|By JCN Newswire||
|December 23, 2013 11:29 PM EST||
The plant, located in Vinh Tan in Binh Thuan province, will be composed of two units of 600 MW each with completion expected by 2017 for the first unit and by 2018 for the second unit.
Electricity demand in Vietnam is expected to see a remarkable increase of more than 10% per annum in the coming years due to rising population and economic growth. Southern Vietnam in particular, the country's largest economic bloc, which includes Ho Chi Minh City, faces a critical situation in relation to the current imbalance between existing supply and the increasing demand for electricity. There is therefore urgent need for the development of power generation infrastructure in the region.
Currently, nearly half the country's electricity supply is generated by hydraulic power, but due to weather and other factors, the need for a more stable source of electricity is ever more present. This project, therefore, is expected to play an important role in preventing the shortage of electricity in the area.
Under "New Strategic Direction", its recently released corporate strategy, MC is seeking to accelerate global business development by leveraging the shift towards Asian markets. As building multiple robust and large-scale earnings drivers is also part of the company's business strategy, MC intends to pursue other power generation related business opportunities in the future.
Mitsubishi Corporation (MC; TSE: 8058) is a global integrated business enterprise that develops and operates businesses across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. MC's current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods. With over 200 bases of operations in approximately 80 countries worldwide and a network of over 500 group companies, MC employs a multinational workforce of nearly 60,000 people. For more information, please visit www.mitsubishicorp.com.
Source: Mitsubishi Corporation
Mitsubishi Corporation Telephone:+81-3-3210-2171 Facsimile:+81-3-5252-7705
Copyright 2013 JCN Newswire. All rights reserved. www.japancorp.net
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