The Malaysia-based JAKS Resources Berhad Company is currently completing licensing procedures to build a 1.4 billion USD thermal power plant in northern Hai Duong province.

The 1200 MW facility is the first project to be carried out in the country under the build-operate-own (BOO) formula with a permitted operation duration of 50 years, said Nguyen Xuan Doan, head of the external economic affairs office of the provincial Department of Planning and Investment.

The project was previously given the go-ahead by prime minister Nguyen Tan Dung and then approved by the ministry of Industry and Trade. Once licensed, it will be ready for commencement during next year, with full operation scheduled for 2015.