AES Vietnam is part of The AES Corporation and represents AES' activities and interests in Vietnam. As a leading power company in the country, AES provides safe, reliable and affordable energy.
AES' portfolio in Vietnam includes the operating Mong Duong 2 Power Plant, together with the Son My 2 combined-cycle gas turbine power plant (Son My 2 CCGT) and the Son My LNG Terminal projects, both under development. Spanning power generation, gas-fired power and LNG infrastructure, this portfolio helps meet growing electricity demand, strengthen energy security and support the transition toward increasingly sustainable energy solutions.
With three energy projects operating or under development nationwide, AES combines global experience with local insight. Through responsible operations, long-term investment, strong partnerships with customers, partners and communities, and community programs tailored to local needs, AES seeks to work with stakeholders to accelerate the future of energy and create long-term value in Vietnam.
MESSAGE FROM OLIVIER MARQUETTE
Supporting a practical and responsible energy transition
Olivier Marquette
President, AES Vietnam
Vietnam’s continued economic development, industrial growth and digitalization are driving increasing demand for electricity. At the same time, Vietnam is committed to gradually decarbonize its electricity until 2050. In this context, maintaining a secure, reliable and affordable power supply is essential to supporting the country’s growth and improving people’s lives.
At AES Vietnam, our focus is on the safe, reliable and responsible operation of Mong Duong 2. Since entering commercial operation in 2015, the plant has contributed to the reliability of Vietnam’s power system by delivering dependable and affordable electricity, supported by strong operational performance, environmental management and regulatory compliance.
We believe Vietnam’s energy transition must be responsible, balanced and pragmatic, reflecting the country’s development needs and the realities of its evolving energy system. No single technology can address every energy need. A diverse mix of energy resources, together with continued investment in grid infrastructure, energy storage, flexible generation and emerging technologies, will be important to maintaining security of supply as the energy system evolves.
As Vietnam’s energy landscape continues to evolve, AES Vietnam remains committed to playing our part through operational excellence, continuous improvement and close collaboration with our stakeholders. Through Mong Duong 2, we will continue to deliver safe and reliable electricity, contribute to the country’s security of supply and support a practical and responsible energy transition.
Our Journey in Vietnam
2008
- The Government of Vietnam granted an investment license to develop the Mong Duong 2 BOT Power Plant (net capacity: 1,120 MW).
2011
- Construction of Mong Duong 2 began after successful financing, with total investment of approximately US$2.1 billion.
2015
- Mong Duong 2 achieved commercial operation.
2017
- AES signed an MOU with PV GAS to develop the Son My LNG Terminal.
2019
- Refinancing of Mong Duong 2 was completed; AES signed an MOU to develop the Son My 2 CCGT.
2020
- The “AES Mong Duong” name was introduced; AES Vietnam and PV GAS signed the term sheet for the Son My LNG Terminal joint venture agreement.
2021
- AES and PV GAS signed a joint venture agreement for the Son My LNG Terminal.
2022
- Son My LNG Terminal Co., Ltd. received its business registration certificate; the environmental impact assessment for Son My 2 was approved.
2023
- AES Vietnam received the investment policy decision for the Son My 2 CCGT project.
2025
- In December 2025, Meritz Securities completed the acquisition of a 30% stake in the Mong Duong 2 project from Posco International.
Project Portfolio
Mong Duong 2 Power Plant
A BOT project in Quang Ninh with a net capacity of 1,120 MW. The plant provides safe and reliable electricity and contribute to meeting Vietnam's electricity demand.
Son My 2 CCGT Power Plant
A 2.2 GW combined-cycle gas turbine project in Lam Dong Province, being developed to help meet electricity demand and support national energy security.
Son My LNG Terminal
An LNG infrastructure project in Lam Dong Province jointly developed by AES and PV GAS, with a designed capacity of 450 TBtu. The project is intended to diversify fuel supply and support LNG-to-power development in Vietnam.
Core Values and AES Culture
Safety First
Safety is at the core of everything we do. We identify potential risks to our people, contractors, customers, communities and partners, and measure success by how safely we conduct our work together.
Highest Standards
We act with the utmost integrity toward our people, customers, partners and communities, and hold the solutions we deliver together to global standards of excellence.
All Together
We work as one team across our business and with our customers, partners and communities. We meet changing needs with agility and work together to solve meaningful challenges.
Safety, Ethics and Compliance
Safety is fundamental to the way AES operates. The company relies on robust systems, training and leadership commitment to protect employees, contractors and stakeholders across its activities.
AES maintains high standards of integrity, business ethics, governance and legal compliance. Doing the right thing, acting responsibly and engaging transparently with stakeholders are foundations for long-term success.
Alongside safety and compliance, AES promotes operational excellence, continuous improvement and responsible environmental management across the development and operation of its energy projects.
Key Figures
1,120 MW: Net capacity in Vietnam.
3 projects: Operating or under development across the country.
2.2 GW: Planned capacity of the Son My 2 CCGT power plant.
450 TBtu: Designed capacity of the Son My LNG Terminal.
Approximately US$2.1 billion: Total investment in the Mong Duong 2 Power Plant.
Approximately US$1.8 billion: Announced investment value of the Son My 2 CCGT power plant.
Approximately US$1.4 billion: Announced investment value of the Son My LNG Terminal.
