Nghe An emerges as leading FDI destination with Quynh Lap LNG power project, WHA industrial zone development

Nghe An province is cementing its status as a premier destination for foreign direct investment (FDI) in Vietnam.

Driven by the recent licensing of the monumental Quynh Lap LNG-to-power project and the strategic expansion of the WHA Industrial Zones, Nghe An ranked as the third top locality nationwide for registered FDI capital in the first quarter of the year, trailing only Thai Nguyen province and Ho Chi Minh City.

Fueling growth: The $2.26 billion Quynh Lap LNG power project

In a major milestone for Vietnam's energy sector, the license for the VND 59.37 trillion ($2.26 billion) Quynh Lap LNG-to-power project was officially handed over to investors at the recent Vietnam-South Korea Economic Forum. The ceremony took place during the state visit of South Korean President Lee Jae Myung to Vietnam.

A powerful consortium comprising South Korea’s SK Innovation Co., Ltd, PV Power, and Nghe An Sugar Co., Ltd. will construct a 1,500 MW power plant in Tan Mai ward. The facility will feature two 750 MW combined-cycle gas turbine units, a 250,000 cubic meter LNG storage facility, regasification systems, and a dedicated terminal capable of handling LNG carriers up to 150,000 tons.

Scheduled for construction and commissioning between 2025 and 2030, the plant will import approximately 1.15 million tons of LNG annually. Once operational, it will guarantee a highly stable power supply to the national grid, directly supporting the industrial and economic explosion in Nghe An.

WHA Industrial Zones: The new epicenter for advanced manufacturing

The promise of long-term energy security from the Quynh Lap project is supercharging the appeal of WHA Industrial Zone 1 and Zone 2 in Nghe An. Strategically positioned as an emerging industry hub in north-central Vietnam, WHA IZ offers a comprehensive energy-industrial ecosystem.

With highly reliable power, improving logistics, and highly competitive operational costs, WHA IZ - Nghe An is increasingly attracting high-value FDI, particularly in electronics, advanced manufacturing, and supporting industries.

SK Group has recognized Nghe An as a critical regional center where manufacturing, energy, and high-tech industries are flourishing, supported by robust port and logistics infrastructure.

Nghe An: Central Vietnam’s economic powerhouse

Beyond industrial development, Nghe An offers unmatched geographic and demographic advantages. It is Vietnam's largest province by area (over 16,490 square kilometers), with a population of nearly 3.8 million.

With a full convergence of roadways, railways, air routes, and seaports, alongside a famous tradition of diligence and creativity among its workforce, Nghe An acts as a miniature Vietnam. Its abundant natural resources and strategic borders position the province as a vital link in regional trade, logistics, and economic development.