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|There is no shortage of domestic and foreign investors looking to develop Vung Ang III Power Plant|
Some days ago, the joint venture of Siemens Energy, Korea Electric Power Corporation, and Power Engineering Consulting JSC 2 (PECC2) submitted a proposal to develop the $4.59 billion Vung Ang III Power Plant.
Besides them, a joint venture between T&T Group and PV Power has also submitted a bid to develop the plant under the independent power producer (IPP) model with the total investment capital of $3.55 billion. The project is expected to cover an area of 123.8 hectares. According to the investor’s proposal, it will develop a liquefied natural gas (LNG) storage and Vung Ang III LNG power centre with a total capacity of 3,000MW.
In October 2019, a consortium of Siemens and Samsung C&T worked with Ha Tinh People’s Committee to submit a proposal for Vung Ang III. Their proposal would set the capacity of the project at 1,200-1,500 MW. The investment capital was estimated between $1.5 and $1.8 billion.
All of these foreign investors want to switch the project from coal-fired to LNG power generation.
In October 2020, three domestic investors also submitted a proposal to Ha Tinh People's Committee to develop Vung Ang III Power Plant. These parties included Tan Co Consulting and Trading JSC, Vietracimex, and a joint venture between Hoanh Son Group JSC and Dong Thinh Phat Investment and Development JSC.