AES, PV Gas receive investment policy approval for LNG terminal project in central Vietnam
A joint venture between American energy firm AES Corporation and Petrovietnam subsidiary PV Gas was granted investment policy approval for its $1.4 billion Son My LNG Terminal project by authorities in Binh Thuan province on Tuesday.
The terminal, to be built by the Son My LNG Terminal Project Company in the south-central province, will have an installed capacity of 450 TBtu and is expected to begin commercial operations in 2027, AES said in a release.
Plans for the Son My LNG Terminal in Binh Thuan province, south-central Vietnam. Photo courtesy of PV Gas.
“The investment policy approval for Son My LNG Terminal is a significant milestone that enables us to move forward with the development of this critical infrastructure project," said Joseph Uddo, president of AES Vietnam.
"With more than 12 years of operations in Vietnam, AES is committed to accelerating the future of energy through important projects like this. We are pleased to receive approval from the Binh Thuan People’s Committee and excited to partner with PV Gas on this strategic project that will contribute to Vietnam’s energy transition and economic growth,” he added.
U.S. Ambassador to Vietnam Marc E. Knapper said: “The Son My project will bring energy security to Vietnam in the transition to cleaner sources of energy. I am happy to see a world class U.S. company like AES as a partner of choice for PV Gas and the Government of Vietnam.”
The Son My LNG terminal project, together with AES’s 2.2 GW Son My 2 combined cycle gas turbine (CCGT), represents a multibillion-dollar investment. Son My 2 CCGT, which received investment policy approval earlier this year, will bring safe and reliable energy to power growth in Vietnam while supporting the transition to cleaner and greener technologies.
AES executive vice president and chief operating officer Bernerd Da Santos and AES Vietnam president Joseph Uddo discuss the Son My projects with Binh Thuan province's authorities in February 2023. Photo courtesy of the company.
AES, a Fortune 500 global energy company, signed a memorandum of understanding (MoU) with PV Gas to develop the Son My LNG Terminal Project in November 2017.
In November 2019, AES signed an MoU with the Ministry of Industry and Trade to develop a 2.2 GW combined cycle gas turbine (CCGT) power plant under the BOT scheme, which will be located in Binh Thuan province.
In October 2020, AES Vietnam and PV GAS signed a Term Sheet of the Joint Venture Agreement for the Son My LNG terminal. Together, the CCGT and terminal are expected to play a major role in shaping Vietnam’s energy future by diversifying the energy mix with imported LNG and meeting the country’s increasing demand for sustainable and affordable electricity.
123
- Related News
- Read More
Vingroup proposes $3.96 bln sea-crossing bridge-road project linking HCMC's Can Gio with Vung Tau
Vingroup, Vietnam's biggest listed company by market capitalization, has submitted a document asking Ho Chi Minh City authorities to appraise its pre-feasibility study for a sea-crossing bridge-road project connecting Can Gio and Vung Tau.
Infrastructure - Fri, December 5, 2025 | 3:03 pm GMT+7
Galvanized steel major Ton Dong A files for HCMC bourse listing
Ho Chi Minh City Stock Exchange (HoSE) has received an application from Ton Dong A, a leading galvanized steel manufacturer in Vietnam, to list 149 million shares (code: GDA), with a par-value-based listing value of VND1.49 trillion ($56.55 million).
Companies - Fri, December 5, 2025 | 1:41 pm GMT+7
Japan’s Kokuyo to acquire Vietnam's leading stationery maker Thien Long for $178 mln
Japan’s Kokuyo has announced a plan to acquire Vietnam's major stationery manufacturer Thien Long Group (HoSE: TLG) for up to JPY27.6 billion ($178.2 million), as the Japanese office-supplies giant expands its footprint in Southeast Asia.
Companies - Fri, December 5, 2025 | 1:02 pm GMT+7
Billions of new Big 4 bank shares set to hit Vietnam market as government pushes for capital hikes
Vietnam’s Big 4 banks which are state-controlled, including Vietcombank, VietinBank, BIDV, and Agribank, are preparing to issue tens of billions of new shares as stock dividends, following a government directive to accelerate charter-capital expansion.
Banking - Fri, December 5, 2025 | 12:56 pm GMT+7
Sumitomo to break ground on $111 mln industrial park project in central Vietnam early next year
Japan’s Sumitomo Corporation is expected to begin construction of its Thang Long Thanh Hoa Industrial Park phase one in Q1/2026, according to Thanh Hoa province authorities.
Industrial real estate - Fri, December 5, 2025 | 9:05 am GMT+7
Vietnam enters new phase of large-scale industrial growth, led by high-value FDI: Savills
Vietnam is entering a new phase of industrial growth, as macroeconomic indicators, FDI inflows, and infrastructure development all point to a shift from quantity-driven growth to scale and quality expansion.
Economy - Thu, December 4, 2025 | 3:30 pm GMT+7
Northern Vietnam province Phu Tho plans its largest-ever urban area project at $3.9 bln
Authorities in Phu Tho have approved plans for a VND102.84 trillion ($3.9 billion) development that would become the largest real estate project in the northern Vietnamese province.
Real Estate - Thu, December 4, 2025 | 2:11 pm GMT+7
Petrovietnam to divest 35% stake in non-life insurer PVI via auction
State-owned Petrovietnam will divest its entire 35% stake in PVI Insurance, with a full-lot public auction proposed. The sale is expected to take place by year-end or early 2026.
Companies - Thu, December 4, 2025 | 2:00 pm GMT+7
Vietnam’s Alluvia Chocolate opens its flagship store at Mekong Deltal’s My Tho cruise port
Alluvia Chocolate, a famous Vietnamese handmade chocolate brand, officially opened its flagship store at My Tho Cruise Port in the southern province of Dong Thap last Saturday.
Companies - Thu, December 4, 2025 | 1:22 pm GMT+7
Central Vietnam province Ha Tinh picks Vingroup for 2 wind power projects worth $1.48 bln
The Ha Tinh People’s Committee has selected VinEnergo, an energy arm of Vingroup, as the investor for two offshore wind power projects in Ky Anh, with a combined investment of more than VND39 trillion dong ($1.48 billion).
Energy - Thu, December 4, 2025 | 12:54 pm GMT+7
New chapter for electronics major Viettronics after Geleximco takeover
Shares of Vietnam Electronics and Informatics Corp, or Viettronics (HoSE: VEC) - long inactive and trading mostly between VND8,000-9,000 ($0.34) apiece for many years - have surged more than sevenfold over the past 11 months, rising to VND60,700 ($2.3) on Wednesday.
Companies - Thu, December 4, 2025 | 9:23 am GMT+7
Central Vietnam hub Danang faces infrastructure challenges as high-rise buildings rise along Han river
A wave of new high-rise projects along the Han River is making Danang’s urban planning and management increasingly challenging, forcing the central city to rethink strategies to ease the pressure on its urban core.
Real Estate - Thu, December 4, 2025 | 9:02 am GMT+7
Vietnam's livestock major GreenFeed reaps $65 mln in H1 profit, outpacing major rivals
GreenFeed Vietnam, a leading livestock company in the country, posted VND1.72 trillion ($65.07 million) in H1 after-tax profit, 2.5 times higher than the same period last year.
Companies - Wed, December 3, 2025 | 9:00 pm GMT+7
Eight EVNNPT employees receive Vietnam General Confederation of Labor innovation award
The Vietnam General Confederation of Labor (VGCL) has awarded its annual Creative Labor Certificate to 24 members of Vietnam Electricity's trade union, including eight employees from subsidiary National Power Transmission Corporation (EVNNPT).
Companies - Wed, December 3, 2025 | 8:42 pm GMT+7
Profit of Samsung’s 4 major Vietnam factories up 4.5% in Jan-Sept
Four major factories of Samsung Electronics in Vietnam posted a total profit of KRW4.37 trillion ($2.98 billion) in the first nine months of 2025, up 4.51% year-on-year, according to the South Korean conglomerate’s Q3 consolidated earnings statements.
Companies - Wed, December 3, 2025 | 4:52 pm GMT+7
Vietnam approves expanded list of strategic energy projects to meet rising power demand
Prime Minister Pham Minh Chinh has approved a sweeping update to the country’s portfolio of national important and priority energy projects, marking one of the most comprehensive revisions to the sector’s development roadmap in recent years.
Energy - Wed, December 3, 2025 | 3:53 pm GMT+7
