S Korean investor plans 2028 opening for two LNG-to-power plants in Vietnam
South Korea’s GS Energy, a co-investor in two 1,500 MW LNG-to-power plants in the Mekong Delta province of Long An, plans to put them into operation in 2028.
Revealing this in talks held Tuesday with Vietnam Electricity (EVN) chairman Dang Hoang An, GS Energy general director Kim Sung Won also requested the utility’s help in implementing and operating the Long An 1 and Long An 2 plants.
An said EVN fully supports the development of power projects in Vietnam and urged GS Energy to use capable contractors and deploy the projects on schedule.
Vietnam Electricity (EVN) chairman Dang Hoang An (left) and GS Energy general director Kim Sung Won meet in Hanoi, October 17, 2023. Photo courtesy of EVN.
The two projects, with a total investment of $3 billion, received their investment certificates in March 2021. Initially, planned as coal-fired plants, the fuel source was changed to LNG with the approval of former Prime Minister Nguyen Xuan Phuc. Both are part of Vietnam’s latest national power development plan VIII (PDP VIII).
In June, the Export-Import Bank of Korea (Korea Eximbank) inked a memorandum of understanding (MoU) on financing the two projects. The MoU was signed with Vietnam’s VinaCapital Group and GS Energy. The signing took place on the sidelines of the Vietnam-Korea Business Forum held in Hanoi during a three-day state visit by South Korean President Yoon Suk Yeol.
Per the MoU, the three parties will explore potential opportunities for Korea Eximbank to provide credit facilities to Long An Energy Corporation, jointly owned by VinaCapital and GS Energy.
Vietnam currently has no operational LNG power plant. PV Power’s Nhon Trach 3 and 4 power plants, with a combined capacity of 1.6 GW, will be the nation’s first LNG-to-power projects. They are currently under construction in the southern province of Dong Nai near Ho Chi Minh City.
The list of priority LNG projects for development by 2035 in the (PDP VIII) includes: Thai Binh (1,500 MW); Quang Ninh (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).
- Related News
- Read More
Vietnam sets aside $1 bln to train semiconductor workforce
Vietnam will spend VND26 trillion ($1.02 billion) by 2030 to develop a well-prepared workforce for the semiconductor industry as the country attempts to seize a “once-in-a-thousand-year” opportunity.
Economy - Thu, April 25, 2024 | 12:16 pm GMT+7
Vietnam’s central province okays S Korea’s SK E&S to process LNG-to-power project
The central coastal province of Quang Tri, SK E&S under South Korean chaebol SK, and Vietnamese conglomerate T&T Group have agreed to cooperate in investment, trade, energy transition, and green growth.
Energy - Thu, April 25, 2024 | 10:31 am GMT+7
Heineken Vietnam’s Q1 revenue expands amid national market decline
The beer market in Vietnam declined by a mid-single-digit in the first quarter of this year, but Heineken’s net revenue (per before exceptional items and amortization-beia formula) was up in the mid-teens, the Dutch brewer said Wednesday.
Companies - Thu, April 25, 2024 | 8:18 am GMT+7
Vietnam fourth largest host of Apple suppliers in the world
Vietnam hosted 35 Apple suppliers as of the end of fiscal year 2023, up from 25 a year earlier, the American tech giant says.
Industries - Thu, April 25, 2024 | 7:57 am GMT+7
ASEAN Future Forum 2024 looks to ensure comprehensive security for community
The ASEAN Future Forum 2024 (AFF 2024) entered its second plenary session in Hanoi on the afternoon of April 23, discussing ways to ensure comprehensive security for the people-centred ASEAN Community.
Southeast Asia - Wed, April 24, 2024 | 10:19 pm GMT+7
Rail connects Vientiane, China's Guizhou province
The Guiyang-Laos tourist train will be launched on May 8, signifying a pivotal step in boosting tourism and cultural ties between China and Southeast Asia.
Southeast Asia - Wed, April 24, 2024 | 10:18 pm GMT+7
Vinhomes targets after-tax profit of $1.38 bln in 2024 as market warms up
Vinhomes, a major housing developer under private conglomerate Vingroup, targets to earn an after-tax profit of VND35 trillion ($1.38 billion) this year, up 4.4% year-on-year, given more positive signals from the local real estate market.
Companies - Wed, April 24, 2024 | 10:13 pm GMT+7
Vinh Phuc province officials disciplined for investment project violations
Dozens of officials in Vinh Phuc province have faced disciplinary actions by the Central Inspection Committee for violations related to investment projects.
Politics - Wed, April 24, 2024 | 8:19 pm GMT+7
Former chairmen of An Giang, Soc Trang provinces face disciplinary action
Former chairman of An Giang province Vuong Binh Thanh received a warning from the Central Inspection Committee for his violations, while former chairman of Soc Trang province Tran Van Chuyen was reprimanded.
Politics - Wed, April 24, 2024 | 7:05 pm GMT+7
Mitsubishi taps Vietnam market with $1.8 mln investment in food importer Homefarm
Mitsubishi Shokunin, the food arm of Japanese keiretsu Mitsubishi, has invested VND45 billion ($1.8 million) in Homefarm, a Vietnamese food import start-up, the firm said.
Companies - Wed, April 24, 2024 | 4:45 pm GMT+7
No Vinhomes funding for VinFast: CEO
Vinhomes CEO Nguyen Thu Hang says the residential property development arm of Vietnam’s private conglomerate Vingroup has not provided financing for other companies in the group’s ecosystem, including EV-maker VinFast.
Companies - Wed, April 24, 2024 | 4:37 pm GMT+7
Japan's Vsun Solar begins commercial operations of 4GW silicon wafer plant in Vietnam
Tokyo-headquartered Vsun Solar has commenced commercial production at its 4-gigawatt silicon wafer plant in Vietnam.
Industries - Wed, April 24, 2024 | 3:39 pm GMT+7
Thailand’s Super Energy told to complete paperwork first, construct wind power project later
Super Wind Energy Congly Bac Lieu JSC, under Thailand’s renewable energy developer Super Energy, is looking to restart its 141-MW Bac Lieu wind power plant phase III in Vietnam’s Mekong Delta province of Bac Lieu.
Energy - Wed, April 24, 2024 | 3:32 pm GMT+7
Standard Chartered revises down Vietnam GDP growth forecast to 6%
Standard Chartered Bank has lowered Vietnam's 2024 GDP growth forecast to 6% from 6.7% in January due to lower-than-expected Q1 growth and global trade headwinds.
Economy - Wed, April 24, 2024 | 3:03 pm GMT+7
TPBank targets after-tax profit of $295 mln in 2024
Private Vietnamese lender TPBank targets to earn VND7.5 trillion ($294.75 million) in after-tax profit this year, according to CEO Nguyen Hung.
Banking - Wed, April 24, 2024 | 1:09 pm GMT+7
Sumitomo Mitsui-invested VPBank plans to merge with ailing lender
Hanoi-based VPBank, the biggest private lender by charter capital in Vietnam, will ask for shareholders’ approval to proceed with a plan to acquire a weak bank following a request by the State Bank of Vietnam (SBV).
Banking - Wed, April 24, 2024 | 11:18 am GMT+7
