Russia’s Novatek eyes LNG investment opportunities in central Vietnam

Novatek, Russia's leading natural gas producer, is exploring investment opportunities in Vietnam’s LNG sector, with a particular focus on Thanh Hoa province.

The Thanh Hoa People’s Committee last Friday held talks with the Russian energy group to discuss potential energy investments in the central province.

Novatek said it is seeking opportunities in Vietnam’s LNG sector, including in Thanh Hoa, where several major power projects are planned.

The province currently has two LNG power projects listed as nationally significant energy projects. The 68.2-hectare Nghi Son LNG-to-power plant, approved in March 2024, has a planned capacity of 1,500 megawatts and total investment of about VND58 trillion ($2.2 billion), with commercial operations expected before 2030.

The Cong Thanh LNG thermal power plant, also with a capacity of around 1,500 MW, carries an estimated investment of VND47 trillion ($1.79 billion) and is expected to start construction in 2027, with completion targeted by 2030.

Thanh Hoa Chairman Nguyen Hoai Anh said Russian partners have shown strong interest in investing in the province, which offers favorable conditions to attract investment, particularly in sectors where Russian firms have expertise.

Under Vietnam’s adjusted power development plan VIII (PDP8), Thanh Hoa is slated to host three LNG power plants with a combined capacity of up to 4,500 MW, and the province is actively seeking investors for these projects, he added.

Expanding footprint in Vietnam

Founded in 1994, Novatek is Russia’s second-largest natural gas producer after Gazprom and the country's largest LNG producer, with annual output of around 70 billion cubic meters. The company has developed major LNG projects in Russia, including Yamal LNG and Arctic LNG 2, and has built proprietary liquefaction technologies.

Novatek has been expanding its presence in Vietnam in recent years. In 2019, it signed an MoU with Ninh Thuan province (now part of Khanh Hoa province after their merger last July) to develop an LNG power complex.

Since 2021, the company has broadened cooperation by opening a representative office in Hanoi and signing agreements with PetroVietnam Power (PV Power) to develop LNG-to-power projects.

It is also involved in an integrated 1.5 GW power project in Ca Na, Khanh Hoa alongside partners including Zarubezhneft, Total and Siemens.

In March 2026, during a visit to Russia, former Prime Minister Pham Minh Chinh met with Novatek and expressed support for the company’s expansion in Vietnam, including participation in LNG infrastructure and power projects in locations such as Hai Phong-Quang Ninh, Nam Du (An Giang province), Nghi Son (Thanh Hoa province), and Ca Na (Khanh Hoa province), as well as LNG supply to the Vietnamese market.