Vietnam Electricity (EVN) and Hiep Phuoc Power Co. Ltd signed a power purchase agreement (PPA) for the Hiep Phuoc LNG power plant – Phase I, a 1,200 MW project in Ho Chi Minh City. The project, developed under a build-operate-own (BOO) model, involves an investment of approximately VND 18,911 billion ($892 million) and uses advanced gas turbine technology from Siemens. Upon commercial operation, the plant is expected to supply over 7 billion kWh of electricity annually to Vietnam's national grid.