Work starts on Son My 1 industrial park in Binh Thuan
Construction commenced Tuesday on the 1,070-hectare Son My 1 Industrial Park, home to two LNG power plants, in the south-central province of Binh Thuan.

An artist’s impression of Son My 1 Industrial Park in Binh Thuan province, about three hours’ drive north of Ho Chi Minh City. Photo courtesy of IPICO.
Developed by domestic industrial property developer IPICO in Ham Tan district, it is the largest IP in the province and one of the first smart and eco-friendly IPs in the south-central region.
Binh Thuan-based IPICO estimates the project cost at VND2,300 billion (over $98.2 million).
Notably, it will be home to two LNG power plants, Son My 1 and 2, to be built on 200 hectares with a total generation capacity of 4,500 megawatts, an LNG terminal on 100 hectares. It will also have more than 430 hectares for factories and warehouses.
The LNG terminal, with an installed capacity of 450 trillion British thermal units (TBtu), is expected to begin commercial operations by 2026. It will receive, process and supply reprocessed LNG as fuel for the Son My 1 and Son My 2 power plants.
The IP will be connected to key national routes like Highway 1A, National Highway 55 and the upcoming Phan Thiet-Dau Giay Expressway; and is thus expected to serve as a gateway to the Southern Key Economic Zone, which includes Ho Chi Minh City and the provinces of Binh Duong, Dong Nai, Ba Ria-Vung Tau, Tay Ninh, and Long An.

The groundbreaking ceremony for Son My 1 Industrial Park in Binh Thuan on August 30, 2022. Photo courtesy of Binh Thuan newspaper.
Addressing the groundbreaking ceremony on Tuesday, PM Chinh said that apart from the LNG power plants, the IP needs to attract manufacturers of equipment used in solar and wind power development, because the province has huge potential to develop green energy.
"The province should also pay attention to human resource training in service of the IP and ensure transparent mechanisms to prevent negative acts," he added.
American energy company AES Corporation, which runs the Mong Duong coal-fired power plant in Quang Ninh province, northern Vietnam, is considering developing a $13 billion offshore wind farm in Binh Thuan province.
The corporation submitted last July a letter of intent for the 4GW project to the Vietnamese mission attending an annual Vietnam-U.S. energy security dialogue in Washington D.C.
- Read More
UAE tech firm G42, Vietnamese partners plan $2 bln hyperscale data center in southern Vietnam hub
The United Arab Emirates's (UAE) state-backed firm G42 plans to partner with Vietnamese companies to develop a $2 billion hyperscale data center in Vietnam's southern hub Ho Chi Minh City.
Industries - Thu, July 10, 2025 | 4:22 pm GMT+7
Petrovietnam rakes in $19.5 bln in H1 revenue
State-owned Petrovietnam reported total revenue of VND510 trillion ($19.5 billion) in the first half of this year, driven by strong production performance.
Companies - Thu, July 10, 2025 | 4:03 pm GMT+7
Sustained momentum seen across all Vietnam's real estate sectors: Knight Frank
Ho Chi Minh City and Hanoi saw solid office leasing and apartment market rebounds after the Lunar New Year holiday (Tet). Industrial land surged with record H1 supply and strong absorption, underscoring Vietnam's appeal, while eased visa policies and new direct international flights continue to support 5‑star hotels in both the cities, write Knight Frank analysts.
Real Estate - Thu, July 10, 2025 | 2:37 pm GMT+7
Vietnam's maritime heavyweight VIMC to expand container port services, bulk cargo transport
Vietnam Maritime Corporation (VIMC) will increase revenue and profit via expanding operations in areas such as container port services, bulk cargo transport, and shipping of agricultural products and steel, leveraging existing infrastructure and fleet advantages.
Companies - Thu, July 10, 2025 | 2:15 pm GMT+7
Vietnam infrastructure spending surges 40%
Vietnam’s infrastructure spending surged 40% year-on-year in the first half of the year, fuelled by fast-tracked approvals of projects amid provincial mergers; legal reforms granting provinces more decision-making authority over project approvals; and the streamlining of disbursement processes, write chief economist Michael Kokalari and senior analyst Thai Viet Trinh at VinaCapital.
Consulting - Thu, July 10, 2025 | 11:56 am GMT+7
Phu Quoc enters Travel + Leisure’s top luxury destinations
Phu Quoc’s presence in Travel + Leisure’s Asia-Pacific luxury travel rankings continues to affirm the island’s status as a world-class destination.
Companies - Thu, July 10, 2025 | 11:43 am GMT+7
July dividend wave hits Vietnamese market following AGM season
Ending the 2025 AGM season, a series of Vietnamese companies have announced dates for finalizing the list of shareholders eligible for dividends in July.
Finance - Thu, July 10, 2025 | 11:07 am GMT+7
Cordless technology leader TTI plans to expand manufacturing in southern Vietnam
Germany's Techtronic Industries Company Limited (TTI), a world leader in power tools and outdoor power equipment, wants to expand its Milwaukee plant in Ho Chi Minh City.
Industries - Thu, July 10, 2025 | 8:58 am GMT+7
Vietnam pledges support for AES investment in green energy
Vietnam will continue to facilitate foreign investment and business activities, including those by U.S. enterprises, in line with laws and the country’s evolving development needs, said Tran Luu Quang, Chairman of the Party Central Committee’s Commission for Policies and Strategies.
Companies - Wed, July 9, 2025 | 11:10 pm GMT+7
Tezuka Daisuke appointed as new general director of Aeon Vietnam
Aeon Group has appointed Tezuka Daisuke, who is in charge of its organization reform for fiscal year 2025, as general director of Aeon Vietnam Co., Ltd.
Companies - Wed, July 9, 2025 | 11:03 pm GMT+7
Vietnam mobilizes over $7 bln for Just Energy Transition
Vietnam has so far mobilized more than $7 billion for its Just Energy Transition agenda under the Political Declaration on the Just Energy Transition Partnership (JETP).
Companies - Wed, July 9, 2025 | 10:38 pm GMT+7
Thailand hopes to conclude US trade talks before new deadline
Thailand is optimistic that it can finalize a trade deal with the U.S. before the August 1 deadline to avoid a 36% tariff imposed by President Donald Trump, according to Finance Minister Pichai Chunhavajira.
Southeast Asia - Wed, July 9, 2025 | 10:34 pm GMT+7
Southeast Asia seeks additional tariff negotiations with US
Southeast Asia's biggest economies are preparing to intensify trade negotiations with the U.S. after being subjected to steep tariff rates, despite having made a series of last-minute proposals aimed at increasing imports and significantly reducing tariffs on U.S. goods.
Southeast Asia - Wed, July 9, 2025 | 10:31 pm GMT+7
Foreign capital massively flows into banking, securities stocks
Foreign investors net bought for the sixth consecutive session on the Vietnamese stock market Wednesday, to the tune of nearly VND2,000 billion ($76.5 million), focusing on banking and securities stocks.
Finance - Wed, July 9, 2025 | 10:17 pm GMT+7
Four new container terminals to be built in northern Vietnam economic hub
Prime Minister Pham Minh Chinh has granted in-principle approval for the development of four new container terminals at Lach Huyen Port in the northern city of Hai Phong.
Infrastructure - Wed, July 9, 2025 | 5:36 pm GMT+7
Sausage mogul eyes $5 bln green energy, cattle project in northern Vietnam
Mai Huy Tan, who founded and later sold the popular Duc Viet sausage brand, has proposed a $5 billion circular economy complex in Quang Ninh province, northern Vietnam.
Industries - Wed, July 9, 2025 | 5:14 pm GMT+7