"We will sign a memorandum of understanding (MOU) with the Vietnamese government sometime next month," said the spokesman.

The BOT deal is the largest of its kind among South Korean companies.

Meanwhile, Taekwang is the third company to win a massive coal-fired power plant project from the Vietnamese government after U.S. and Chinese companies, officials say.

Taekwang Vina was established in 1993 just after South Korea and Vietnam formed diplomatic ties. Officials said it has been preparing for the project over the past six years.

"The company is planning to raise 1.27 trillion won by forming a consortium, while the remaining 3.73 trillion won is set to be raised through project financing," the official said, adding some local and overseas power- and industrial-focused companies have already submitted letters of intent (LOI) regarding the project.

Meanwhile, over 8,000 workers of Taekwang Vina in Vietnam's southern province of Dong Nai went on strike on Jan. 13 for increased pay, and better working conditions and bonuses, according to sources.

Taekwang didn't pay for the unemployment insurance premiums for its workers and didn't have regulations in place regarding maternity leave.

Source: http://www.koreatimes.co.kr/www/news/biz/2010/01/123_59625.html