Site clearance deadline set for $2 bln northern Vietnam LNG power plant

By Tri Duc
Mon, May 6, 2024 | 4:08 pm GMT+7

Investors and Thai Binh authorities have been urged to complete site clearance for the $2 billion,1.5 GW LNG-to-power plant in the northern province by January 2025.

Ngo Dong Hai, chief of the Thai Binh Party Committee, set the deadline at a meeting last week with Japan’s Tokyo Gas Co., Ltd. and Vietnam’s Truong Thanh Vietnam Group, two of three partners of a joint venture named Thai Binh LNG Power JSC - the investor.

Nguyen Quang Hung (right), standing Vice Chairman of Thai Binh, gifts a souvenir to a Tokyo Gas representative in the northern province, May 3, 2024. Photo courtesy of Thai Binh news portal.

Nguyen Quang Hung (right), standing Vice Chairman of Thai Binh, gifts a souvenir to a Tokyo Gas representative in the northern province, May 3, 2024. Photo courtesy of Thai Binh news portal.

Noting that the Thai Binh LNG power plant was the biggest foreign-invested project ever in the province, Hai said investors should keep updating provincial authorities on its progress. They should aim at completing administrative procedures by the second quarter of 2025 for further development, he added.

The investors should make long-term plans for ensuring gas supply and expanding the plant’s capacity if possible, Hai said, adding that they should consider PV Gas’s proposal for supplying LNG for the project. Another material source for the project is gas from the Ky Lan gasfield off Thai Binh province, set for exploitation in the future.

Hai said Thai Binh will support Tokyo Gas in researching and developing offshore wind power projects, in line with the province’s target of developing into a zero-carbon green energy hub.

A Tokyo Gas representative said they were conducting feasibility studies and calculating site clearance compensation. He called for provincial authorities’ support for the task.

The Thai Binh Party Committee gave an in-principle nod to the $2 billion LNG Thai Binh thermal power plant in Thai Thuy district in December 2023, tasking the provincial People’s Committee with completing legal procedures for the project.

The same month, the joint-venture was handed an investment license for the project at the Vietnam-Japan Economic Forum held in Tokyo during Prime Minister Pham Minh Chinh's December 15-18 visit to Japan.

In January 2024, Japan’s Tokyo Gas Co., Ltd. announced the formal establishment of a joint venture to build the LNG-to-power plant. It said that Thai Binh LNG Power JSC will have Tokyo Gas, Japan’s Kyuden International Corporation and Vietnam’s Truong Thanh Vietnam Group as partners.

The joint venture has said it plans to start work on the project in the third quarter of 2025. The power plant is designed to provide 10 billion kWh to the national grid and make estimated annual tax payments of VND4 trillion ($162.57 million).

Comments (0)
  • Read More
VPBank issues Vietnam’s first international sustainable bonds

VPBank issues Vietnam’s first international sustainable bonds

VPBank has become the first bank in Vietnam to successfully issue $300 million in sustainable bonds on the international market.

Companies - Wed, September 17, 2025 | 10:24 pm GMT+7

Vietnam’s private conglomerate Vingroup reclaims market capitalization crown after 5 years

Vietnam’s private conglomerate Vingroup reclaims market capitalization crown after 5 years

Vingroup has surpassed state-controlled lender Vietcombank to become the largest market capitalization company in Vietnam as its stock price rose 3.5 times in the past seven months.

Companies - Wed, September 17, 2025 | 10:16 pm GMT+7

First wave of ETF buying could exceed $680 mln if Vietnam secures FTSE market upgrade: broker

First wave of ETF buying could exceed $680 mln if Vietnam secures FTSE market upgrade: broker

Vietnam’s stock market has a strong chance of being upgraded by FTSE Russell in its October 2025 review, a move that could unlock billions of dollars in foreign inflows, said an analyst at broker ASEAN Securities.

Economy - Wed, September 17, 2025 | 4:16 pm GMT+7

Vietnam Education Publishing House faces challenges in curbing fake textbooks

Vietnam Education Publishing House faces challenges in curbing fake textbooks

The Vietnam Education Publishing House (VEPH) is encountering a range of difficulties in fighting counterfeit textbooks as the situation is becoming increasingly sophisticated and complex.

Companies - Wed, September 17, 2025 | 3:54 pm GMT+7

Vietnam Airlines the largest holding in gov’t investment arm SCIC’s portfolio

Vietnam Airlines the largest holding in gov’t investment arm SCIC’s portfolio

National flag carrier Vietnam Airlines has overtaken Vinamilk and Sabeco to become the largest holding in State Capital Investment Corporation's (SCIC) stock portfolio following the latest capital funding.

Finance - Wed, September 17, 2025 | 3:20 pm GMT+7

Hoa Phat Agriculture submits documents for IPO

Hoa Phat Agriculture submits documents for IPO

Hoa Phat Agriculture Development JSC, a subsidiary of Hoa Phat Group, on Tuesday submitted documents for an IPO of its shares as early as December 2025.

Companies - Wed, September 17, 2025 | 3:03 pm GMT+7

Petrovietnam affirms plan to build eco-energy and industrial center in southern Vietnam

Petrovietnam affirms plan to build eco-energy and industrial center in southern Vietnam

Petrovietnam plans to develop an eco-energy and industrial center project in Can Tho city, the "heart" of the Mekong Delta, its representatives stated on Monday.

Energy - Wed, September 17, 2025 | 11:49 am GMT+7

Thailand - one of Southeast Asia’s fastest-growing markets for AI

Thailand - one of Southeast Asia’s fastest-growing markets for AI

Thailand has emerged as one of Southeast Asia’s fastest-growing markets for artificial intelligence (AI), with OpenAI reporting that weekly active users of ChatGPT in the country have quadrupled over the past year.

Southeast Asia - Wed, September 17, 2025 | 10:40 am GMT+7

MoMo co-founder urges single fintech regulator, faster sandbox in Vietnam

MoMo co-founder urges single fintech regulator, faster sandbox in Vietnam

Vietnam should establish a single regulatory focal point and adopt a more flexible sandbox regime to accelerate fintech innovation, said Nguyen Ba Diep, co-founder of e-wallet giant MoMo.

Finance - Wed, September 17, 2025 | 8:00 am GMT+7

Indonesia to end incentives for imported CBU BEVs in 2026

Indonesia to end incentives for imported CBU BEVs in 2026

The Indonesian government has confirmed that it will stop providing incentives for imported completely built-up (CBU) battery electric vehicles (BEVs) from 2026.

Southeast Asia - Tue, September 16, 2025 | 9:44 pm GMT+7

Aquatic sector advised to navigate challenges, secure exports to EU, US

Aquatic sector advised to navigate challenges, secure exports to EU, US

Despite positive production signals with growth in 2025 projected at 4.25%, Vietnam's aquatic sector is facing mounting export pressures, particularly strict technical barriers in major markets such as the EU and the U.S.

Companies - Tue, September 16, 2025 | 9:41 pm GMT+7

Vietnam pledges favorable conditions for UK businesses

Vietnam pledges favorable conditions for UK businesses

Finance Minister Nguyen Van Thang has affirmed Vietnam’s commitment to improving its investment environment and creating favourable conditions for foreign enterprises, including those from the UK.

Companies - Tue, September 16, 2025 | 9:29 pm GMT+7

Lotte Shopping plans to open more shopping malls in Vietnam

Lotte Shopping plans to open more shopping malls in Vietnam

South Korean retail giant Lotte Shopping has unveiled plans to open an additional two to three large-scale shopping malls in major Vietnamese cities by 2030, underscoring the country’s growing role in the group’s international expansion strategy.

Companies - Tue, September 16, 2025 | 9:25 pm GMT+7

Vietnam ratifies WTO Agreement on Fisheries Subsidies

Vietnam ratifies WTO Agreement on Fisheries Subsidies

Vietnam officially deposited its instrument of ratification of the Agreement on Fisheries Subsidies at the WTO General Council’s special session in Switzerland on Monday.

Companies - Tue, September 16, 2025 | 9:21 pm GMT+7

What makes NobleGo - Vietnam’s first home-bidding livestream platform - so notable?

What makes NobleGo - Vietnam’s first home-bidding livestream platform - so notable?

NobleGo – Vietnam’s pioneering AI-powered livestream real estate bidding platform developed by Sunshine Group – has completed its first 20 livestream sessions.

Real Estate - Tue, September 16, 2025 | 4:53 pm GMT+7

Japanese retailer Aeon to debut another northern Vietnam shopping mall by end-2026

Japanese retailer Aeon to debut another northern Vietnam shopping mall by end-2026

Japanese-backed Aeonmall Vietnam is ramping up construction on its Aeon Mall Ha Long project in Quang Ninh province, home to Ha Long Bay, with an aim to open it to the public by end-2026.

Industries - Tue, September 16, 2025 | 3:54 pm GMT+7