Mông Dương 2 Thermal Power Plant: A Complex International Ownership
The Mông Dương 2 Thermal Power Plant in Quảng Ninh Province is owned by AES Mông Dương Power Co., Ltd. This company was established by The AES Corporation (US) with a 51% stake, Posco Energy (South Korea) with a 30% stake, and China Investment Corporation (CIC) with a 19% stake.
In November 2023, AES announced that it had reached an agreement to sell its 51% stake in Mông Dương 2 to Se.ven Global Investments, a company headquartered in the Czech Republic. The agreement is subject to approval by the Vietnamese government. This move is expected to advance AES’s low-carbon emission goals as it pursues other power projects in Vietnam.
However, according to AES’s Q2 2025 financial report, this plan faces a significant hurdle. Specifically, the company stated that the share sale agreement will expire in November 2025 (two years later). However, as the agreement has not been completed to date, the company has determined that the sale of the shares is no longer probable.
The Mông Dương 2 plant has been reclassified in AES’s financial reports from “held-for-sale” to “held and used.” As of June 30 this year, the plant’s two major financial items with AES are receivables worth $905 million and debt of $467 million.
Regarding the Czech company, the enterprise had declared its intention to buy AES’s (US) and CIC’s (China) shares, totaling a 70% stake. POSCO of South Korea had also expressed its intention to sell its shares but has not finalized the deal.
The Mông Dương 2 Thermal Power Project has a total investment of $2.1 billion and a capacity of 1,242 MW, comprising two units, each with a capacity of 621 MW. It is located in Cẩm Phả City, Quảng Ninh Province. The plant commenced commercial operations in April 2015 after nearly five years of construction and is expected to produce over 7.6 billion kWh annually.
This project is a 100% foreign-invested project in the form of Build-Operate-Transfer (BOT). The plant will be transferred to the Vietnamese government after 25 years of operation (i.e., in 2050). Mông Dương 2 is Vietnam’s first BOT thermal power plant, utilizing pulverized coal-fired boiler technology.
