The Quang Tri provincial People’s Committee has granted an investment licence for a project to build a 25MW geothermal power plant in Dakrong district.

The 974 billion VND (46.3 million USD) project aims to promote exploration for new sources of energy in the near future. It is invested by SVA Financial Group.

Ta Huong, Deputy Chairman of the Vietnam Thermal Association, said Vietnam has the potential for developing geothermal power in almost all provinces and cities nationwide, especially in Phu Tho, Quang Binh and Quang Tri.

The geothermal power plant, which is said to be environmentally friendly, can operate 24 hours a day without being affected by weather conditions.

Many other countries around the world have concentrated on exploring this valuable source of energy. The US tops the list with its geothermal power output accounting for 32 percent of all geothermal power produced in the world.

Established in 2005, SVA Financial Group is one of the pioneers in the formation of a multi-sectoral economic group in Vietnam.-VNA