Petrovietnam eyes $2.5 bln LNG investment in Vietnam central province

By Tri Duc
Mon, May 6, 2024 | 11:06 am GMT+7

State-owned oil and gas group Petrovietnam plans to invest $2.5 billion in LNG facilities in the central province of Ha Tinh, a Petrovietnam delegation led by chairman Le Manh Hung told Ha Tinh authorities on Sunday.

Petrovietnam chairman Le Manh Hung (standing) speaks at a meeting with Ha Tinh authorities in Ha Tinh province, central Vietnam, on May 5, 2024. Photo courtesy of Petrovietnam.

Petrovietnam chairman Le Manh Hung (standing) speaks at a meeting with Ha Tinh authorities in Ha Tinh province, central Vietnam, on May 5, 2024. Photo courtesy of Petrovietnam.

PV Power, the power generation arm of Petrovietnam, proposed a $1.5 billion LNG-fired power plant. The project has a designed capacity of 1,500 MW and can be expanded to reach 4,500 MW. It is set to cover 80 hectares of land and 10 hectares of water, and construction of the plant will kick off in 2026 and enter commercial operations in 2030, PV Power said.

PV Gas, the gas business of Petrovietnam, suggested an LNG terminal project with an investment of $1 billion. The project is scheduled for completion in 2029-2030, with an annual capacity of one-three million tons, in line with the progress of the power plant project. It is set to cover 50 hectares of land and 426 hectares of water.

Both projects will be located in Vung Ang Economic Zone. The LNG terminal will supply the power plant and other LNG users in nearby areas, PV Gas said.

Speaking at the meeting, Le Manh Hung appreciated Ha Tinh authorities’ backing for the project and called on them to help develop details of the development. The development of an LNG terminal is only feasible as long as there is an LNG-fired power plant as a major LNG consumer, he clarified.

Hoang Trung Dung (standing), chief of Ha Tinh Party Committee, speaks at a meeting with Petrovietnam in Ha Tinh province, central Vietnam, on May 5, 2024. Photo courtesy of Ha Tinh newspaper.

Hoang Trung Dung (standing), chief of Ha Tinh Party Committee, speaks at a meeting with Petrovietnam in Ha Tinh province, central Vietnam, on May 5, 2024. Photo courtesy of Ha Tinh newspaper.

In reply, Hoang Trung Dung, chief of Ha Tinh Party Committee, said the province is willing to fortify the cooperation between the two sides. Ha Tinh authorities will work with the government and relevant ministries to facilitate Petrovietnam’s projects, he added.

He also called on Petrovietnam to invest more in the province, especially in gas-fired power, wind power, and oil-gas activities. Besides, he suggested Petrovietnam invest in planting trees and building houses for workers in the province.

Vietnam currently has no operational LNG-to-power projects. Nhon Trach 3 and Nhon Trach 4, the first two in Vietnam, are under construction in the southern province of Dong Nai.

The eighth national power development plan (PDP VIII), approved in May 2023, promises to open a new chapter for Vietnam’s electricity industry, with gas defined as the key fuel in 2021-2030.

The list of priority LNG projects for development by 2035, featured in Table 1 of Appendix II of PDP VIII, include Quang Ninh (1,500 MW); Thai Binh (1,500 MW); Nghi Son (1,500 MW); Quang Trach II (1,500 MW); Quynh Lap/Nghi Son (1,500 MW); Hai Lang - Phase 1 (1,500 MW); Ca Na (1,500 MW); Long Son (1,500 MW); Hiep Phuoc - Phase 1 (1,200 MW); Long An I (1,500 MW); Long An II (1,500 MW); and Bac Lieu (3,200 MW).

The LNG projects in Ha Tinh are currently not part of PDP VIII.

Comments (0)
  • Read More
Maintaining market status upgrade a bigger challenge: official

Maintaining market status upgrade a bigger challenge: official

Vietnam's stock market status will be upgraded by FTSE Russell from "frontier" to "secondary emerging" from September 21 next year, but continued reform is critical as the bigger challenge is to maintain the new classification, said a market watchdog official.

Finance - Sat, October 18, 2025 | 1:30 pm GMT+7

HCMC partners with Nasdaq to develop int’l financial center

HCMC partners with Nasdaq to develop int’l financial center

The Finance Department of Vietnam’s southern metropolis Ho Chi Minh City has signed an MoU with the U.S.-based stock exchange Nasdaq on the development of an international financial center (IFC).

Top News - Sat, October 18, 2025 | 11:56 am GMT+7

Vingroup plans $325 mln issuance of international bonds

Vingroup plans $325 mln issuance of international bonds

Vietnam's leading private conglomerate Vingroup (HoSE: VIC) has announced a board of directors resolution to issue $325 million worth of international bonds, with a five-year term and a yield of 5.5% per year.

Companies - Sat, October 18, 2025 | 10:26 am GMT+7

Vietnam raises personal income tax deductions by over 40%

Vietnam raises personal income tax deductions by over 40%

The Standing Committee of Vietnam’s National Assembly, the country's legislature, on Friday approved a resolution on adjusting personal income tax (PIT) deductions, marking a significant increase of over 40% from current levels.

Economy - Sat, October 18, 2025 | 9:11 am GMT+7

EVN subsidiary spreads the spirit of solidarity, compassion

EVN subsidiary spreads the spirit of solidarity, compassion

The employees of National Power Transmission Corporation (EVNNPT) came together in an inspiring display of unity and compassion in October, each donating one day’s salary to support and express solidarity with the people of Cuba - a nation that has long shared a special friendship with Vietnam.

Companies - Sat, October 18, 2025 | 9:00 am GMT+7

Property fever prompts tighter inspection in central Vietnam's economic hub Danang

Property fever prompts tighter inspection in central Vietnam's economic hub Danang

Chairman of Danang city People’s Committee, Pham Duc An, has ordered a comprehensive inspection and audit of land valuation and auction activities to prevent and address market manipulation that could destabilize the local property market.

Real Estate - Sat, October 18, 2025 | 8:00 am GMT+7

Vietnam mulls opening door for private investment in small modular reactors

Vietnam mulls opening door for private investment in small modular reactors

Vietnam’s Ministry of Industry and Trade has drafted a parliamentary resolution that, for the first time, would allow private companies to participate in the development of small modular nuclear reactors (SMRs).

Energy - Fri, October 17, 2025 | 4:37 pm GMT+7

Kido seeks buyer for remaining 49% stake in frozen food affiliate

Kido seeks buyer for remaining 49% stake in frozen food affiliate

Kido Group (HoSE: KDC), a leading food company in Vietnam, has approved a plan to divest the firm's remaining 49% stake in its affiliate Kido Frozen Food JSC (Kido Foods).

Companies - Fri, October 17, 2025 | 4:25 pm GMT+7

Le Ngoc Quang appointed Danang city's Party chief

Le Ngoc Quang appointed Danang city's Party chief

Le Ngoc Quang, a Party Central Committee member and Party chief of Quang Tri province, has been appointed Party chief of Danang for the 2025-2030 term - the highest position in the city, central Vietnam's economic hub.

Politics - Fri, October 17, 2025 | 4:17 pm GMT+7

T&T Group seeks to reshape north-central Vietnam’s urban landscape with major projects

T&T Group seeks to reshape north-central Vietnam’s urban landscape with major projects

Multi-sector conglomerate T&T Group is developing a model eco-urban complex in Ha Tinh province and plans to build a massive 236-hectare urban area in neighboring Nghe An, with an aim to reshape north-central Vietnam's urban landscape.

Investing - Fri, October 17, 2025 | 2:44 pm GMT+7

Toyota plans $359 mln plant expansion in northern Vietnam

Toyota plans $359 mln plant expansion in northern Vietnam

Toyota Motor Vietnam (TMV) plans to invest about VND9.46 trillion ($359.2 million) in the first phase of its plant expansion project in Phu Tho province.

Investing - Fri, October 17, 2025 | 2:09 pm GMT+7

PVI Insurance sees 9-month profit before tax more than doubling

PVI Insurance sees 9-month profit before tax more than doubling

PVI Insurance has reaffirmed its position as the No. 1 non-life insurer in Vietnam, with total revenue increasing nearly 1.4 times in the first nine months of 2025 and pre-tax profit more than doubling year-on-year - surpassing its full-year targets for both revenue and profit.

Companies - Fri, October 17, 2025 | 9:08 am GMT+7

Vingroup to develop 4,600ha coastal urban project in northern Vietnam

Vingroup to develop 4,600ha coastal urban project in northern Vietnam

A consortium of Vingroup (HoSE: VIC) and its real estate arm Vinhomes (HoSE: VHM) will develop a 4,600-hectare coastal urban complex in Ha An ward, Quang Ninh province, following local authorities’ approval of a zoning plan.

Real Estate - Fri, October 17, 2025 | 8:30 am GMT+7

Indonesia resumes int’l carbon trading after 4-year hiatus

Indonesia resumes int’l carbon trading after 4-year hiatus

Indonesian President Prabowo Subianto has issued a new decree to restart international carbon emissions trading after a four-year hiatus.

Southeast Asia - Thu, October 16, 2025 | 9:23 pm GMT+7

Investors seek 2-year delay for $2.56 bln LNG power project in northern Vietnam, citing equipment hurdles

Investors seek 2-year delay for $2.56 bln LNG power project in northern Vietnam, citing equipment hurdles

Investors of a $2.56 billion LNG-fired power plant in Hung Yen province have proposed delaying the project’s commercial operation schedule by two years due to difficulties securing key equipment.

Energy - Thu, October 16, 2025 | 9:04 pm GMT+7

Vietnam to soon raise taxpayers' personal deduction: official

Vietnam to soon raise taxpayers' personal deduction: official

The personal income tax deduction in Vietnam is "very likely" to increase to VND21.7 million ($823,940) per month, including VND15.5 million (588,530) for the taxpayer and VND6.2 million ($235,410) for each dependent.

Finance - Thu, October 16, 2025 | 6:25 pm GMT+7