The Export-Import Bank of China on Dec. 17 signed an agreement with the Vietnamese Ministry of Finance to provide US$300 million in financing for the Vinh Tan Power Plant No2 in central Binh Thuan province.
Electricity of Viet Nam (EVN) has sunk about 23.4 trillion VND (1.1 billion USD) into the coal-fired plant which has a capacity of 1,200MW and an area of 397ha.
The EVN started construction of its second plant in Vinh Tan in August, and will use the new funding to continue. The first of the plant's two turbines is expected to be operational in December 2013 with the second to follow in June 2014. At the ground-breaking ceremony in August, Deputy Prime Minister Hoang Trung Hai said the Vinh Tan No2 project would go a long way to easing the country's power shortage. It would also supply industrial and economic zones in the province. Coal-fired plants would help minimise the national electricity grid's dependence on hydroelectric power plants.
Power plants covered in the master plan will increase capacity to 50,000MW during 2006-2015.