A Chinese consortium comprising Hanoi General Export Import (Geleximco) and Hong Kong United (HUI) could take over the $2.1bn development of the Quynh Lap 1 and Quang Trach 2 thermal power plants in Vietnam's Nghe An province. The two plants, which are located on a remote island off the coast of Vietnam, have been under construction for more than 20 years but were due to be completed by 2015. A Geleximco-HUI project would see 80% of the plant's development financed by Chinese banks. The proposal faces strong objections it would carry interest rates of between 10.86% and 11.77%.
A Chinese consortium comprising Hanoi General Export Import (Geleximco) and Hong Kong United (HUI) could take over the $2.1bn development of the Quynh Lap 1 and Quang Trach 2 thermal power plants in Vietnam's Nghe An province. The Ministry of Industry and Trade is considering the proposal after state-run Vietnam National Coal and Mineral Industries hit delays when it failed to mobilise financing for the project. A Geleximco-HUI project would see 80% of the plant's development financed by Chinese banks. The proposal faces strong objections it would carry interest rates of between 10.86% and 11.77%.