29 December 2008 - The Vietnamese government said it would grant an investment license to U.S. utility firm AES Corp in early 2009 to build a 1,200 MW coal-fired power plant in northern Vietnam at an estimated cost of $1.4 billion.

AES would form a joint venture with state-owned coal producer Incoming to operate the plant, which will be located in Mong Duong in the coal hub province of Quang Ninh, a government directive said.

AES Corp would invest up to 90 percent of the estimated cost while state-run coal mine operator Incoming would contribute the remaining 10 percent, state media have reported.