The newly established Thai Binh LNG Power JSC plans to start work on its $2 billion, 1.5 GW LNG-to-power plant in Thai Binh province in the third quarter of 2025.
The company revealed the plan at a formal inauguration ceremony held in the northern province Friday, with the presence of company officials, local authorities and representatives of the Japanese embassy in Hanoi as well as the Japan Bank for International Cooperation (JBIC).
The joint venture set up to build the plant comprises Japan’s Tokyo Gas Co., Ltd. and Kyuden International Corporation; and Vietnam’s Truong Thanh Vietnam Group.
Company executives said that they plan to begin commercial operations by 2030 and sought the support of provincial authorities in facilitating their work.
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.
During construction, it will employ 23,000 people and contribute VND3.6 trillion to the state budget, the executives said.
Speaking at the event, Thai Binh Chairman Nguyen Khac Than directed relevant agencies to provide all support to the project. He noted that the province gave in-principle approval for the project just seven months after the government passed the national power development plan VIII (PDP VIII).
The joint venture received its investment license at the Vietnam-Japan Economic Forum held in Tokyo during Prime Minister Pham Minh Chinh's December 15-18 visit to Japan.
This is Tokyo Gas’s second LNG-to-power project in Vietnam, following one in the northern province of Quang Ninh, which also includes an onshore LNG terminal and a 1.5 GW power plant. This project is scheduled to start commercial operation in late 2027.