Border Gate Economic Zone.
Industries - Sat, July 12, 2025 | 1:48 pm GMT+7
Vietnam PM asks US firms to sustain support for 'reasonable, detailed tariff pact'
Prime Minister Pham Minh Chinh has called on U.S. businesses to continue supporting the Vietnamese government in dialogues with U.S. agencies to soon reach "a reasonable, detailed tariff agreement for individual products and product groups".
Economy - Sat, July 12, 2025 | 11:32 am GMT+7
Mergers of Vietnamese provinces unlock new property development opportunities
The merging of Vietnamese localities is expected to create a strong "boost" for the real estate market as expanded planning space, synchronized infrastructure, and new land reserves are key factors driving the market's transformation.
Real Estate - Sat, July 12, 2025 | 11:00 am GMT+7
Measures proposed for Thailand to minimize US tariff impacts
Financial and banking experts in Thailand have warned that the U.S.'s proposed 36% tariff on Thai goods is likely to severely undermine Thailand's export competitiveness.
Southeast Asia - Sat, July 12, 2025 | 9:06 am GMT+7
Chinese construction major PCG eyes $383 mln underwater tunnel project in northern Vietnam
Pacific Construction Group (PCG), one of China’s leading construction firms, has expressed interest in developing a VND10 trillion ($383 million) underwater road tunnel in Quang Ninh, a coastal province in northern Vietnam.
Infrastructure - Sat, July 12, 2025 | 8:04 am GMT+7
