Vietnam - Deal on wind and hydro plant to go ahead in Ha Noi

The PetroVietnam Power Company (PV Power) and Industrias Metalurgicas Pescarmona (IMPSA) of Argentina signed an agreement to jointly build a US$2.35 billion wind and hydro power plant in Ha Noi on Tuesday.

The plant, with an annual designed capacity of 1,000 MW, will be located on a total area of 10,000ha at Hoa Thang Commune, in southern Binh Thuan Province’s Bac Binh District.

The plant will supply power for the domestic and regional markets. This is the first project involving IMPSA in Viet Nam.

Argentine Ambassador Thomas Ferrari said the project would open more opportunities for Argentine companies to invest in Viet Nam as well for PetroVietnam [parent company of PV Power] and other Vietnamese firms to step into Argentina.

He emphasised that Argentine firms would help Vietnamese partners to produce cheap and clean products in Viet Nam as well assist them to exploit oil in Argentina.

Bui Xuan Khu, Deputy Minister of Industry and Trade, said it was a significant and special project because it used clean wind and water power.