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    Vietnam spends $5 billion on coal imports

    August 9, 2022 - Vietnam Investment Review (VIR)


      In the first seven months of this year, Vietnam spent over $5 billion to import coal for thermal power plants, up 123 per cent on-year.

      According to a forecast from the Ministry of Industry and Trade (MoIT), thermal power plants across the country will need 35 million tonnes of coal to serve power production this year, the major part of which needs to be imported. The figure is expected to increase to 46.5 million tonnes in 2025 and 123.7 million tonnes in 2045.

      The soaring increase in foreign currency used to import coal stems from the rising demand around the globe, causing a cost escalation and a shortage of supply.

      At its peak, the selling price on the global market was pushed up to $450-490 per tonne.

      The MoIT is increasing coal imports from Australia and South Africa to ease the recent shortages that resulted in power losses at manufacturing facilities and to ensure national energy security.

      Along with this, thermal power plants are also working with partners to diversify the fuel supply sources for their facilities.

      A representative of the Nghi Son thermal power plant in the central province of Thanh Hoa told VIR, "The plant started operation in February this year, thus we still have storage coal to serve for the plant's operation. However, in the long-term, we will work will partners in South Korea and the Philippines to diversify supply sources and ensure the stable operation of the plant."

      Statistics from the UN Comtrade showed that Vietnam imported about 126,000 tonnes of coal - worth $7.6 million - from South Africa in 2019, 2.6 million tonnes at a cost of $123.4 million in 2020, and spent $360 million on about 7.5 million tonnes in 2021.

      Mitsubishi sells 15 per cent stake in Vung Ang II thermal power plant

      Shikoku Electric Power Co., Inc. from Japan has completed the purchase of a 15 per cent stake in Vung Ang II thermal power plant from Mitsubishi Corporation for $87 million, despite the global trend to move away from coal.

      No more new coal-fired thermal power plants for Mekong Delta by 2030

      There will be no more new coal-fired thermal power plants licensed in the Mekong Delta region by 2030, except for the ones currently under construction.

      30 Japanese enterprises look for investment opportunities in Thanh Hoa

      30 Japanese enterprises look for investment opportunities in the central province of Thanh Hoa in manufacturing, resort real estate, and other sectors.

      Kicking of construction of Nhon Trach 3 and 4

      PetroVietnam Power Corporation (PV Power) is completing preparations to start the construction of Nhon Trach 3 and 4 thermal power plants on April 30.

      Thai Binh 2 thermal power plant to start operations by May 10

      All employees and managers are making an effort to put the first turbine of the Thai Binh 2 thermal power plant into operation by May 10. According to information from the project's managing board, the construction is currently 92 per cent complete and the fire prevention system is almost completed.

      EVN asked to take over Phu My 2.2 and Phu My 3 thermopower plants

      The Ministry of Industry and Trade (MoIT) asked the prime minister to assign EVN to handle Phu My 2.2 and Phu My 3 thermal power plants once the 20-year contract terminates.

      By Ha Vy


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