Japan firms ready to build $2 bln northern Vietnam LNG power plant in 2025

Truong Thanh Vietnam Group and Japanese firms Tokyo Gas and Kyuden International are meeting deadlines to kick off construction of the $2-billion LNG Thai Binh power plant in northern Vietnam in Q3/2025.

Toshihide Kasutani, executive vice president of Tokyo Gas, made the statement at a Wednesday meeting with Nguyen Khac Than, Chairman of Thai Binh province where the project is located.

The investors are building a detailed investment plan and mobilizing resources for the construction, the executive added.

Tokyo Gas urged provincial authorities to help the project with site clearance and other issues.

Backing the 1.5-GW project, Than said Thai Binh province would deliver land to the investors timely and solve issues within its jurisdiction. For other issues, local authorities would collaborate with relevant ministries and the government in handling, he added.

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 ceremoninal inauguration. Company executives said that they planned to begin commercial operations by 2030.

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 May 2024, Thai Binh province said it planned to complete site clearance for the project by January 2025.