Malaysian giant joins US$3.5 billion power plant
The Ministry of Industry and Trade (MoIT) and Malaysian Toyo-Ink Corporation on August 1 signed a Memorandum of Understanding (MoU) on the Hau River 2 thermal power plant to be built under the build-operate-transfer (BOT) model.
The US$3.5 billion plant, which comprises two turbine generators with a total capacity of 2,000 MW, will use imported coal to supply electricity.
The first generator of the plant is expected to start commercial production in the second quarter of 2021, and the entire plant in the second quarter of the following year.
Song Kok Cheong, CEO of Toyo-Ink, said the corporation has worked with Vietnam Electricity (EVN), other related agencies, localities and banks to run the project smoothly.
He also committed to following the progress and ensuring the project’s quality as set by the MoIT.
Deputy Minister of Industry and Trade Le Duong Quang affirmed that Vietnam’s total coal-fired power capacity needs to reach 36,000 MW, accounting for 47% of the whole power generation system’s capacity.
To meet the goal, the Vietnamese Government has issued policies and incentives to encourage investors, both in and out of the country, to join in building the core constructions in different cooperation forms, including the BOT model, he said.