Taekwang Signs Contract for $2.2 Billion Power Project in Vietnam

Vietnam’s Ministry of Industry and Trade held a signing ceremony for the build–operate–transfer (BOT) contract for the Nam Định I thermal power plant on November 12, 2026. The project had been delayed for nearly a decade by procedural and financing issues. After Saudi company ACWA Power withdrew, Taekwang Power Holdings, a subsidiary of South Korea’s Taekwang Group, took over its entire investment stake and became the sole investor.

The plant is planned to cover 243 hectares in the former Nam Định area, now part of Ninh Bình, with an investment of $2.2 billion to $2.3 billion. It is planned to have two 600 MW units, for a total installed capacity of 1,200 MW, and is targeted to begin operating in 2030. The investor has pledged to cover the cost of emissions controls itself, aiming for emissions levels comparable to those of liquefied natural gas power plants.

Taekwang Group has invested in Vietnam since 1994 and is one of Nike’s major suppliers, accounting for about 15% of Nike’s annual global sales. The group’s consolidated revenue is approximately $2.83 billion. In 2025, TKG Taekwang employed 56,201 people in Vietnam and produced 59.8 million pairs of shoes there, out of the group’s total output of 82.25 million pairs that year.

The group is also involved in Vietnamese real estate. In 2007, Đồng Nai province issued an investment certificate to Taekwang Vina Industrial for the Long Tân–Phú Hội residential project, which covers about 56 hectares and has an investment of approximately $290 million. The project has since been delayed several times. In August 2024, Daewoo E&C announced a partnership with Taekwang Vina to develop it. Taekwang also previously lost a lawsuit against Novaland in a dispute over a real estate project in Ho Chi Minh City.

An image related to Taekwang Group’s real estate investments in Vietnam.（VietVance）

Source: VietVance