Prime Minister Nguyen Tan Dung has approved a VND35.7 trillion (US$1.88 billion) hydro power plant project in the mountainous northern province of Lai Chau, the government said Wednesday.
Construction of the Lai Chau Power Plant will start at the end of this year and is scheduled for completion in 2017.
The 1,200-megawatt plant will be built by state-owned Electricity of Vietnam. The company will cover 20 percent of the project cost while the rest will be funded by domestic and foreign loans, according to the government.
More than 9,700 residents are expected to be affected by the project and the Lai Chau Province administration has been assigned the task of compensation and relocation.