ABOUT OUR REPORT
About Our Theme
Vietnam is one of the world’s fastest-growing economies. Over the years, it has outperformed other countries in the region. As progress accelerates, the Government of Vietnam works hard to ensure that this promising growth is sustainable and available for all.
AES-VCM Mong Duong Power Company supports the vision of the government. We make sure that our presence in Vietnam, through the Mong Duong II Power Plant, means access to safe, reliable, and affordable energy to power the country’s growth and improve lives. Making this possible are our people. The story of AES-VCM over the last two years since our first report is the story of a strong, competitive, and inspired local team defined by values and committed to sustainability.
About Our Report
AES-VCM commits to responsible power generation with the publication of our sustainability performance every two years. Accelerating Progress shows how we have progressed in our journey over the period of 2016 and 2017. It covers the operations of the Mong Duong II Power Plant and the AES-VCM Mong Duong Power Company’s Representative Office in Hanoi, with no restatements on previously disclosed sustainability information. This report provides a more comprehensive view of our business from various internal and external stakeholders, capturing two years of commercial operations, compared to our first report that only covered our first 10 months of operations. Sustainability reporting in AES-VCM has been updated to respond to the broader call for greater transparency. This report has been prepared in accordance with the GRI Standards: Core option. On a broader scale, it has taken into account the United Nations’ Sustainable Development Goals, which have been designed to address the world’s biggest challenges—poverty, inequality, and climate change. AES-VCM believes that the SDGs provide a framework for business to ensure that its sustainability journey is part of a global development agenda. AES-VCM also submits its climate-related performance to the AES Corporation in support of the overall company’s commitment to adopt the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) on business strategy and include them in the AES Corporation’s financial disclosures. We continue to monitor TCFD’s developments to better understand the risks and opportunities that our business faces because of climate change and protect our company’s financial position.
What Matters to Us and Our Stakeholders
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Powering Vietnam’s Progress
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How current and future projects accelerate growth in Vietnam
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Continuous improvement for better heat rate and contribution to the grid
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Collaboration with the Government to push the energy sector
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Green growth prospects in Vietnam
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Ensuring Responsible Operations
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Compliance with all environmental regulations
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More disclosure on technology and monitoring for environmental protection
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Power Plant performance against the industrial mean
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Empowering Our Workforce
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Leadership and talent development
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Localization of talents
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Strong safety culture
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More opportunities for contractors to grow
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Improving Local Communities
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Strategic commitment to community development
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Continuous engagement through dialogue and initiatives
To determine the sustainability topics that will be included in our second report, we revisited our 2015 matrix and used highlights from 2016 and 2017 operations as well as the results of our year-round stakeholder engagements.
Based on these insights, we focused on 16 out of 21 material topics and reinstated GRI G4 energy sector–specific topics such as availability, reliability, and efficiency, which remain relevant to our core business and which we monitor along with other operations KPIs.
We mapped all material topics to the inputs of our priority external stakeholders, in particular our sole customer, Electricity of Vietnam, our supplier Vinacomin, selected members of our contractors, and the local community impacted by the construction of Ash Pond 2 represented by the village head. The CEO and Plant Manager approved the final list of material topics.
The performance data have been compiled and verified using the AES Corporation’s data management systems, where standard calculations are used to ensure consistent reporting throughout the business. Our environmental, health and safety data are part of annual reports submitted to and verified by various local and national monitoring agencies. International Finance Corporation’s Performance Standards guide our social performance disclosures, which are then audited by an independent third party. These third-party assessments showed of our commitment to transparency, objectivity, and continuous improvement.
Economic performance continues to be of paramount importance to us. As a private entity we have decided not to include any financial statements this year because the topic was not raised in the stakeholder engagement activities we held to determine report content. We remain committed to the highest standards in financial disclosures. AES-VCM financial statements submitted to the AES Corporation, shareholders and lenders are prepared accordance with USGAAP. The Company also prepares its statutory financial statements in accordance with VNGAAP to submit to shareholders as required by the Company’s charter and to the local authorities as required by the local laws. AES-VCM Mong Duong Power Company Ltd is the sole entity listed in these reports.
The GRI content index detailing our performance is found in page 50. For questions and clarifications about any information in this report, including third-part audit results mentioned above, please contact with our Stakeholder Manager, Ms. Le Thi My Hanh (hanh.le@aes.com).