S Korea-invested $2.3 bln LNG power project adjusts investment plan, to operate in Q4/2029

The 1,500-MW Hai Lang Power Center project in central Vietnam is making adjustments to its investment plan towards commercial operation in the last quarter of 2029.

The $2.3 billion project is invested by a consortium comprising South Korea's Hanwha Energy, Korea Gas (Kogas) and Korea Southern Power (Kospo); and Vietnam’s T&T Group.

The investors had broken ground for the first phase in Quang Tri province in January 2022, but little progress has been made since.

According to Quang Tri Economic Zone Authority, the consortium has updated the project’s plan, including power purchase agreement negotiations in Q3/2025, signing of financial agreements in Q4/2025, construction in Q4/2025 with a goal of completing in 48 months. It is now completing the feasibility study of the project.

The consortium and state utility Vietnam Electricity (EVN) are negotiating deals to connect the power complex to the national grid.

Quang Tri authorities had already made a suggestion to the Prime Minister to soon approve the investor of a 500 kV power line project, which spreads over 23 kilometers to connect the power complex to the national grid, according to the Quang Tri Economic Zone Authority.

The 148-hectare project features an LNG terminal which can accommodate LNG tankers of 170,000-226,000 cubic meters, and can receive 1.5 million tons of LNG annually.

Once completed, it can transform Quang Tri into an energy hub in central Vietnam and help the national energy security.