Korea Eximbank to fund $3 bln LNG power complex in southern Vietnam

By Nguyen Thuy
Fri, June 23, 2023 | 5:49 pm GMT+7

The Export-Import Bank of Korea (Korea Eximbank) inked Friday a memorandum of understanding to finance a $3 billion plus LNG-to-power project in Long An province, southern Vietnam.

The MoU was signed with Vietnam’s VinaCapital Group and Korea’s GS Energy. The signing took place on the sidelines of the Vietnam-Korea Business Forum held in Hanoi during the three-day state visit by South Korean President Yoon Suk Yeol that ends Saturday.

(L-R) VinaCapital CEO Don Lam, Korea Eximbank CEO Yoon Hee-seong, and GS Energy CEO Huh Yong-soo at an MoU signing ceremony held in Hanoi, June 23, 2023. Photo courtesy of VinaCapital.

(L-R) VinaCapital CEO Don Lam, Korea Eximbank CEO Yoon Hee-seong, and GS Energy CEO Huh Yong-soo at an MoU signing ceremony held in Hanoi, June 23, 2023. Photo courtesy of VinaCapital.

VinaCapital, one of the largest investment management companies in Vietnam, and GS Energy are co-developers of the 3-gigawatt power complex in Long An province that borders Ho Chi Minh City.

Under the MoU, the three parties will explore potential opportunities for Korea Eximbank to provide credit facilities to the Long An Energy Corporation, which is jointly owned by VinaCapital and GS Energy.

Yoon Hee-seong, CEO of Korea Eximbank, said: “Vietnam is promoting energy conversion from coal power generation to gas power generation, and orders for large-scale projects are expected in the future.

“Since it is a symbolic cooperation project that has obtained business rights from the Vietnamese government, our bank will actively support Korean companies like business owners and engineering procurement and construction contractors to join it,” he said.

VinaCapital CEO and founding partner Don Lam said: “The Long An power plants will play a critical role in producing clean electricity for all of southern Vietnam and fuel the region’s continued economic growth.

“We welcome Korea Eximbank’s potential involvement in this project, which underscores its commitment to sustainable development and strong ties between South Korea and Vietnam.”

GS Energy CEO Huh Yong-soo said, “Korean companies have long understood that investing in Vietnam is mutually beneficial; and GS Energy is proud to be one of the leading foreign investors in Vietnam’s energy sector. We greatly appreciate Korea Eximbank’s support in this endeavour and welcome the participation of other Korean companies in this landmark project.”

The Long An I and Long An II power plants, located in Can Giuoc district, will be fuelled by liquefied natural gas (LNG). When fully operational, the two plants will have a combined generating capacity of up to 3GW, which will be delivered to the national power grid via a power purchase agreement to be signed with state-utility Vietnam Electricity (EVN).

The project, Vietnam’s first approved conversion from a coal-fired plant to an LNG-fired power plant, is included in the country's latest Power Development Plan VIII released last month.

Comments (0)
  • Read More
Vietnam government's investment arm SCIC receives $326 mln in dividends, profit distributions in 2024

Vietnam government's investment arm SCIC receives $326 mln in dividends, profit distributions in 2024

The State Capital Investment Corporation (SCIC), Vietnam’s government investment arm, received VND8.5 trillion ($325.5 million) in dividends and profit distributions from 43 companies within its portfolio in 2024, according to its latest report.

Companies - Fri, July 18, 2025 | 8:26 am GMT+7

HCMC, Astana International Financial Center promote cooperation to develop Vietnam’s international financial center

HCMC, Astana International Financial Center promote cooperation to develop Vietnam’s international financial center

Vietnam and Kazakhstan are focusing on strengthening cooperation in the financial sector, particularly between Ho Chi Minh City and the Astana International Financial Center (AIFC), located in Kazakhstan's capital.

Finance - Thu, July 17, 2025 | 11:52 pm GMT+7

FTSE Russell praises Vietnam for strong reform efforts

FTSE Russell praises Vietnam for strong reform efforts

Representatives of FTSE Russell, a member of the London Stock Exchange Group, on Thursday said they highly evaluate Vietnam's strong reform efforts and commit to continue accompanying the country in the process of market modernization.

Finance - Thu, July 17, 2025 | 11:40 pm GMT+7

Developer of Southeast Asia’s largest exhibition center has new CEO

Developer of Southeast Asia’s largest exhibition center has new CEO

Tran Mai Hoa, chairwoman of Vincom Retail - the retail arm of Vietnamese private conglomerate Vingroup, has been appointed as new CEO of Vietnam Exhibition Fair Center JSC (VEFAC).

Companies - Thu, July 17, 2025 | 9:35 pm GMT+7

Vietnam’s offshore oil field produces first commercial oil ahead of schedule

Vietnam’s offshore oil field produces first commercial oil ahead of schedule

The Kinh Ngu Trang-Kinh Ngu Trang Nam (White Whale-White Whale South or KNT-KTN) oil field, located in Block 09-2/09 off Vietnam's southern coast, welcomed its first oil flow on Monday, one day ahead of schedule.

Economy - Thu, July 17, 2025 | 4:03 pm GMT+7

Leading developer Becamex vows to develop eco-industrial parks in Vietnam

Leading developer Becamex vows to develop eco-industrial parks in Vietnam

Becamex IDC Corp, a leading urban and industrial park developer based in Ho Chi Minh City, is committed to integrating international sustainability standards into the practical operations of its industrial parks in Vietnam, said CEO Nguyen Hoan Vu.

Industrial real estate - Thu, July 17, 2025 | 3:49 pm GMT+7

Northern Vietnam province to address traffic problem for Foxconn’s plant

Northern Vietnam province to address traffic problem for Foxconn’s plant

Authorities in Vietnam’s northern province of Bac Ninh are working to resolve traffic congestion around the Quang Chau Industrial Park in response to concerns raised by Foxconn, a Taiwanese electronics giant and key supplier to Apple.

Companies - Thu, July 17, 2025 | 3:33 pm GMT+7

China firm plans wind power blade manufacturing project in central Vietnam

China firm plans wind power blade manufacturing project in central Vietnam

China's Zhuzhou Times New Material Technology Co., Ltd is proposing a wind power blade manufacturing project in the south-central coastal province of Khanh Hoa.

Energy - Thu, July 17, 2025 | 3:20 pm GMT+7

Investor awareness key to Vietnam’s stock market status upgrade: regulator

Investor awareness key to Vietnam’s stock market status upgrade: regulator

The Investor introduces the speech by Vu Thi Chan Phuong, chairwoman of the State Securities Commission (SSC), at the seminar "Raising investor awareness towards stock market status upgrade" in Hanoi on Thursday.

Finance - Thu, July 17, 2025 | 11:58 am GMT+7

S Korean firm apologizes for employee's assault in Hanoi

S Korean firm apologizes for employee's assault in Hanoi

South Korea's Segyung Hi-Tech, with a subsidiary in the northern Vietnam province of Bac Ninh, on Wednesday issued a formal apology for its employee making an assault on two Vietnamese women in Hanoi.

Companies - Thu, July 17, 2025 | 10:23 am GMT+7

Vietnam’ steel giant Hoa Phat reports 30% profit surge in Q2

Vietnam’ steel giant Hoa Phat reports 30% profit surge in Q2

Vietnam’s largest steelmaker, Hoa Phat Group, posted after-tax profit of VND4.3 trillion ($164.4 million) in Q2/2025, up nearly 30% compared to both Q2/2024 and Q1/2025.

Companies - Thu, July 17, 2025 | 9:43 am GMT+7

Vietnam's fund management industry has chance to make breakthrough development: exec

Vietnam's fund management industry has chance to make breakthrough development: exec

Tax incentive policies will help people have confidence in investment funds and create a habit of long-term and disciplined investment, writes Nguyen Hang Nga, general director of Vietcombank Fund Management Company Limited (VCBF), a joint venture between state-controlled Vietcombank and Franklin Templeton Investments (FTI).

Consulting - Thu, July 17, 2025 | 8:52 am GMT+7

The Investor's seminar 'Raising investor awareness towards stock market status upgrade' is taking place

The Investor's seminar 'Raising investor awareness towards stock market status upgrade' is taking place

The Investor and its Vietnamese-language sister Nhadautu.vn will hold a seminar titled “Raising investor awareness towards stock market status upgrade” in Hanoi on Thursday, July 17.

Finance - Thu, July 17, 2025 | 7:30 am GMT+7

Chinese firms seek to develop smart urban areas in Vietnam

Chinese firms seek to develop smart urban areas in Vietnam

Hong Kong-headquartered CCC Infrastructure Co. and Shenzhen-based Hero Group wish to implement real estate projects in Vietnam, including investments in smart urban areas in the northern province of Bac Ninh and the southern province of Tay Ninh.

Real Estate - Wed, July 16, 2025 | 10:25 pm GMT+7

Construction starts on Hoa Nhon Industrial Park in central Vietnam city Danang

Construction starts on Hoa Nhon Industrial Park in central Vietnam city Danang

Local investor Sai Gon-Da Nang Investment JSC (SDN) has started construction on the Hoa Nhon Industrial Park (IP) which covers 24.75 ha in the central city of Danang.

Companies - Wed, July 16, 2025 | 8:34 pm GMT+7

US starts anti-circumvention probe into aluminum containers imported from Vietnam

US starts anti-circumvention probe into aluminum containers imported from Vietnam

The U.S. Department of Commerce (DOC) has initiated anti-circumvention investigations into disposable aluminum containers, pans, trays, and lids imported from Vietnam and Thailand, according to the Trade Remedies Authority of Vietnam under the Ministry of Industry and Trade.

Companies - Wed, July 16, 2025 | 8:27 pm GMT+7