On November 20, at the Ministry of Industry and Trade’s headquarters, Deputy Minister Nguyen Hoang Long met with Kim Dae Yeon, Executive Vice President of Posco in charge of Electric Power Business Development.
The meeting aimed to discuss Posco’s capabilities and experience in the energy sector and its project development expertise, particularly in LNG projects.
Posco is a leading South Korean steel producer that has expanded its global business presence, especially in Asia, including Vietnam.
Mr. Kim Dae Yeon shared that Posco International, as an integrated trading company under the Posco Group, diversifies its business portfolio across various sectors, including energy, steel, agriculture, and new business ventures.
In the Vietnamese market, Posco International has experience operating the Mong Duong 2 Power Plant and is keen on investing in the LNG-fired power plant project in Quynh Lap, Nghe An province.
Deputy Minister Nguyen Hoang Long addressed Posco’s queries regarding Vietnam’s regulations on investing and developing LNG-fired power plants. He also requested Posco to study the bidding and investment regulations to ensure compliance with Vietnamese laws.
The LNG-fired power plant project in Quynh Lap, with a capacity of 1,500MW, is one of the critical and prioritized power source projects in the National Power Development Plan for the 2021–2030 period, with a vision toward 2050 (Power Development Plan 8) approved by the Prime Minister in Decision No. 500/QD-TTg dated May 15, 2023, and Decision No. 262/QD-TTg dated April 1, 2024, on approving the plan to implement Power Development Plan 8.
The project is expected to be commercially operated before 2030.
Location of the Quynh Lap LNG-fired power plant project.
The project is located in Dong Minh and Dong Thanh villages, Quynh Lap commune, Hoang Mai town, with a total investment of approximately 2.15 billion USD. The construction scale includes an LNG-fired power plant, LNG storage, a receiving port, a breakwater, and auxiliary works.
The land and water area for the project’s investor selection auction is about 210 hectares, of which the land area for the plant is about 60 hectares, and the water surface area is about 150 hectares.
The project’s LNG fuel demand is about 1.15 million tons/year, and the receiving port can accommodate ships of about 100,000 DWT.
Previously, at the end of October, the People’s Committee of Nghe An province directed relevant departments to coordinate and expedite procedures for investment approval and investor selection for the Quynh Lap LNG thermal power project.
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