The Ministry of Industry and Trade (MoIT) and Malaysian Toyo-Ink Corporation on Thursday signed a Memorandum of Understanding (MoU) on the Hau River 2 thermal power plant.—Photo canthotv

HA NOI (Biz Hub)— The Ministry of Industry and Trade (MoIT) and Malaysian Toyo-Ink Corporation on Thursday signed a Memorandum of Understanding (MoU) on the Hau River 2 thermal power plant, which will be built towards the build-operate-transfer (BOT) model.

The plant, which will have a total capacity of 2,000 MW, comprises of two turbine generators and will run on imported coal to supply electricity, contributing to ensuring national energy security, particularly in the southern region.

According to Director General of MoIT's General Department of Energy Pham Manh Thang, the first generator of the plant is expected to start commercial production in the second quarter of 2021, and the entire plant in the second quarter of the following year.

The General Department pledged to provide guidance and work closely with the investor to ensure the progress of the project, Thang added.

Song Kok Cheong, CEO of Toyo-Ink, said with the support of MoIT, the corporation has worked with Viet Nam Electricity (EVN), other related agencies, localities and banks to run the project smoothly.

He also committed to following the progress and ensuring the project's quality as set by MoIT.

Addressing the signing ceremony, Deputy Minister of Industry and Trade Le Duong Quang affirmed that Viet Nam's total coal-fired power capacity needs to reach 36,000MW, accounting for 47 per cent of the whole power generation system's capacity.

To meet the goal, the Vietnamese Government has issued policies and incentives to encourage investors, both in and out of the country, to join in building the core constructions under different cooperation forms, including the BOT model, he said. — VNS