Business

Vietnam to have 2.3 billion USD power plant

The Ministry of Industry and Trade (MoIT) on November 8 signed an agreement with Japanese Marubeni Company and the Republic of Korea’s KEPCO Company for the Nghi Sơn 2 Build-Operate-Transfer (BOT).
Vietnam to have 2.3 billion USD power plant ảnh 1The Ministry of Industry and Trade signs an agreement with Japanese Marubeni Company and South Korean KEPCO Company for the Nghi Sơn 2 Build-Operation-Transfer (BOT) thermal power plant. (Source: moit.gov.vn)

Hanoi (VNA) – The Ministry of Industry and Trade (MoIT) on November 8 signed an agreement with Japanese Marubeni Company and the Republic of Korea’s KEPCO Company for the Nghi Son 2 Build-Operate-Transfer (BOT) thermal power plant.

The two-turbine project with total capacity of 1,200MW was approved by the Vietnamese Government, who selected the two companies as investors under BOT following a public international auction.

Located in the central province of Thanh Hoa’s Nghi Sơn Industrial Zone, the project will use imported coal for power generation. The project is expected to supply electricity for the economic development of the northern region while ensuring national energy security.

Dang Huy Cuong, Director of the ministry’s General Directorate of Energy, said the plant has significant total investment of some 2.3 billion USD. This was why the government required all-out efforts from the investors to complete the investment certificate and arrange financial resources with international lenders.

“The General Directorate of Energy has committed to closely cooperating with the investors in the upcoming work. We expect that the project would soon receive the investment certificate from the Ministry of Planning and Investment (MPI) to ensure progress," Cuong added.

Speaking at the signing ceremony, MoIT Deputy Minister Ho Thi Kim Thoa said the ministry has managed 18 BOT projects in the power sector, of which, three projects are operational.

“The Vietnamese government has always formulated policies to support international businesses and organisations to invest into BOT projects in the country,” Thoa said.

She noted that the efforts from the investors, MPI, MoIT, Thanh Hoa province and relevant agencies will help the project begin construction soon and successfully become operational.-VNA

VNA
#MoIT #thermal power plant #BOT #Japan #Korea Japan Korea (DPRK) Vietnam
Follow VietnamPlus

Related News

See more

The Vietnam–Cambodia business connectivity conference held in Ho Chi Minh City on July 15 aims at boosting trade and investment between the two economies. (Photo: VNA)

Conference seeks ways to promote Vietnam – Cambodia trade

The value of trade between Vietnam and Cambodia reached 6.2 billion USD in the first six months of 2025, a year-on-year increase of 16.8%. Vietnam's exports to Cambodia totaled 2.7 billion USD, up 4.6% from the same period last year.

A Korea-invested company in Hue city, Vietnam (Photo: VNA)

Foreign investors show strong confidence in Vietnam’s long-term investment potential

While concerns over tariffs are real and may lead some foreign investors to take a more cautious approach in disbursing capital, especially for large-scale and long-term projects, Vietnam still holds significant advantages in attracting FDI thanks to a favourable business environment and, most importantly, the Government’s strong commitment to supporting investors.

Deputy Minister Nguyen Hoang Long, Minister of State Douglas Alexander, and representatives from ministries and the embassies of both countries pose for a group photo at the 14th JETCO meeting. (Photo: VNA)

Vietnam, UK boost economic, trade ties

Over the past decade, trade and investment relations between Vietnam and the UK have made remarkable strides. On trade, the two countries have implemented the UKVFTA for more than four years, and most recently, the UK’s accession as the 12th member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has further strengthened bilateral cooperation.

Workers assemble parts on an automotive production line in HCM City. The city’s industrial sector is showing strong signs of recovery. (Photo: moit.gov.vn)

HCM City sees strong recovery in industrial production

HCM City's 23 industries – including printing and media reproduction, furniture manufacturing, non-metallic mineral products, motor vehicles, electrical equipment, clothing and electronic and optical products – reported higher output in the first half of 2025.

Workers pack cashew nuts at Duc Thinh production and trading co., ltd., former Binh Phuoc province (Photo: VNA)

Vietnam targets 4.5 billion USD in cashew exports for 2025

Figures from the first six months show cashew exports reached 346,800 tonnes, earning 2.36 billion USD, a drop of 2.7% in volume but a surge of 20.4% in value annually. The rise was largely attributed to a significant increase in export prices, which helped offset lower shipment volumes.

The Hai Phong City Convention and Performance Centre is one of the venues for ABAC III. (Photo: VNA)

Hai Phong expects strong wave of investment from APEC member economies

Hai Phong will present investment registration certificates for 32 projects and sign seven Memoranda of Understanding, with total committed capital exceeding 15.6 billion USD. These projects include investments from Europe and the US, reflecting the growing interest of global investors in the city's business environment and development potential.

The ongoing administrative reforms are expected to expand the real estate sector's appeal to investors. (Photo: VNA)

Institutional reforms open new investment frontier for realty sector

Assessing the impact of the new model, Director at Savills Vietnam’s Advisory Services Do Thi Thu Giang said that the deeper decentralisation of authority to local administrations will help reduce processing time for construction permits and project approvals, thereby reducing opportunity costs and increasing investment efficiency.

Minister Counsellor Pham Quang Huy, deputy head of Vietnam's Permanent Mission to Geneva and representatives of St. Gallen Endowment. (Photo: VNA)

Vietnam boosts cooperation with St. Gallen Endowment of Switzerland

Minister Counsellor Pham Quang Huy, deputy head of Vietnam's Permanent Mission to Geneva, has recently held a working session with representatives of the St. Gallen Endowment to boost cooperation between Vietnam and the Swiss fund, as part of his attendance at a seminar in Geneva on risk levels and countries’ trade responses to rising tariffs.