Company Overview

Vung Ang II Thermal Power Limited Liability Company (VAPCO or the BOT Company) was established under the laws of Vietnam on 26 October 2007 for the sole purpose of undertaking the development, financing, procurement, construction, commissioning, ownership, operation, and transfer of the Vung Ang II 2×665 MW ultra-supercritical imported coal-fired thermal power plant located at Ha Tinh province, Vietnam on a build, operate and transfer (BOT) basis (the VA2 Project). The VA2 Project was awarded BOT status under Government Notice No. 1266/VPVP-KTn dated 2 March 2009.

On 19 April 2010, VAPCO entered into a Principles Agreement with Vietnam’s Ministry of Industry and Trade (MOIT), the authorized state body mandated by the Government of Vietnam to negotiate on a bilateral basis with VAPCO and the Sponsors in relation to the BOT contractual structure and documentation.

The VA2 Project is implemented pursuant to a 25-year (from Project COD) Build-Operate-Transfer Contract (BOTC) with MOIT that was signed on 15 December 2020 and a 25-year (from VA2 Project COD) power purchase agreement (PPA) with Vietnam Electricity (EVN) that was signed on 17 December 2020. The BOT Contract and the PPA are supported by a Government Guarantee (the GGU) entered into by the Government of Vietnam on 15 December 2020. The land lease agreements for the VA2 Project sites were signed with Ha Tinh Economic Zone Authority (HEZA) on 15 December 2020. The VA2 Project is a part of the Vung Ang thermal power complex and is the second coal-fired power plant located in the Vung Ang Economic Zone, Vung Ang Ward, Ha Tinh province in Vietnam.

The main businesses are:

• Power production
• Coastal freight transport
• Ocean freight transport

The VA2 Project started its construction from November 2021.

On 22 July 2025, Unit 1 of the VA2 Project was officially put into Commercial Operation.