Location: Kỳ Lợi commune, Kỳ Anh district, Hà Tĩnh province

Estimated Cost: USD $2.2 billion

The expected debt-equity ratio is 77:23.

The investment license for this power station was granted in January 2017.

Status: Planning

Completion Expected: 2021-2022

  • One Energy Ventures (a 50:50 joint venture between Hong Kong-based CLP Holdings and Diamond Generating Asia (DGA), a subsidiary of Japan’s Mitsubishi Corp)
  • Refigeration Electrical Engineering Corp (REEC)
  • SPV: Vung Ang 2 Thermal Power Joint Stock Company (VAPCO)
  • Financial: Mizuho
  • Legal: Allens Arthur Robinson
  • Technical: Poyry


  • Mitsubishi UFJ Financial Group
  • DBS Bank
  • OCBC Bank
  • Mizuho Bank
  • SMBC
  • Standard Chartered Bank
  • Sumitomo Trust


  1. Minerva Lau, Project Finance International, (15 August 2018), ‘OneEnergy appoints Vapco adviser’
  2. Mia Tahara-Stubbs, IJGlobal (23 January 2017), ‘Banks mandated on Vietnam Vung Ang 2 coal-fired’
  3. Global Data Point (20 January 2017), ‘Vietnam’s MOIT Investment Agreement signed BOT project in Vung Ang Thermal Power Plant 2’
  4. Vietnam Plus (17 January 2017), ‘Vung Ang II thermal power plant BOT project agreement clinched’
  5. Climate Policy Initiative (2016), ‘Slowing Down the Growth of Coal Power outside of China’
  6. BMI Research (2016), ‘Vietnam Power Report – 2016 Q4’

Information updated: 16 August 2018

In addition to the references noted above, Market Forces also considers information from financial journals, companies’ public disclosures, and news reports.