The Ministry of Industry and Trade (MoIT) held the BOT signing ceremony in Hanoi on November 12, attended by Standing Deputy Prime Minister Pham Gia Tuc, Minister of Industry and Trade Le Manh Hung, and Secretary of the Ninh Binh Provincial Party Committee Tran Huy Tuan.
Invested by South Korea’s TKG Taekwang Group, the 1,200 MW facility comprises two 600 MW turbines and received its investment registration certificate in 2017. Listed as a key power generation project under the revised Power Development Plan VIII (PDP8), the plant is committed to entering commercial operation in 2030.
The BOT contract marks a shift from prolonged negotiations to formal investment execution. Reporting on the preparation process, Mr. Nguyen Duc Cuong, Director of the Electricity Regulatory Authority of Vietnam under the MoIT, stated that authorities agreed to apply transitional regulations without renegotiating previously initialed terms. Notably, the investor issued a written commitment to reduce plant emissions to levels equivalent to liquefied natural gas (LNG) power projects at its own expense.
Speaking at the event, Deputy Minister of Industry and Trade Truong Thanh Hoai underscored the project's strategic importance in securing northern electricity supply during the 2027-2031 period, when surging industrial load demand coincides with power generation bottlenecks. Operating as a 1,200 MW baseload source, Nam Dinh I will strengthen grid reliability and balance supply as renewable energy capacity expands.
Under Politburo Resolution No. 70-NQ/TW, national energy security serves as a prerequisite for double-digit economic growth. According to the revised PDP8, Vietnam's domestic power capacity will reach 180,000 to 230,000 MW by 2030, with coal-fired thermal power accounting for roughly 31,000 MW to maintain grid stability during the energy transition.
To meet the 2030 operational target, the investor must swiftly finalize financial arrangement, fulfill guarantee obligations, complete construction procedures, and mobilize equipment and workforce. Meanwhile, the Vietnam National Coal-Mineral Industries Group (Vinacomin) was urged to coordinate with the BOT company on coal supply contracts and logistics, while Vietnam Electricity (EVN) needs to promptly conclude the power purchase agreement and ensure grid connection.
Representing the developer, Mr. Jin Sang Young, CEO of TKG Taekwang Group, pledged to concentrate resources to bring the plant into commercial operation as scheduled, prioritizing operational efficiency, safety, environmental protection, and local socioeconomic contributions.
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