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The financial backers of Vietnam’s latest 3 power stations

8 June 2017

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 name Size Technology Location Overall project cost Sponsors Engineering Procurement and Construction contract(s) Lenders Export Credit Agencies Intended completion date
Nam Dinh 1 2 x 600MW Unknown Hải Hậu district, Nam Định province US$2.2bn ACWA Power (Saudi Arabia) and Taekwang Power (South Korea) (50/50) Posco Engineering & Construction Mizuho, DBS, DZ Bank, Korea Development Bank, Mitsubishi UFJ Financial Group and Standard Chartered Kexim and K-Sure 2020
Nghi Son 2 2 x 600MW Supercritical Tĩnh Gia district, Thanh Hoa province US$2.67bn Korea Electric Power Corporation (KEPCO) and Marubeni Corp (50/50) Doosan Heavy Industries DBS 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 1 2 x 660MW Supercritical Ninh Phước commune, Ninh Hòa township, Khánh Hòa province US$2.6bn Sumitomo and Bach Dang-Hanoi Pöyry (Finland) unknown JBIC 2019