The financial backers of Vietnam’s latest 3 power stations

Reuters is reporting that, with Vietnam’s Prime Minister Nguyen Xuan Phuc preparing to visit Japan, licences will be awarded on three proposed new coal-fired power stations that would be heavily backed by Japanese funding.

The article does not name the plants, but Market Forces is aware that the three mentioned are Namh Dinh 1, Nghi Son 2 and Van Phong 1. The details of each proposed project are listed below:

Project nameSizeTechnologyLocationOverall project costSponsorsEngineering Procurement and Construction contract(s)LendersExport Credit AgenciesIntended completion date
Nam Dinh 12 x 600MWUnknownHải Hậu district, Nam Định provinceUS$2.2bnACWA Power (Saudi Arabia) and Taekwang Power (South Korea) (50/50)Posco Engineering & ConstructionMizuho, DBS, DZ Bank, Korea Development Bank, Mitsubishi UFJ Financial Group and Standard CharteredKexim and K-Sure2020
Nghi Son 22 x 600MWSupercriticalTĩnh Gia district, Thanh Hoa provinceUS$2.67bnKorea Electric Power Corporation (KEPCO) and Marubeni Corp (50/50)Doosan Heavy IndustriesDBS Bank, Maybank, MUFG, Mizuho Bank, Shinsei Bank, SMBC, OCBC and Standard Chartered (US$1.2B)JBIC and Kexim (US$0.8B, likely 50:50)2018
Van Phong 12 x 660MWSupercriticalNinh Phước commune, Ninh Hòa township, Khánh Hòa provinceUS$2.6bnSumitomo and Bach Dang-HanoiPöyry (Finland)unknownJBIC2019