$2.5 bln LNG power plant in northern Vietnam set for groundbreaking in late 2025

A $2.56 billion LNG-fueled power plant project in the northern Vietnam province of Thai Binh is slated to break ground later this year, aligning with the timeline set by the local government.

At a meeting with the investors on February 18, 2025, Thai Binh authorities said they were facilitating site clearance so as the project could break ground in September per its schedule.

The Thai Binh LNG power plant is designed to have two turbines, with the first expected to come online in Q4/2028 and the second in Q4/2029.

Approved in December 2023, the project is jointly invested by Tokyo Gas, Kyuden Group (both from Japan), and Truong Thanh Vietnam Group.

The three investors will contribute a total of $298.6 million in equity, equivalent to 15% of the project’s investment capital. Tokyo Gas will hold a 40% stake, while Kyuden Group and Truong Thanh Vietnam will hold 30% each.

Illustration of the Thai Binh LNG-fueled power plant in northern Vietnam. Photo courtesy of the investors.

The plant will occupy 263.5 hectares within the Thai Binh Economic Zone, including 53.8 hectares of land for the power plant and auxiliary facilities, and 209.7 hectares of water surface for LNG regasification terminals, pipelines, and related infrastructure.

With an installed capacity of 1,500 MW, the plant will utilize combined cycle gas turbine (CCGT) technology and is expected to operate 6,000 hours per year, generating around 9 billion kWh annually.

The facility will consume approximately 1.2 million tons of imported LNG per year as its primary fuel source, supplemented by 17,000 tons of domestically supplied diesel as backup. LNG imports are expected to come from Australia, Qatar, the U.S., and Russia.

According to the Decision 1509/QD-BCT issued by the Ministry of Industry and Trade on May 30, Thai Binh LNG power plant is among 11 projects of its kind set for operation in 2028-2029 under the adjusted National Power Development Plan for the 2021-2030 period, with a vision to 2050 (PDP VIII).

The remainers are Quang Ninh LNG (1,500 MW); Quang Trach II LNG (1,500 MW); Hai Lang LNG Phase 1 (1,500 MW); Hiep Phuoc LNG Phase 1 (1,200 MW), Long An I LNG (1,500 MW); Son My I (2,250 MW); Son My II (2,250 MW); Nghi Son LNG (1,500 MW); Ca Na LNG (1,500 MW); and Quynh Lap LNG (1,500 MW).

Meanwhile, Vietnam’s first LNG power plants, Nhon Trach 3 and 4 in the southern province of Dong Nai, are expected to begin commercial operations this year.

Accordingly, the Nhon Trach 3 plant, which was connected to the national grid on February 5, is scheduled to start commercial operations in August, while Nhon Trach 4 is expected to follow in November.