The Thai Binh Thermal Power Plant is a major power generation project in Thai Binh Province, Vietnam, developed with a total installed capacity of 600 MW, comprising two 300 MW generating units. The project was developed to strengthen the power supply capacity of the Red River Delta and contribute to the stability of Vietnam’s national power system. Upon completion, the plant is capable of supplying approximately 3.2–3.6 billion kWh of electricity annually.
With a total investment of approximately VND 26.5 trillion (equivalent to around USD 1.27 billion), the project was financed primarily through Japanese Official Development Assistance (ODA). Approximately 85% of the project financing was provided through an ODA loan from the Japan International Cooperation Agency (JICA), while the remaining 15% was provided as counterpart funding by Vietnam Electricity (EVN).
The project financing from JICA supported the procurement of eligible goods and services required for the construction of the plant and associated infrastructure. The counterpart funding from EVN covered the remaining portion of the project’s investment requirements, ensuring the necessary domestic contribution to the overall financing structure.
The main plant construction package was implemented under an Engineering, Procurement and Construction (EPC) contract. Marubeni Corporation of Japan was appointed as the EPC contractor, responsible for the engineering, procurement of equipment and materials, construction, installation, and overall execution of the main plant package. The EPC contract was valued at more than USD 1 billion.
The project was developed and executed by Vietnam Electricity (EVN) as the project owner, with Marubeni Corporation serving as the international EPC contractor. The collaboration combined EVN’s experience in managing large-scale power infrastructure projects with Marubeni’s international expertise in engineering, procurement, construction, and power plant project execution.
Through its scale, international financing structure, and EPC delivery model, the Thai Binh Thermal Power Plant represents a significant power infrastructure project that contributed to improving electricity supply capacity and supporting socio-economic development in northern Vietnam.