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Vietnam shelves new coal power plant in southern Vietnam

A US$3 billion coal power plant slated for southern Vietnam’s Hau Giang province has been shelved. The plant was a joint project between the province and Malaysia’s Toyo Ventures Holdings Berhad and had been on the books since 2015, but had failed to attract financing.

Of note, it was announced at the beginning of June that Toyo had managed to secure a US$980 million loan from Exim Bank. This announcement, however, was met with some concern on account of the fact that Vietnam has signed up to a Just Energy Partnership Agreement worth US$15.5 billion to be used to reduce its dependence on coal.

Vietnam released its Power Development Plan 8, commonly referred to as the PDP8, in May of 2023 which essentially outlines goals and plans for Vietnam’s electricity sector–among them is to reach 30 gigawatts of coal by 2030 falling to zero gigawatts by 2050.

See also: Electricity in Vietnam: Foreign Investor Cheat Sheet 2024 

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