Toyo Ink Group to Develop 2000 MW Coal Plant in Vietnam
The Vietnamese Government have announced that Malaysia’s Toyo Ink Group have signed a memorandum of understanding (MOU) with Vietnam’s industry ministry to develop the Song Hau-2 coal-fired power plant in Vietnam. The 2000 MW thermal power project, to be located in the southern province of Hau Giang, would be fed by imported coal, most likely from Australia and Indonesia. Toyo are yet to comment on the development.
The US$ 3.5 billion project is to be developed in two phases, with a 1000 MW coal-fired unit set to be brought online in Q4 of 2021 and the second 1000 MW unit in Q2 of 2022. The Song Hau 2 power plant will be built in the Song Hau Power Complex, where the proposed 1200 MW Song Hau 1 power plant will be built by state-owned PetroVietnam. PetroVietnam targets to commission the two 600 MW units of the Song Hau 1 in 2017 and 2018.
The announcement comes shortly after the US Export-Import Bank announced earlier in July that it would not proceed with financing to help build a coal-fired power plant in Vietnam, following pressure from US environmental groups.
The bank’s decision was made after a “careful environmental review” of the 120 MW Thai Binh 2 power plant, according to a statement from the bank, which cited a bank official. Vietnam has been stepping up its investment in reducing its carbon emissions from coal. The country has invested billions of dong in environmental assessment (EIA) reports for the country’s coal mines and ports.