The group and the Ministry of Industry and Trade signed a Memorandum of Understanding on construction of the plant in Hanoi on March 30 in the presence of the RoK Ambassador to Vietnam, Park Suk Hwan.

The 2,400-MW power plant will be built in the communes of Hai Chau and Hai Ninh in Hai Hau district under the build-operate-transfer (BOT) model.

In the first phase, running from 2016-2017, the project will construct two 600 MW turbine groups. Two other 600 MW turbines will be built from 2020-2021.

The Vietnam National Coal-Mineral Industries Group (Vinacomin) will be responsible for providing coal for the plant during the first phase.

To carry out the project, the RoK group has set up a joint venture between the Taekwang Vina Company, which holds 95 percent of the total capital, and the Hoang Anh Shipbuilding Industry Company (Hashinco).