$2 bln LNG power plant in northern Vietnam to start construction in late 2025

The $2 billion LNG Thai Binh power plant project in Thai Binh province aims to complete its feasibility study in the second quarter of this year and begin construction in Q4/2025.

A representative of Thai Binh LNG Power JSC, the project investor, made the statement an online conference of the Ministry of Industry and Trade on power supply in 2025-2030.

Thai Binh LNG Power JSC is a joint venture set up by Japan’s Tokyo Gas Co., Ltd. and Kyuden International Corporation, and Vietnam’s Truong Thanh Vietnam Group.

The project is now progressing site clearance tasks. It aims to negotiate a power purchase agreement (PPA) with state utility Vietnam Electricity (EVN) next year.

The investor representative also delivered suggestions related to long-term LNG purchasing contracts, PPA terms, and power transmission for the power plant, in order to speed up the project.

The power plant is designed to provide 10 billion kWh to the national grid and pay VND4 trillion ($162.57 million) in taxes every year.

In December 2023, at the Vietnam-Japan Economic Forum held in Tokyo during Prime Minister Pham Minh Chinh's visit to Japan, a joint venture between Tokyo Gas, Kyuden International, and Truong Thanh Vietnam Group was handed an investment license to build the project.

In January 2024, the joint venture made its ceremonial inauguration. Company executives said that they planned to begin commercial operations by 2030.

In January 2025, Prime Minister Pham Minh Chinh instructed the construction of two LNG-fired power plants in Quang Ninh and Thai Binh provinces to begin this year. He also directed the Ministry of Industry and Trade to work closely with provincial authorities to ensure that projects, particularly LNG-fired plants, are brought into operation one to two years ahead of their planned schedules, if possible.