S Korea's SK Group eyes 3 LNG power projects in Vietnam: chairman

SK Group, South Korea’s second-largest chaebol, is exploring several LNG-fueled power projects in Vietnam, including three proposed to be included in the country's green growth project portfolio, said chairman Tae-Won Chey.

At a meeting with Deputy Prime Minister Nguyen Chi Dung, Tae-Won Chey noted that SK Group is a diversified conglomerate operating in sectors such as energy, chemicals, telecommunications, information technology, semiconductors, and materials.

It owns over 200 subsidiaries and has a market capitalization of nearly $200 billion. Last year, the group reported revenue of over $150 billion.

In Vietnam, SK has invested approximately $3.5 billion in various corporations and eco-friendly biodegradable materials projects.

In 2023, there were market speculations that SK Group might exit Vietnam, sparked by its divestment from one of its invested companies. However, the firm denied the rumors, affirming its plans to make Vietnam its “business hub in Southeast Asia.”

In response, Deputy PM Dung said Vietnam welcomes SK Group’s projects, emphasizing that the group is considered an "important strategic partner".

Dung noted that he had discussed with or reported many times to senior Vietnamese leaders about the group's investment goodwill.

"Regarding the development of energy-industrial clusters, the Ministry of Finance has gathered input from various concerned agencies and localities and reported to the Prime Minister. The ministry proposed solutions to remove some obstacles related to the LNG power projects in Nghe An and Thanh Hoa provinces," he said.

He urged the group to cooperate closely with Vietnamese authorities and localities to review and adjust plans in line with the goals of both sides.

Beyond energy, SK Group is actively involved in supporting Vietnam in training semiconductor engineers and sharing innovative solutions in some industries.

Dung encouraged the group to continue collaborating on human resource development and implement initiatives that foster Vietnam’s innovation ecosystem.

SK Group is eyeing to develop an LNG-fired power plant in Ninh Thuan province, home to Vietnam's future nuclear power plants, following its similar proposals in Nghe An and Thanh Hoa, all in central Vietnam.

In Ninh Thuan, SK Group proposed building a 1.5 GW LNG power plant and a 240,000 m3 LNG storage facility in Ca Na commune, Thuan Nam district, with a total investment of $2.35 billion.

The group, however, noted that it wants to move the LNG storage facility to the mainland to raise the LNG power plant's capacity to 3 GW and the LNG storage facility to 270 m3, bringing the total investment to $4 billion.

It is expected that the Government will approve the project's investor in September 2025, and the LNG storage facility and the LNG power plant are scheduled to be put into operation by 2030.

In Nghe An province, SK has showed its interest in bidding for the $2.1 billion Quynh Lap LNG-fueled power project in Hoang Mai township. The group also eyes an LNG power project in Thanh Hoa province.