Economic News

Van Phong Thermal Power Plant 1 will be commenced in the end of 2017

On March 1st 2017, Mr. Le Duc Vinh - Deputy Secretary of Khanh Hoa Provincial Party Committee, Chairman of Khanh Hoa Provincial People's Committee had a working session with leaders of Sumitomo Corporation (Japan).

Illustrative picture.

At the meeting, Ms. Rie Nakagawa - Project Manager of Sumitomo Corporation has reported preliminary progress of negotiations, the preparations to start the project of Van Phong Thermal Power Plant 1 (Ninh Phuoc, Ninh Hoa town). Accordingly, at present, important contracts have been agreed with the Ministry of Industry and Trade. The only obstacle is the issue of foreign currency exchange and gradually being removed. Now leader of Sumitomo Group is actively working with the State Bank of Vietnam to reach a consensus on this issue. The objective of the Group is the end of June 2017 Sumitomo will apply for investment certificates and to commence in the end of 2017.

Speaking at the meeting, Mr. Le Duc Vinh expressed his pleasure because the project of Van Phong Thermal power plant 1 has good progress. Currently, Vietnam Electricity has signed a power purchasing agreement with Sumitomo Corporation and waiting the Ministry of Industry and Trade for approval. Therefore, he suggested Sumitomo Group to prepare the content of the meeting to speed up project implementation.

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