The Engineering, Procurement and Construction (EPC) contract has 85% of its capital co-funded by the Korean Eximbank (KEXIM), the Korea Trade Insurance Corporation (K-Sure) and the Japan Bank for International Co-operation (JBIC). The remaining 15% is covered by the project’s investor, EVN Power Generation Company 3.
Witnessing the signing ceremony in Hanoi on December 23, Deputy Prime Minister Hoang Trung Hai said around a third of the contract’s workload, including the engineering task, will be undertaken by local engineers and technicians, allowing them to absorb new technologies transferred by global giants.
Construction of the twin-turbine plant, located 250km from Ho Chi Minh City in the central province of Binh Thuan, is expected to begin in the first quarter of 2014.
The plant’s first turbine is scheduled to become operational in the fourth quarter of 2017, and the second by the end of the third quarter of 2018.
It will use a thermal technology that is environmentally friendly, meeting Vietnamese and international standards on emissions.
Once operational, the plant is projected to generate around 7.2 billion kWh for the national grid.
The Vinh Tan Power Station comprises four thermal power plants with a combined capacity of 5,600 MW. It will generate power mostly for the south-central region and localities in the south.
