Doosan Heavy Wins $1.5 Bil. Power Plant Deal in Vietnam

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Thursday, December 26th, 2013
SEOUL, KOREA - Doosan Heavy Industries said on December 24 it won a US$1.5-billion order to build a coal-fired thermal power plant in Vietnam. On the same day, Kim Heon-tak, Doosan Heavy vice president, signed the agreement with Hoang Quoc Vuong, chairman of Hanoi-based state-run Vietnam Electricity for two 600-megawatt power plants in Binh Thuan, 230 kilometers east of Ho Chi Minh City.
The company, together with Japan's Mitsubishi Corp. and Vietnamese partners, will take the job on an EPC (engineering, procurement, and construction) basis and complete the project by June 2018. The project was made possible by project financing loans provided equally by Korea Trade Insurance Corp. and Korea EximBank at $500 million each.
Earlier Doosan Heavy won a similar project worth 1.4 trillion won in 2010 building a second thermal power plant in Mong Duong, Quang Ninh Province in the northeast region. With the latest deal, the company could set a firm foothold in the fast-growing Southeast Asian nation.