AES okayed to build $1.8 bln LNG-to-power plant in Binh Thuan
American energy corporation AES officially received in-principle approval for its 2.25-gigawatt Son My 2 combined cycle gas turbine power plant in the south-central province of Binh Thuan on Sunday, with an investment of $1.8 billion.
Minister of Industry and Trade Nguyen Hong Dien granted the approval document to the firm at a conference on the north-central and coastal central region's socioeconomic development until 2030, with a vision to 2045.
The factory’s electricity sales contract with the Vietnamese government has a duration of 20 years.

Illustration of Son My 2 LNG-to-power plant in Binh Thuan province, south-central Vietnam. Photo courtesy of EVN's Power Engineering Consulting JSC 3.
"The investment policy decision is a significant milestone enabling AES to move ahead with the development of the Son My 2 power plant. The approval recognizes the importance of the project in ensuring energy security, promoting international investment and the socio-economic development of Vietnam," Joseph Uddo, president of AES Vietnam, said at the conference.
The built-operate-transfer (BOT) project’s development timeline is from 2023 to 2028. The plant, located in Son My commune, Ham Tan district, features three 750MW turbines.
The $1.8 billion Son My 2 LNG-to-power plant and $1.4 billion Son My LNG terminal are AES’s commitment to Vietnam’s economic growth and energy transition through the development of gas and renewable infrastructure, while helping Vietnam meet its energy transition goals and increasing demand for sustainable and affordable electricity.
In October 2020, AES received a Letter of Interest from the U.S.’s Eximbank and International Development Finance Corporation to support the two with a loan amount of $3.2 billion.
The joint venture between AES and Vietnam's PV Gas received an investment registration certificate for their LNG terminal project in Binh Thuan in May 2022.
The Son My LNG terminal can supply imported LNG for gas-fired power plants in Vietnam with the total capacity of 4,500 MW, beyond the 2,250 MW capacity of Son My 2 CCGT power plant, according to AES.
At the event on Sunday, two other energy projects received in-principle approval. They are the BT2 wind farm-phase 2 worth $54.6 million invested by local firm BT3 Windfarm JSC in Quang Binh province and the Khanh Hoa waste-to-power plant worth $138.6 million invested by local multi-sector business Amaccao Group in Khanh Hoa province.
- Read More
Vietnam’s army-backed construction firm proposes 14 offshore wind power projects
Lung Lo Construction Corporation (LLC), under the Ministry of National Defense, has submitted investment proposals for 14 offshore wind power projects with a combined capacity of 9,000 MW.
Energy - Thu, August 7, 2025 | 5:07 pm GMT+7
Vietnam's agri major Hoang Anh Gia Lai fined for bond information disclosure failure
Vietnam's agri major Hoang Anh Gia Lai JSC has been fined VND92.5 million ($3,528) for failing to disclose bond-related information as required by law.
Companies - Thu, August 7, 2025 | 4:31 pm GMT+7
Northern Vietnam province accelerates $2.2 bln LNG-to-power project
Quang Ninh province will hand over 4.9 hectares of reclaimed land to the Quang Ninh LNG-fuelled power plant project before August 11, local authorities stated at a meeting on Wednesday.
Energy - Thu, August 7, 2025 | 4:17 pm GMT+7
Vietnam's seafood firms ride profit wave ahead of US tariff hike
Vietnam’s seafood companies reported surging profits in Q2/2025, driven by importers ramping up purchases ahead of new U.S. reciprocal tariffs.
Economy - Thu, August 7, 2025 | 2:21 pm GMT+7
Le Anh Tuan appointed new CEO of Dragon Capital Vietfund Management JSC
Dragon Capital Group, Vietnam's largest asset manager, has appointed Le Anh Tuan as CEO of its arm Dragon Capital Vietfund Management Joint Stock Company (DCVFM), starting from October 1, 2025.
Companies - Thu, August 7, 2025 | 2:01 pm GMT+7
Indonesia, Malaysia, Thailand expand local currency transaction network
Bank Indonesia, Bank Negara Malaysia, and Bank of Thailand have added new Appointed Cross Currency Dealer (ACCD) participating banks to broaden services for bilateral transactions in local currencies across the three nations, Bank Indonesia said in a statement on Tuesday.
Southeast Asia - Thu, August 7, 2025 | 12:48 pm GMT+7
ASEAN to sign MoU on regional power grid implementation
ASEAN member states are set to sign an MoU on the implementation of the ASEAN Power Grid during the bloc’s Energy Ministers’ Meeting this October.
Southeast Asia - Thu, August 7, 2025 | 12:43 pm GMT+7
Vietnam overtakes Thailand to become world's second-largest rice exporter
Vietnam has outranked Thailand as the world’s second-largest rice exporter in the first half of 2025, Thai PBS reported on August 3, citing the Thai Rice Exporters Association.
Companies - Thu, August 7, 2025 | 12:41 pm GMT+7
Vietnam posts trade surplus of $10.18 bln in 7 months
Vietnam’s export earnings grew by 14.8% to $262.44 billion in the first seven months of this year, while its import turnover rose by 17.9% to $252.26 billion, resulting in a trade surplus of $10.18 billion.
Economy - Thu, August 7, 2025 | 12:19 pm GMT+7
Malaysia pledges big purchases, investments with US
Malaysia has agreed to buy and invest over $240 billion (MYR1.02 trillion) in the U.S. to help reduce the trade gap between the two countries.
Southeast Asia - Thu, August 7, 2025 | 12:08 pm GMT+7
Vietnam's leading property developer Novaland to issue 152 mln shares to settle $229 mln debt
Novaland, a major real estate developer in Vietnam, plans to issue nearly 152 million new shares to swap more than VND6 trillion ($228.8 million) worth of bond principal.
Companies - Thu, August 7, 2025 | 10:11 am GMT+7
Vietnam's FDI capital disbursement hits five-year record high despite US tariff turmoil
Disbursed foreign direct investment (FDI) capital in Vietnam reached $13.6 billion in Jan-July, up 8.4% year-on-year, despite U.S. tariff concerns.
Economy - Thu, August 7, 2025 | 9:57 am GMT+7
Malaysia steps up efforts to explore nuclear energy potential
Malaysia’s Minister of Science, Technology and Innovation Chang Lih Kang on Wednesday reaffirmed his ministry’s commitment to enhancing cooperation with the Ministry of Energy Transition and Water Transformation (PETRA) in exploring the potential of nuclear energy.
Southeast Asia - Thu, August 7, 2025 | 8:10 am GMT+7
Indonesia's economy grows faster than expected
Indonesia's economy expanded by 5.12% year-on-year in Q2/2025, up from 4.87% in the previous quarter, exceeding the forecasts of many economic organizations, which had previously projected a rate of less than 5%, according to Statistics Indonesia (BPS).
Southeast Asia - Thu, August 7, 2025 | 8:07 am GMT+7
Philippine energy group eyes investment in Vietnam’s power sector
AboitizPower wants to invest in Vietnam’s electricity industry, especially in transmission infrastructure, said Danel Aboitiz, executive director of the corporation.
Energy - Wed, August 6, 2025 | 11:11 pm GMT+7
Vietnam seeks 8.3-8.5% economic expansion for 2025
The Government has requested the State Bank of Vietnam to proactively adjust the credit growth aim for this year in line with a GDP expansion target of 8.3-8.5%.
Economy - Wed, August 6, 2025 | 10:41 pm GMT+7