Coal group launches electricity firm

The Vietnam National Coal and Mineral Industries Group (Vinacomin) on Jan. 10 launched an electricity company which is expected to produce 20 percent of the national electric power by 2025.

With a chartered capital of 6.8 trillion VND (367.2 million USD), the new electricity company is permitted to invest, construct and operate hydro and thermo-power plants as well as power generators using new and renewable energy resources and regulate electricity grids.

Addressing the ceremony, Deputy Minister of Industry and Trade and President of Vinacomin’s executive board, Le Duong Quang, said the company was founded in response to the policy of promoting multi-sector business based on the group’s traditional production of coal.

The move is aimed at increasing the value of coal products exploited by Vinacomin and expected to contribute to ensuring the national energy security, he added.

At present, Vinacomin manages and operates 23 electricity projects with a total designed capacity of 13,169MW, of which two generators – the Na Duong and Cao Ngan thermo-power plants – are for commercial electricity production.

Tags: Vietnam energy