The People’s Committee of Ha Tinh Province has issued Decision No. 41/QD-UBND, approving the investment policy and investor for the North Central LNG Storage Project (Vung Ang LNG Storage) in Hoanh Son Ward, Ha Tinh Province. The project’s investor is Vietnam Gas Corporation (PV GAS).
The North Central Liquefied Natural Gas (LNG) Storage Project aims to supply LNG to thermal power plants as outlined in the adjusted Power Plan VIII (Quang Trach 2, Vung Ang 3, Quang Trach 3…) and other industrial consumers in the region.
Location of the North Central LNG Storage Project in Vung Ang Economic Zone, Ha Tinh.
The project is expected to utilize approximately 53 hectares of land and 426 hectares of water surface. With a total investment of over VND 26.7 trillion, the project’s capital structure includes VND 8 trillion from the owner’s equity and VND 18.7 trillion from loans and other sources.
The project is divided into two phases:
Phase 1 (2029-2030): 1-3 million tons of LNG per year.
Phase 2 (post-2030): Expansion to increase capacity based on approved plans and market demand.
The project’s operational period is 35 years from the land allocation or lease decision date. Full completion and operation are scheduled for Q4/2029.
Once operational, the North Central LNG Storage Project is expected to create numerous jobs, increase local budget revenue, and contribute to economic growth and restructuring in the region, shifting towards a higher industrial and service sector ratio and labor composition.
A view of Vung Ang Economic Zone, Ha Tinh.
The Vung Ang LNG Storage is a critical component in PV Gas’s strategy to develop LNG infrastructure across the North, Central, and South regions.
Previously, the company successfully operated the Thi Vai LNG Storage (Ba Ria – Vung Tau) with a total investment of nearly VND 7.5 trillion and a Phase 1 capacity of 1 million tons per year.
Additionally, PV Gas is collaborating with AES on the Son My LNG Storage (Binh Thuan), with an investment of over VND 32 trillion and a Phase 1 capacity of approximately 3.6 million tons per year, expected to commence operations after 2027.
In the broader context, Thi Vai serves as the LNG gateway for the Southeast region, while Vung Ang will act as the primary LNG supply hub for the North Central region and support supply balance for the North.
In terms of business performance, PV Gas reported a net revenue of nearly VND 55.756 trillion in the first half of 2025, a 4% increase year-on-year, with after-tax profit exceeding VND 7.571 trillion, up 27%.
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