Two consortiums register for $2.15 bln Quynh Lap LNG power plant in central Vietnam

Two consortiums, including South Korean firms, have registered to develop the Quynh Lap LNG-fired power plant project in Vietnam’s central province of Nghe An.

One consortium comprises Posco International of South Korea and Trung Nam Construction Investment Corporation, while the other brings together Petrovietnam Power Corporation, Nghe An Sugar Limited Liability Company and South Korea’s SK Innovation Co., Ltd.

The project proposals submitted by the consortiums have been forwarded by the Nghe An public administrative service center to the provincial Department of Finance for further procedures per regulations.

At the same time, the provincial Department of Industry and Trade has coordinated with the finance department to sign a contract with a consulting firm to evaluate the proposals.

The Quynh Lap LNG-fired power plant will be built in Dong Minh and Dong Thanh hamlets in Quynh Lap commune (the former Hoang Mai township).

The $2.15 billion project will comprise an LNG-fired power plant, a gas storage facility, a terminal capable of receiving ships of approximately 100,000 DWT, a breakwater, and supporting infrastructure.

Covering about 210 to 360 hectares, it is designed to have a capacity of 1,500 MW and will require approximately 1.15 million tons of LNG annually.

SK Innovation is part of SK Group - South Korea’s second-largest chaebol with four core business pillars: advanced materials, energy, life sciences, and digital.

Starting with South Korea’s first oil refinery, SK Innovation has expanded into core future energy businesses, including petroleum, chemicals, global oil and gas exploration, batteries and materials, LNG and power generation, and renewable energy.

Earlier, SK proposed integrating the two LNG-fired power plants in Quynh Lap (Nghe An) and Nghi Son (Thanh Hoa) to share an LNG storage facility, a dedicated terminal, and a 500kV air-insulated switchgear (AIS) substation.

The integration is expected to deliver overall economic efficiency, promote regional connectivity, reduce investment capital, and save land for project development, it said.

SK also proposed that the government consider applying a special investor selection mechanism and designate it as the investor for the Nghi Son-Quynh Lap project.

Meanwhile, Posco International is a subsidiary of Posco Group, one of the world’s largest industrial conglomerates, operating in more than 50 countries, with major plants and projects across the U.S., China, Southeast Asia, and Europe.

In Vietnam, Posco has invested more than $1.2 billion, focusing on steel production, infrastructure construction, energy and logistics. Notable projects include Posco Yamato Vina Steel JSC, among the largest steel plants in Southeast Asia.

In July 2025, Posco International’s leadership also submitted a proposal to the Ministry of Industry and Trade seeking direct appointment as investor for the integrated development of the Quynh Lap-Nghi Son projects.