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한상넷 로고한상넷

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Korea’s Taekwang to build thermal power plant in northern Vietnam
Collected
2017.07.04
Distributed
2017.07.05
Source
Go Direct
Taekwang Group, a first-generation Korean company that successfully entered the Vietnamese market with contract manufacturing of NIKE shoes, has expanded out to power plant business in the Southeast Asian country.

The group said on Monday that its power plant arm Taekwang Power Holdings Co. secured an approval from Vietnamese government on building a 1,200-megatwatt thermal power plant in Nam Dinh, a province south of the country’s capital Hanoi. The project is worth $2.3 billion and is expected to take five years to be completed. Once the plant starts running, the company will sell electricity generated from the thermal power plant to Vietnamese government for the following 25 years and hand over the rights afterwards.

Taekwang Power Holdings will spearhead the project in a consortium with Korean companies. Posco Engineering & Construction Co. will construct the thermal power plant, Doosan Heavy Industries & Construction Co will supply equipments, and state-run Korea Southern Power Co. will aid operation. State-run Export-Import Bank of Korea and Korea Trade Insurance Corp. will back the finance.

The company was awarded the investment registration certification, which is the final stage of Vietnamese government’s approval process on foreign investment in the country, eight years after it had secured business license in March 2009.

By Kang Young-woon

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]