Only 4 LNG-to-power projects added to new Vietnam power plan
Only four LNG-fuelled power projects are added to the country’s draft national power development plan VIII (PDP VIII), according to the Ministry of Industry and Trade.
In its latest proposal to the government dated October 13, the ministry explains that maximum priority should be given to power projects fuelled by natural gas sourced domestically. Therefore, the PDP VIII should include only four LNG-to-power projects with a combined capacity of 6 gigawatts.
They are Thai Binh (1,500 megawatts) in Thai Binh province in the north, Nghi Son (1,500 MW) in Thanh Hoa, Quynh Lap (1,500 MW) in Nghe An, and Quang Trach II (1,500 MW) in Quang Binh in the central region.
The first two are new projects, while the other two are coal-fired power plants in the power development plan VII (PDF VII) to switch to LNG.
The ministry notes that adding these two new projects to PDP VIII is necessary amid fast-increasing demand in northern areas.
The latest proposal reduced the source of power from imported LNG by 17,000 MW compared with the ministry's proposal submitted in March 2021. The plan is 23,900 MW will be generated from LNG by 2030.
Apart from the four mentioned-above projects in PDP VIII, 11 others with total capacity of 17,900 MW were already approved and added to the amended PDF VII, namely Nhon Trach 3, 4 (1,500 MW), Hiep Phuoc phase 1 (1,200 MW), Bac Lieu (3,200 MW), BOT Son My 1 (2,250 MW), Long An 1 (1,500 MW), Ca Na (1,500 MW), Quang Ninh 1 (1,500 MW), Long Son (1,500 MW), and Hai Lang (1,500 MW).
Of these, nine with total capacity of 14,900 MW have found investors. The Ca Na and Long Son (totally 3,000 MW) are yet to have investors.
The Nhon Trach 3, 4 and Hiep Phuoc phase 1 (totally 2,700 MW) have their feasibility studies approved by authorities, while the Ca Na is about to organize international bidding to select investors.
The Long Son, which has "the best localtion" given the port infrastructure and connections to grids, is expected to come into operation before 2030.
Under the latest proposal, developing domestic gas exploration projects would be encouraged as alternatives to imported LNG. Vietnam’s two most-expected gas exploration projects until 2030 are Block B off the south coast and Blue Whale off the central region.
The Block B gas project, invested by Petrovietnam, is expected to provide natural gas for the major O Mon power center in Can Tho city, the Mekong Delta hub. The center includes four LNG-to power projects with about 3,810 MW in combined capacity - O Mon I, O Mon III, and O Mon IV, invested by state utility Vietnam Electricity; and O Mon II, invested by a consortium between Japan’s Marubeni and Vietnam’s Vietracimex.
Blue Whale, or Ca Voi Xanh, is the largest gas field in Vietnam. American giant ExxonMobil and Petrovietnam have been jointly working for years with the hope of co-developing the project, but a final investment decision has not been reached.
The multi-billion U.S. dollar integrated gas-for-power development is expected to boost central Vietnam’s development and reduce the country’s gas imports.
- Read More
State-owned housing developer HUD has new chairman
Dau Minh Thanh, chief of the Ministry of Construction (MoC) Office, has been appointed chairman of the ministry’s Housing and Urban Development Corporation (HUD).
Companies - Sun, November 17, 2024 | 9:34 pm GMT+7
Vietnam private lender LPBank reports $394 mln profit in 10 months
Hanoi-based Loc Phat Vietnam Joint Stock Commercial Bank, or LPBank, logged an after-tax profit of VND10 trillion ($394 million) in the first 10 months of this year, said its leadership at the EGM on Saturday.
Banking - Sun, November 17, 2024 | 3:30 pm GMT+7
Vietnam stock market unlikely to experience further steep declines in next sessions: experts
The probability of continued sharp falls in the Vietnamese stock market over the next sessions is relatively low, barring unexpected geopolitical turbulences that could cause significant volatility, according experts.
Finance - Sun, November 17, 2024 | 1:30 pm GMT+7
Taiwan’s Cooler Master gets nod for $125 mln additional investment in northern Vietnam
Taiwan-headquartered Cooler Master, a global computer hardware giant, especially in cooling devices, will invest an additional $125 million in the northern province of Bac Ninh, according to a project report.
Industries - Sun, November 17, 2024 | 10:00 am GMT+7
Vingroup’s hospitality arm Vinpearl becomes public company as part of listing plan
Vinpearl JSC, a hospitality subsidiary of conglomerate Vingroup, has completed its registration as a public company, the State Securities Commission of Vietnam (SSC) said on Friday.
Companies - Sun, November 17, 2024 | 9:00 am GMT+7
Vietnam pledges to make more contributions to APEC cooperation
APEC leaders adopted a joint statement and endorsed two signature initiatives proposed by host country Peru: the Lima Roadmap to Promote the Transition to Formal and Global Economy and the Ichma Statement on a New Look to Advance the Free Trade Area of the Asia-Pacific.
Politics - Sun, November 17, 2024 | 8:05 am GMT+7
Construction of $2.3 bln central Vietnam LNG power plant to restart in 2026
Construction of the 1,500-MW Hai Lang Power Center project in Quang Tri province will restart on January 1, 2026, the project investor has informed local authorities.
Energy - Sun, November 17, 2024 | 8:00 am GMT+7
PM arrives in Brazil, beginning trip to attend G20 Summit
Prime Minister Pham Minh Chinh, his spouse and a high-ranking delegation of Vietnam arrived in Rio de Janeiro, Brazil on November 16 afternoon (local time), beginning their three-day visit to attend the G20 Summit and have bilateral meetings.
Politics - Sun, November 17, 2024 | 7:30 am GMT+7
Vietnam-China partnership to enable export of Kim Long brand cars
Vietnam’s Kim Long Motor and Futa Group have struck a strategic cooperation agreement with China’s Dongfem Dana that will enable the production and export of cars under the Kim Long brand, executives said Friday.
Companies - Sat, November 16, 2024 | 7:13 pm GMT+7
Northern Vietnam province attracts $124 mln investment from Taiwan firm
Taiwan-based Nien Made Enterprise Co., Ltd. will invest $124.1 million to make furniture accessories at Phu Ha Industrial Park in the northern province of Phu Tho.
Industries - Sat, November 16, 2024 | 7:01 pm GMT+7
Vietnam’s first LNG-fired power plants to enter commercial operation in Jun-Sept 2025
Nhon Trach 3 and Nhon Trach 4, Vietnam’s first LNG-to-power plants, will begin commercial operations in June and September 2025, respectively, says project investor PV Power.
Energy - Sat, November 16, 2024 | 3:20 pm GMT+7
Vinhomes spends $276 mln on buying back 162 mln shares, more than half to go
Vinhomes, the largest housing developer in Vietnam, has spent around VND7 trillion ($275.7 million) on implementing its record buyback plan since kick-starting it on October 23.
Finance - Sat, November 16, 2024 | 1:21 pm GMT+7
Indonesia secures funding for green power infrastructure at COP29
Indonesia has attracted EUR1.2 billion ($1.26 billion) worth of green funding for the electricity sector from Germany’s Kreditanstalt für Wiederaufbau (KfW) at the 29th UN Climate Change Conference of the Parties (COP29) in Baku, Azerbaijan.
Southeast Asia - Sat, November 16, 2024 | 10:10 am GMT+7
Hanoi-based fledgling firm spends $12.3 mln on buying 17.2 mln shares of lender VIB
Hanoi-based Quang Kim Development and Investment JSC acquired 17.2 million shares of Vietnam International Commercial Joint Stock Bank (HoSE: VIB) on Monday.
Banking - Sat, November 16, 2024 | 9:47 am GMT+7
Vietnam can utilize Trump’s policies to enhance position in global supply chains: experts
Vietnam can take the advantage of protectionist economic policies by Donald Trump, the 47th president of the U.S., to strengthen its position in global supply chains, attract foreign investment, and drive sustainable economic growth, write Dr. Tran Ngoc Mai and Prof. Dr. Doan Ngoc Thang, lecturers at the Banking Academy of Vietnam.
Economy - Sat, November 16, 2024 | 9:30 am GMT+7
Former provincial Party chiefs receive warnings for Thuan An Group-related violations
The Politburo, Vietnam’s highest decision-making body, has issued warnings to Nguyen Xuan Ky, former Party chief of Quang Ninh province, and Bui Van Cuong, former Party chief of Dak Lak province, for violations related to Thuan An Group.
Politics - Sat, November 16, 2024 | 9:24 am GMT+7