In December 2023, at the ASEAN-Japan Business Investment Forum, Thai Binh Provincial Party Committee Secretary Ngo Dong Hai awarded the investment registration certificate for the Thai Binh LNG Thermal Power Plant project to a consortium of three investors: Tokyo Gas, Kyuden, and TTVN Group.
The Thai Binh LNG Thermal Power Project has a total investment of approximately $2 billion and a design capacity of 1,500 MW. The plant will utilize two units of the most efficient combined-cycle gas turbine technology available, and its primary fuel will be liquefied natural gas (LNG).
The project is located in Thai Do commune, Thai Thuy district, near the Con Den coastal eco-tourism area. Once operational, the plant will supply approximately 10 billion kWh of electricity annually to the national grid, exceeding the output of the Son La Hydropower Plant (Vietnam’s largest hydropower plant) in 2023 by 1.6 times. The 10 billion kWh of electricity generated is sufficient to meet the country’s demand during 10 peak-demand days (the highest consumption in 2024 was 1,025 billion kWh).
This large-scale project is of national significance and is included in the list of important power generation and grid projects prioritized for investment by the electricity sector under the National Power Development Plan for the period 2021 – 2030, with a vision towards 2050 (Power Development Plan VIII). It plays a crucial role in the government’s commitment to transitioning to green and clean energy.
The project is expected to break ground in Q3 2025 and commence commercial operations before 2030. The image shows the 1/2000 scale planning of the Thai Binh LNG project.
When operational, the plant is estimated to contribute over VND 4,000 billion in taxes annually. This amount is comparable to the tax contribution of the VinFast factory during its gasoline car production phase (VND 5,000 billion).
Thus, once constructed and operational, the project will contribute to transforming the economic structure and scale of Thai Binh province, increasing state revenues, creating jobs, and significantly contributing to the province’s industrialization and modernization. It will also serve as a catalyst for investment attraction and play a crucial role in ensuring the country’s energy security.
Currently, the land earmarked for the construction of the Thai Binh LNG Thermal Power Plant is primarily agricultural land used by local residents for cultivation.
The future Thai Binh LNG Thermal Power Plant will be located along the coastal road, which is currently under construction. This 550-kilometer road will connect Quang Ninh and Thanh Hoa provinces.
From the Thai Binh LNG Thermal Power Plant construction site, one can observe two large power plants in the province: Thai Binh 1 and Thai Binh 2 Thermal Power Plants. Thai Binh 1 Thermal Power Plant, with a total investment of over VND 26,500 billion, began generating electricity in 2017. It consists of two units with a capacity of 600 MW (2 x 300 MW) and produces 3.276 billion kWh of electricity annually.
As for Thai Binh 2 Thermal Power Plant, it commenced operations in 2022, with a design capacity of 1,200 MW and a total investment of over VND 34,200 billion. It generates 6.739 billion kWh of commercial electricity annually.
It is evident that Thai Binh province has been following the direction of the provincial planning for the period 2021 – 2030, with a vision towards 2050, as approved by the Prime Minister, with a focus on industrial development as the driving force. The province is also poised to become one of the key industrial development centers in the Red River Delta region.
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The project is of paramount importance, playing a pivotal role in safeguarding energy security, fostering economic and social development, and bolstering national defense.
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