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title Taekwang to Build Plant in Vietnam. name 관리자 date 2015.01.19
By Kim Yoo-chul
Staff Reporter

Taekwang Vina Industrial has received approval from the Vietnamese government to build a coal-fired power plant worth 5 trillion won ($4.5 billion) in the northern province of Nam Dinh.

Taekwang, an unlisted maker of petrochemical and textiles, said its shoemaking arm in Vietnam will contribute 95 percent of the plant's total investment with its Vietnamese partner, Hashinco, covering the remainder, a company spokesman said.

The company said the power plant will be built on a 251-hectare site in Nam Dinh, under a Building-Offer and Transfer (BTO) deal.

The plant will have a capacity of 1,200 megawatts in its first phase, which ends in 2017, and it will be raised to 2,400 megawatts in the second stage, which ends in 2021.

"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