Vietnam, aiming to accelerate economic growth over the next five years, approved two power projects in the southern province of Soc Trang to meet increasing demand for electricity.
Vietnam Urban and Industrial Zone Development Investment Corp. will invest in the Long Phu 2 project and state-owned Vietnam Oil & Gas Group will fund Long Phu 3, according to a statement on the government's website Wednesday.
The Southeast Asian nation is targeting annual economic growth of 7.5 percent to 8.5 percent over the 2011 to 2015 period, compared with gross domestic product growth of 5.3 percent in 2009. Vietnam may face a shortage of almost 1 billion kilowatt-hours this year with consumption possibly increasing as much as 18 percent, the government said on April 6.
The 400-hectare (988-acre) Long Phu complex will have a combined capacity of about 4,400 megawatts with the addition of Long Phu 1 and 2, and total investment will be about $5 billion, according to today's statement.
Long Phu 2 will be operational in 2015 while Long Phu 3 will start generating power in 2016.