Foreign investors active in Vietnam’s power sector are looking to expand in the country to create more stable power supply, with increased focus on renewable energy.
Malaysia’s Jaks Resources Bhd and China Power Engineering Consulting Group Company Limited are building a 1,200 MW, coal-fired power plant in the northern province of Hai Duong at an estimated investment of $1.87 billion. The companies are seeking more power projects in other provinces in Vietnam, while focusing on renewable energy. Renewable energy is still quite unpopular in the country due to its high costs and weather conditions in certain areas that are not conducive for wind and solar power generation.
Further, Jaks Resources has announced plans to invest in a solar power project with a capacity of 200 MW, covering an area of 240 hectares at an estimated investment of $262.5 million. The project will be developed in two phases. The company announced that it could develop upcoming projects in Vietnam alone or by forming a JV.