Six industry and trade projects to be inspected soon

Thermal power project behind schedule, high investment rate

An Khanh - Bac Giang Thermal Power Plant is invested by An Khanh - Bac Giang Thermal Power Joint Stock Company. This project was initially named Luc Nam Thermal Power Plant, then approved by the Government to assign the company as the investor in April 2016.

The plant has a designed capacity of 650MW, a total registered investment capital of about 23,000 billion VND (of which loan capital accounts for more than 16,000 billion VND) and is built on an area of nearly 90 hectares in Vu Xa commune, Luc Nam district, Bac Giang province (now Bac Ninh province).

This is one of the projects that is behind schedule of An Khanh - Bac Giang Thermal Power Joint Stock Company, determined to be due to difficulties in mobilizing loans and slow progress in site clearance. The project was expected to be put into operation in 2022 - 2023, but according to the announcement in early 2024, it has been postponed to 2026 at the earliest.

According to the business results announced by An Khanh - Bac Giang Thermal Power Joint Stock Company, in 2024, this enterprise lost nearly 135 billion VND. As of December 31, 2024, the company's equity reached more than 4,662 billion VND. However, the total debt payable at the same time was recorded at nearly 241 billion VND, an increase of 45% compared to the end of 2023, affecting the implementation capacity of the investor.

The second project on the inspection list is the Na Duong II Thermal Power Plant invested by TKV-CTCP Power Corporation (under the Vietnam National Coal - Mineral Industries Group ). This project covers an area of over 11 hectares, with a total investment capital of VND4,089 billion.

Na Duong II Thermal Power Plant project is accelerating construction progress.

According to the assessment, the investment rate of the Na Duong 2 Thermal Power Project is much higher than that of the Na Duong 1 Thermal Power Project (with the same total capacity). The total investment rate of the Na Duong 2 Thermal Power Plant project at the time of approval was 172.7 million USD, equivalent to an investment rate of 1,570 USD/kW for coal-fired thermal power, which is high.

Along with that, the implementation of this project also causes concern when there is a risk of collapsing the Na Duong coal mine embankment; high coal mining costs, leading to inefficiency... According to TKV, as of the end of July 2025, the design work has ensured the construction of underground parts of the main construction items before the rainy season of 2025. Current equipment procurement ensures compliance with the construction progress on the construction site as well as the progress of the EPC Contract implementation... The project strives to be put into operation before December 31, 2026.

Ever found a mistake

The third project under inspection by the Ministry of Industry and Trade is the Da Nhim Hydropower Expansion Project, invested by the Da Nhim - Ham Thuan - Da Mi Hydropower Joint Stock Company with a total investment capital of VND 1,952 billion. This is a project approved by the Prime Minister to borrow preferential credit from the Japanese Government in 2013.

Of which, ODA loan capital is more than 1,569 billion VND (equivalent to 85%), arranged for construction, equipment and supervision consultancy packages; owner's capital is nearly 293 billion VND (equivalent to 15%) arranged for the remaining packages and items.

However, the State Audit identified a number of limitations and errors in the design, appraisal and approval of the project and estimates. There were bid packages and contracts with adjusted values greater than the bid package price without the approval of the Ministry of Industry and Trade, and in particular, the progress of some bid packages was slower than planned.

Da Nhim Hydropower Plant expansion under inspection

Next is the Song Hau 2 Thermal Power Plant project invested by TOYO Ink Group Malaysia. The project has a scale of 126 hectares, with a total investment of 72,000 billion VND.

Unit 1 of the Song Hau 2 Thermal Power Plant is expected to be commercially operational in the second quarter of 2021 and the entire plant will be commercially operational in the second quarter of 2022. However, the Song Hau 2 plant project is behind schedule due to the inventory process for compensation and resettlement support.

Last year, the Ministry of Industry and Trade notified Song Hau 2 Power Company Limited about terminating the BOT Contract of the Song Hau 2 Thermal Power Project, due to the failure to resolve the financial arrangements for the project.

The project investor, Toyo Ink Group Berhad (Malaysia), later confirmed that its subsidiary Song Hau 2 Power Company had received notice from the Ministry of Industry and Trade about the termination of the BOT contract to build the above thermal power plant.

In addition, the Skills and Knowledge Program for Comprehensive Economic Growth (including 7 sub-projects) using ODA capital and State budget counterpart capital is also on the list of projects being inspected. The program has a total investment capital of 564 billion VND.

The project to relocate and build a new Tran Hung Dao Mechanical Company (of the General Corporation of Engines and Agricultural Machinery, now the Joint Stock Corporation of Engines and Agriculture) is also among the 6 inspection projects, under the management of the Ministry of Industry and Trade. This project is invested by Tran Hung Dao Mechanical Company Limited. The total investment capital is 507 billion VND.

According to the plan, the inspection period is from the implementation of the project to July 1. If necessary, the content related to before or after the above inspection period can be reviewed. The inspection period is 45 days from the date of announcement of the inspection decision.