S Korea's Hanwha Energy eyes more LNG power projects in Vietnam

Hanwha Energy is keen to invest in more LNG-to-power projects in Vietnam, vice president Kim Young-Wook said in a meeting with the country's Ministry of Industry and Trade on Thursday.

At the meeting with Deputy Minister of Industry and Trade Nguyen Hoang Long at the ministry's headquarters, Kim Young-Wook also briefed about the supply-demand outlook and price trends of the global LNG market, the possibility of importing LNG from the U.S., and the electricity market in South Korea.

The meeting also saw the attendance Hanwha Energy's vice president Choi Young-sun, and Hanwha Energy representatives in Vietnam.

Long noted that the trade, industrial and energy cooperation between Vietnam and South Korea is developing positively, especially in the energy sector.

The two countries have been strengthening cooperation in the fields of electricity, oil-gas, and clean energy, and Korean firms are taking initial steps in expanding investment in LNG-fuelled power projects.

Long noted that his ministry (MoIT) has issued Decision No.1313/QD-BCT, dated May 13, 2025, approving the price framework for combined-cycle gas turbine plants using LNG in 2025.

The Deputy Minister asked Hanwha Energy to carefully study the provisions stated in the decision as well as the government Decree 56/ND-CP detailing a number of articles of the Electricity Law (amended) on electricity development planning, power grid development plans, investment in power projects, and bidding to select investors so as to make reasonable adjustments to its plan and project implementation.

In addition to new power sources, Long suggested that businesses, including Hanwha Energy, study investment in power transmission lines and connection projects.

Hanwha Energy is part of a consortium to invest in the $2.3 billion, 1,500-MW Hai Lang LNG power project in the central province of Quang Tri.

In a meeting with provincial authorities in January this year, the consortium, comprising South Korea's Hanwha Energy, Korea Gas (Kogas) and Korea Southern Power (Kospo), and Vietnam’s T&T Group, had stated that they aim to begin commercial operations in Q4/2029.

Since its start in the cogeneration business in 2007, Hanwha Energy has diversified its business portfolio - including solar power, energy storage systems (ESS), and LNG - to evolve into a retail energy business that offers a comprehensive set of energy solutions.

Hanwha Energy operates solar power plants in the U.S., Mexico, Japan, Vietnam, Malaysia, and India, and are building additional solar power plants in Spain and Italy.

"Overseas, we’re entering the gas-to-power market in Vietnam and have formed a consortium with Korea Gas Corporation and Korea Southern Power Company to build LNG plants and LNG terminal businesses there," the company stated on its website.