Vietnam News Agency reported that Malaysia based JAKS Resources Bhd is completing licensing procedures to build a USD 1.4 billion thermoelectric plant in the northern province of Hai Duong.

Mr Nguyen Xuan Doan head of external economic affairs office of the provincial department of planning & investment said that the 1,200 MW facility would be the first projects in Vietnam to be carried out under a build operate own contract, with an operating duration of 50 years.

The project was previously approved by the ministry of industry & trade and given a go ahead from Prime Minister Mr Nguyen Tan Dung. Construction of the project is slated to begin next year, with the plant to go into operation in 2015.

Malaysia topped the list of countries and territories to invest in Viet Nam in the first 9 months of 2008, with 37 projects worth USD 14.8 billion, accounting for 4.1% of the total number of projects and 26.4% of the capital registered during the period.

Other Malaysian invested projects of note include a USD 9.8 billion steel complex jointly funded by the Lion Group and the Viet Nam Shipbuilding Industry Group in the central province of Ninh Thuan and a USD 3.5 billion project to develop urban centers and universities in HCM City.