Japan's Shikoku Electric buys 15 per cent equity in coal power plant project in Hà Tĩnh

December 28, 2021 - 08:08

Japan's Shikoku Electric Power Company has paid more than 10 billion yen (US$87 million) to buy a 15 per cent stake in the Hà Tĩnh-based Vũng Áng 2 coal-fired power plant project in Việt Nam.

Vũng Áng 2 thermal power plant in the central province of Hà Tĩnh. — Photo pvpower.vn

HÀ NỘI — Japan's Shikoku Electric Power Company has paid more than 10 billion yen (US$87 million) to buy a 15 per cent stake in the Hà Tĩnh-based Vũng Áng 2 coal-fired power plant project in Việt Nam.

Reuters reported Shikoku paid between 10 billion and 20 billion yen to the Japanese trading house Mitsubishi Corp to buy the stake.

"We understand there are various opinions about the project, but we have decided to join it as the 1.2 gigawatts project is expected to contribute to the stable supply of electricity and economic development in Việt Nam," the Shikoku Electric spokesperson said.

The move is part of Shikoku Electric's efforts to expand overseas operations to boost growth. It aims to support the operation of the plant with the know-how derived from its domestic power business, the company said.

After the deal, Mitsubishi holds a 25 per cent stake in the project while another Japanese utility, Chugoku Electric Power Co Inc, owns a 20 per cent stake. — VNS

Việt Nam promotes coconut exports, enhances industry value

Economy

Catalysing Việt Nam's green future: EU's role in Cần Thơ, Trà Vinh's energy transition

Economy

Transition to sustainability an urgent task: policymakers

Economy

Việt Nam needs $14 billion to develop EV charging stations

Economy

Incentive mechanisms needed for semiconductor industry: PM

Economy

Hà Nội honours 36 key industrial products

More on this story

Economy

City tourism department wants policies that help travel industry bounce back from COVID

The HCM City Department of Tourism has called for policies to revive tourism businesses from their COVID-19-induced slump, especially small and medium-sized ones, that include providing interest-free and unsecured loans.

Economy

Heavy tasks ahead for State Treasury in 2022

State Treasury will have to take on challenging tasks next year as public spending is expected to rise, according to Deputy Minister of Finance Võ Thành Hưng.

Economy

Shares end higher on the back of financial shares and heavy-weight stocks

Vietnamese stocks had a good start on Monday largely led by gains in financial shares and heavy-weight stocks.

Economy

Domestic investors help to create records in securities market

The stock market has set records in terms of scores, liquidity and the number of new accounts this year, as investors have seen it a shelter amid complex developments of the COVID-19 pandemic.

Economy

Pi Network continues to attract users despite concerns of fraud

Pi coin users were bewildered on December 21 when this virtual currency mining app suddenly disappeared from Google Play.

Economy

VCCI: Banks should be allowed to lodge complaints against low credit ratings

In cases where banks disagree with the credit assessment of banking authorities, they should be allowed to ask for clarifications on credit ratings assigned to them.

Economy

Basa fish industry may lack material for export processing next year

The Directorate of Fisheries forecasts a shortage of raw materials for export basa processing in the first quarter of 2022 due to the impact of COVID-19.

Economy

HCM City seeks to build airport-based urban model in Tân Bình District

The Tân Sơn Nhất International Airport in HCM City faces challenges finding resources to realise an airport-based urban area, experts said at a recent seminar.

Economy

Analysts optimistic about market recovery this week

Analysts from securities companies are optimistic about stock market movements during the last trading week of this year and betting that the cash flow will soon shift to good fundamental large-cap stocks like banking and securities groups.