Aboitiz Group to buy 25% stake in Vietnam's 1,320-MW coal plant

The group is eyeing more power deals in the country.

Aboitiz Group is planning to buy a 25% stake in Vietnam’s Van Phong Power, which has an operational 1,320-megawatt high-efficiency, low-emission coal-fired power plant.

“We are keen to continue investing in Vietnam’s power sector, spanning both more coal power investments, gas, and renewable energy,” Aboitiz Power chief financial officer Sandro Aboitiz said.

In a statement on Monday, Aboitiz Group said its officials met with Vietnamese President To Lam during the first day of his two-day official visit to the Philippines on Sunday.

The statement said Vietnam’s president “also expressed support for deeper engagement between Vietnamese and Philippine businesses.”

Through its food unit, the group has been operating in Vietnam since 2014.