Authorities in energy-hungry Vietnam have approved development of the country's largest thermal power project, worth at least 2.5 billion dollars, the developer said. In a statement Monday, the Vinh Tan 3 Energy Joint Stock Company (VTEC) said its 2,000 megawatt project, to be built in southern Binh Thuan province under a build-operate-transfer framework, will use imported coal. The consortium aims to start construction late next year for operation in 2014-15. VTEC is a consortium of CLP Holdings of Hong Kong, Mitsubishi Corp, Electricity of Vietnam and Pacific Corporation of Vietnam. The Vinh Tan 3 power project will form part of a 4,400 megawatt power complex that will also include a port for receiving coal ships, the consortium said. Private sector participation in infrastructure development is urgently needed in the country, particularly in power generation and seaports, the American Chamber of Commerce Vietnam has said. Vietnam's economy grew 5.32 percent last year despite the global downturn. It is rapidly modernising with average energy demand growing at about 10 percent per year, authorities say. Power outages happen periodically in the capital Hanoi. 