PetroVietnam Power and the PetroVietnam Construction have signed a contract to build a power plant in Vietnam’s Thai Binh province.

The 15MW Thai Binh Thermal Power Plant No 2 is expected to generate 6.7 billion kWh of electricity every year.

The project requires a total investment of $1.6bn, and is vital for the province’s socio-economic development strategy and the country’s common development plan.

The first turbine is expected to generate electricity by 2014.