"We had some investment there and divested it all. Now we are mulling a return. Vietnam is an interesting destination. Still, we need to wait for the study to know what sectors are promising," he said. Chief executive officer Chanin Vongkusolkit said Banpu was conducting a feasibility study on investment in Vietnam, as part of the company’s expansion ahead of the ASEAN Economic Community in 2015.

Vietnam’s economy is bigger than Myanmar’s and, as it has been hit by the currency crisis and high inflation, this could be a good time for investment.

In 2000, Banpu acquired 30 per cent of the registered capital in Amata Power (Bien Hoa) Ltd, a power-production company in an industrial estate in southern Vietnam. It also invested in a wholly owned subsidiary, Banpu Power Vietnam I, for another power company.

Chanin estimated that Banpu’s net profit this year would be lower than last year’s Bt20 billion because of the decline in the coal price, which is expected to bottom out in the first quarter next year. The company expects to meet its sales-growth target of 3 per cent this year and is drawing up next year’s business plan.

He declined to comment on brokers’ reports that Banpu was expected to show a net loss this year after the Civil Court’s ruling related to the Hongsa Power project in Laos.

Banpu has said it will appeal against the ruling, which ordered the company to pay compensation to Siva Nganthavee and his group. Banpu is obliged to pay Bt4 billion with 7.5-per-cent interest per annum from the date of plaint until fully paid, plus loss of opportunity of Bt860 million per year for the years 2015-2027 and Bt1.38 billion per year for the years 2028-2039.

Banpu said the ruling would not have any impact on the Hongsa Power Project, since it has been being carried out by Hongsa Power Co, an independent joint venture. The project is in progress as planned.

Banpu and Ratchaburi Electricity Generating Holding each hold 40 per cent of the power project, and the remaining 20 per cent is held by Lao Holding State Enterprise.