Vung Ang power station

From Global Energy Monitor

Vung Ang power station is an operating power station of at least 1200-megawatts (MW) in Ky Loi, Ky Anh, Ha Tinh, Vietnam with multiple units, some of which are not currently operating.


Table 1: Project-level location details

Plant name Location Coordinates (WGS 84)
Vung Ang power station Ky Loi, Ky Anh, Ha Tinh, Vietnam 18.09792, 106.38123 (exact)

The map below shows the exact location of the power station.

Loading map...

Unit-level coordinates (WGS 84):

  • Phase 1 Unit 1, Phase 1 Unit 2, Phase 2 Unit 1, Phase 2 Unit 2, Phase 3 Unit 1, Phase 3 Unit 2, Phase 3 Unit 3, Phase 3 Unit 4, Unit 3-CC1: 18.09792, 106.38123

Project Details

Table 2: Unit-level details

Unit name Status Fuel(s) Capacity (MW) Technology CHP Start year Retired year
Phase 1 Unit 1 operating coal - anthracite 600 subcritical 2014
Phase 1 Unit 2 operating coal - anthracite 600 subcritical 2015
Phase 2 Unit 1 construction coal - bituminous 665 ultra-supercritical 2025[1]
Phase 2 Unit 2 construction coal - bituminous 665 ultra-supercritical 2025[1]
Phase 3 Unit 1 cancelled coal - bituminous 600 unknown
Phase 3 Unit 2 cancelled coal - bituminous 600 unknown
Phase 3 Unit 3 cancelled coal - unknown 600 unknown
Phase 3 Unit 4 cancelled coal - unknown 600 unknown
Unit 3-CC1 cancelled[2][3] fossil gas - LNG[4][3] 4800[3] unknown

CHP is an abbreviation for Combined Heat and Power. It is a technology that produces electricity and thermal energy at high efficiencies. Coal units track this information in the Captive Use section when known.

Table 3: Unit-level ownership and operator details

Unit name Owner
Phase 1 Unit 1 PetroVietnam Power Corporation JSC (PV Power) [100.0%]
Phase 1 Unit 2 PetroVietnam Power Corporation JSC (PV Power) [100.0%]
Phase 2 Unit 1 Vung Ang 2 Thermal Power JSC (VAPCO) [100.0%]
Phase 2 Unit 2 Vung Ang 2 Thermal Power JSC (VAPCO) [100.0%]
Phase 3 Unit 1 Vung Ang-3 Thermal [100.0%]
Phase 3 Unit 2 Vung Ang-3 Thermal [100.0%]
Phase 3 Unit 3 Vung Ang-3 Thermal [100.0%]
Phase 3 Unit 4 Vung Ang-3 Thermal [100.0%]
Unit 3-CC1 Korea Electric Power Corp (KEPCO), Power Engineering Consulting JSC 2 (PECC2), Siemens Energy AG


  • Vũng Áng-1: US$904 million from five foreign banks: China Development Bank, Bank of Tokyo-Mitsubishi UFJ, Credit Suisse, Intesa SanPaolo, and Hong Kong and Shanghai Banking Corp (HSBC); $95 million from Japan Bank for International Cooperation (JBIC) and Sumitomo Mitsui Banking Corporation[5]
  • Vũng Áng-3: Pre-financing; Sumitomo Mitsui Banking Corporation is the financial adviser[6]

Background on Vũng Áng-1

In December 2006, PetroVietnam started initial work on the two-unit, 1,200-MW Vũng Áng-1, with the Vietnamese Lilama Corporation being contracted to build the plant.[7] Construction began in August 2009.[8][9] The first unit was completed in December 2014,[10] and the second unit was completed in May 2015.[11]

Unit 1 subsequently had problems with its turbine. A new rotor was installed in 2016.[12]

After more than 12 months of technical challenges, October 2022 reporting indicated that Unit 1's turbine would be brought back online for full service by the end of the year. An overhaul of the unit was required, and "hundreds of engineers", contractors and foreign experts were needed to fix the chronic problems.[13] Unit 1 officially began operating again in August 2023.[14]

As of August 2023, Vũng Áng-1 reportedly employed 417 people.[14]

As of March 2024, additional maintenance on "unusual" (Google translate) issues in Unit 1 was ongoing.[15]

Background on Vũng Áng-2

In 2007, the Vung Ang II Thermal Power Joint Stock Company (VAPCO) was established to build and operate the power plant, a joint venture between OneEnergy Ltd and the Hanoi based Refrigeration Electrical Engineering Co. (REE). OneEnergy Lts is a 50:50 venture between the Hong Kong based CLP and the Tokyo based Mitsubishi Corp. The plant was reported to be 2 x 600 MW, with an estimated capital cost of US$1.2 billion.[7] The Vietnamese government approved the plant in March 2009.[16] Although one source reported the plant to be 2 x 660 MW in capacity,[17] other sources, including the most recent and detailed, have listed the capacity as 2 x 600 MW.[18]The plant's owners expected to begin construction in March 2015; however, this didn't happen.[19]

The plant's build-own-transfer (BOT) agreement was finalized in January 2017. Unit 1 was scheduled to be brought online in 2021, and Unit 2 in 2022.[20][21]

In September 2017, Mitsubishi Vice President Yoshinori Katayama met with Deputy Prime Minister Trịnh Đình Dũng to discuss the project. The meeting did not produce any news about when construction might begin.[22]

In June 2018 it was reported Hong Kong's One Energy would be sole owner of the plant, pending approval from the Vietnam government.[23]

In July 2018, the Ministry of Planning and Investment decided not to issue an investment certificate to the plant, citing the need for the sponsors to address issues around the EIA, land allocation, and funding.[24]

In March 2019 OneEnergy announced that the plant would use ultra-supercritical rather than supercritical technology.[25]

In June 2019 the completion date for Unit 1 was delayed to 2023 and the completion date for Unit 2 was delayed to 2024 in the Ministry Of Industry And Trade's report on the implementation of the revised seventh Power Development Plan (PDP7).[26]

In September 2019 it was reported that talks with potential lenders for the project had been restarted, including DBS Bank, Mizuho Bank (financial adviser), MUFG, OCBC, SMBC, Standard Chartered Bank and Sumitomo Trust.[27] However, in October 2019, it was revealed that OCBC had withdrawn from the project.[28] In October 2019 more then 30 non-governmental organizations (NGO's) sent a letter to the Japan Bank for International Cooperation (JBIC) demanding that the bank withdraw from financing Vũng Áng-2.[29]

In December 2019 CLP announced that it would no longer invest in new coal-fired power plants.[30] Whether Vũng Áng-2 and another CLP project Vĩnh Tân-3 will reach completion without CLP’s involvement will depend on the projects’ other sponsors, according to Julien Vincent, Executive Director of the NGO Market Forces. These other sponsors include Japanese bank Mitsubishi UFJ Financial Group (MUFG) and Singapore-headquartered DBS Bank.[31] Mitsubishi has categorized Vũng Áng-2 as "under development" and stated that its ban on funding new plants does not therefore apply.[32]

In February 2020 the National Steering Committee on power development stated that Unit 1 was scheduled to be commissioned in Q1 2024 and Unit 2 in Q2 2025.[33] On February 25, Japan Bank for International Cooperation posted the EIA (in Vietnamese) for Vũng Áng-2 on its website.[34]

In March 2020, a report by the Non Coal, Go Green! Project summarized the financial backing for Vũng Áng-2 as follows:[35]

The investor mix in this company has changed numerous times, but currently it is 100% owned by OneEnergy Ltd.. The company OneEnergy was previously a 50:50 joint venture between CLP Holdings (headquartered in Hong Kong) and Mitsubishi Corp.’s 100% subsidiary Diamond Generating Asia (DGA). However, in 2019, CLP declared a withdrawal from new coal-fired power projects. As of February 2020, the partners are Mitsubishi Corp. (40%) and Japan’s Chugoku Electric Power Co. (20%), along with Korea Electric Power Corporation (KEPCO) considering acquiring the remaining 40% that was held by CLP.

In April 2020, following JBIC head Tadashi Maeda's comments to Japanese business magazine Diamond Online that the institution "will no longer accept loan applications for coal-fired power generation projects," pressure mounted on JBIC to enshrine this statement in a formal policy and for it to reject the funding application for Vũng Áng-2 which it has been considering for more than a decade.[36] In June 2020 it was reported that KEPCO was seeking an ownership stake in Vung Ang-2.[37] In July 2020, South Korean lawmakers proposed four bills in the National Assembly that would prohibit government-backed institutions from funding coal projects. Affected firms would include Kepco, Korea Eximbank, Korea Development Bank and Korea Trade Insurance Corporation. It is unclear when voting on the bills will take place in the South Korean parliament. However, as Vung Ang 2 has yet to be approved, if the new legislation is approved before Kepco can finalise the deal then it will need to back away from Vung Ang 2.[38]

Activists outside Samsung's Galaxy store in Tokyo calling on the company not to get involved in the Vung Ang 2 coal power project. Source:

Following news in early August 2020 that the construction arm of the South Korean electronics company Samsung was considering participation in the construction of Vung Ang 2, a campaign was established by international environmental groups including Greenpeace, Solutions for Our Climate and Market Forces warning that the company's group-level sustainability pledges and its brand image would be compromised if it chooses to proceed with involvement in the controversial coal plant. In July, Samsung Securities, the group's financial arm, pulled out of potential involvement in Adani's controversial Abbot Point Coal Terminal project in Australia following a consumer boycott campaign.[39] The new international campaign calling on Samsung not to participate in the Vung Ang 2 project has set up a dedicated campaign website:

In April 2021, work was ongoing to level the site of Vung Ang 2 to prepare for construction. A supervisor on-site reported that they expected leveling to be completed within a week, and that construction of Vung Ang 2 would begin in April of 2021.[40]

News reports from July 2021 stated that construction on Vung Ang 2 had not yet begun, and was not expected to begin until September 2021.[41]

On July 4, 2022, the Ministry of Industry and Trade appeared to provide an update on the draft PDP. The document’s list of major power projects planned for 2021-2030 (PDF pages 18-20) includes the project with completion at 10.9%. Unit 1 was slated for operation commercially on third quarter 2025, and unit 2 on first quarter 2026.[42]

Planet imagery comparing September 2021 and October 2022 indicated minimal progress on construction.

In May 2023, PDP8 listed Vung Ang II among the projects under construction, with an updated capacity of 1,330 MW.[43]

In October 2023, Vung Ang II was reportedly 64% complete.[44] In November 2023, construction was 65% complete. The construction project employed nearly 3,000 people and was active day and night in order to stay on schedule.[45]

In April 2024, construction was reportedly 83% complete. Vũng Áng-2 Unit 1 was slated to begin operating in June 2025, and Vũng Áng-2 Unit 2 was slated to begin operating in October 2025. 4,200 construction workers were employed at the site. 900 families had been relocated for the power station's logistics center.[46]

Significant problems with the environmental impact assessment

An independent evaluation[47] of the 2018 EIA for Vũng Áng-2 published in April 2020 by Environmental Law Alliance Worldwide (ELAW) was critical of the document on a range of issues:

  • The absence of an analysis of renewable energy generation alternatives which ELAW points out is in violation of JBIC guidelines.
  • The use of Japanese ministry METI's air pollutant dispersion model, which is not recommended by the U.S. Environmental Protection Agency as claimed, and which makes the air quality impact predictions meaningless due to the site of the proposed project lying on complex terrain for which the model should not be used.
  • The project only complies with Vietnam's emissions standards which are substantially weaker than international standards.
  • The EIA's permitting of wet handling of ash in violation of International Finance Corporation (IFC) Performance Standards, which are the the international benchmark to manage environmental and social risk in infrastructure projects.
  • The permitting of the discharge of thermal effluent (heated water) in violation of the IFC's Performance Standards.
  • The EIA's dismissal of the project's impacts on marine species without proper review.

Debt financing from JBIC, KEXIM and Japanese commercial banks

In October 2020, the board of KEPCO decided to invest US$189 million for the acquisition of a 40% stake in the proposed project alongside Mitsubishi’s Diamond Generating Asia and Chugoku Electric Power which have 40% and 20% stakes respectively. KEPCO's participation is subject to official approval from the Vietnamese government and would see Samsung C&T and Doosan Heavy Industries joining the project as the engineering, procurement and construction contractors.[48] [49] KEPCO's decision was criticised by Joojin Kim, managing director of Korean campaign group Solutions for Our Climate, who commented: "South Korean President Moon Jae-in and the ruling party are pursuing a Green New Deal initiative at home but are investing in coal power plants abroad. Above all, KEPCO is expected to suffer a loss of $84 million if it pushes forward the Vung Ang 2 project according to a pre-feasibility study conducted by Korea Development Institute."[50]

In December 2020 the Japan Bank for International Cooperation (JBIC) signed a loan agreement to provide project financing amounting to up to approximately US$636 million for the project.[51] The Export-Import Bank of Korea (KEXIM) also participated in the finance package along with the Japanese private sector financiers Mitsubishi UFJ Financial Group, Mizuho, Sumitomo Mitsui Banking Corporation and Sumitomo Mitsui Trust Holdings. The total debt financing provided for the project was US$1.767 billion.[52]

In March 2021, the governor of JBIC, Maeda Tadashi, announced that the state-owned financial institution would no longer provide funding for coal plant projects overseas. Tadashi indicated that the financing for Vũng Áng-2 would be the final overseas thermal coal project to receive public and private funding from Japanese sources.[53]

In December 2021 Shikoku Electric purchased a 15% share in the project from Mitsubishi for 10 billion yen (USD 87 million).[54]

A June 2022 report by Insure Our Future found that two of the project's main insurers, the Japanese companies MS&AD and Tokio Marine, had adopted coal exit policies which ruled out support for new coal projects in June and September 2021 respectively, well before agreeing to insure Vung Ang-2 on October 26, 2021.[55]

Equity investments from Mitsubishi, KEPCO, Chugoku Electric Power and Shikoku Electric Power

Mitsubishi, KEPCO, Chugoku Electric Power and Shikoku Electric Power made a combined US$439 million equity investment in Vũng Áng-2, bringing total financing for the power station to US$2.2 billion.[52]

A September 2022 report from Reclaim Finance highlighted that despite joining the Glasgow Financial Alliance for Net Zero (GFANZ) in 2021, Citi Bank provided over a billion dollars to "Japanese coal power giant Mitsubishi". The report specifically points to the development of Vũng Áng-2 as a central controversy.[56]

Background on Vũng Áng-3

In October 2014, Samsung Construction & Trading Corporation, a subsidiary of the Samsung Group, signed a memorandum of understanding with the Vietnamese government to build the two-unit, 1,200-MW, $2.5 billion Vũng Áng-3. Construction is scheduled to begin in early 2018, and the two units are scheduled to be brought online in January and July of 2022. Samsung would finance the project using internal funds.[57][58]

In 2016, Units 3 and 4, each 600 MW in capacity, were reported as planned for 2029-2030.[59] As of June 2017, there has been no news on this project for several years.

In October 2017, Samsung's Chairman and CEO Shin Jong-kyun met with Prime Minister Nguyễn Xuân Phúc to discuss the country's investments in Vietnam. Samsung is the largest foreign investor in Vietnam, with 136,700 workers investments that include aviation, ship building, and telecommunications.[60]

In July 2018 the government announced that Vũng Áng-3 may be cancelled due to local opposition.[61] In June 2019 the completion date for Vũng Áng-3 Units 1-2 was listed as "after 2030" in a report by the the Ministry Of Industry And Trade (MOIT) on the implementation of the revised seventh Power Development Plan (PDP7).[62] Units 3-4 do not appear in the MOIT report and appear to be cancelled.

In November 2020 the Ha Tinh Provincial People's Committee asked the MOIT to convert Vũng Áng-3 to gas.[63] Later in November 2020 it was reported that Samsung had requested and been approved for a refund of its investment in the project by the Prime Minister, and that Vũng Áng-3 and other coal plants whose construction had not yet begun would be cancelled under Vietnam's upcoming Power Development Plan VIII.[64][65] In June 2021 the Ha Tinh People’s Committee submitted a proposal to the Ministry of Industry and Trade to switch Vũng Áng-3 from coal to gas, and increase its capacty from 2.4 GW to 4.8 GW.[66]

The September 2021 draft of the Power Development Plan 8 (PDP8) states that the plant is being considered for a switch to gas with a completion date of 2031-2035.[67]

An October 2021 report by GreenID lists the Vũng Áng-3 power station as one of 18 coal-fired power stations in Vietnam that was struggling to secure financing. Given that China, Japan, and South Korea have all committed to stop financing new coal-fired power stations, it will be extremely difficult for any of these projects to secure funding in the future.[68]

On July 4, 2022, the Ministry of Industry and Trade appeared to provide an update on the draft PDP. The document’s list of major power projects planned for 2021-2030 (PDF pages 18-20) did not include the project.[69] On July 15, 2022, the Deputy Prime Minister appeared to request further review of the major power projects that had been included in the revised PDP VII but not in the draft PDP VIII.[70] The project is presumed shelved for now.

In January 2023, a Vietnam Finance article described Vũng Áng-3 as a gas project.[71]

In May 2023, Vietnam officially approved the updated power development plan (PDP8). Under this plan, the country will domestically generate 20% of its electricity needs with coal by 2030 and fully phase out coal-fired power stations by 2050. The plan involved increasing energy generation using coal to a peak of 30 GW and replacing all other outstanding coal projects with LNG or renewables. PDP8 listed Vung Ang III among the projects that would not move forward using coal.[43]


In February 2017, local residents blocked the road leading to Vũng Áng-1, saying that coal trucks moving along the road were causing pollution. The local government said it would write to Vinacomin, calling for suspension of coal trucks.[72] The following month, PetroVietnam issued a press release telling us how great its pollution and waste management procedures are.[73]

In February 2021, environmental activist Greta Thunberg came out in support of the No Coal for Our Future campaign, which is working to prevent construction of the Vung Ang-2 power station.[74]

Articles and Resources


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Additional data

To access additional data, including interactive maps of the power stations, downloadable datases, and summary data, please visit the Global Coal Plant Tracker and the Global Oil and Gas Plant Tracker on the Global Energy Monitor website.