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According to Bao Thanh Hoa, on September 24, Vice Chairman of Thanh Hoa Provincial People’s Committee Mai Xuan Liem held a meeting with SK Innovation from South Korea to promote investment in the Nghi Son LNG Thermal Power Plant project. The project is planned as an integrated development with the Quynh Lap – Nghi Son LNG Thermal Power Complex.
The Nghi Son LNG Thermal Power Plant project was approved for investment in March 2024. Under the adjusted Power Master Plan VIII, it is listed as a critical national power project and a priority for the industry, with operations expected between 2025 and 2030.
SK Innovation Co., Ltd. has proposed a 1,500 MW project in the Nghi Son Economic Zone, utilizing 33.09 hectares of land and 8.46 hectares of water surface. The project includes a pipeline connecting to the Quynh Lap LNG port (Nghe An).
With a total investment of approximately VND 51,585 billion (nearly USD 2 billion), construction is slated to begin in January 2027, and operations are expected to commence in Q4 2030. The project is estimated to contribute VND 79,575 billion to the state budget over its lifetime.
During the meeting, SK Innovation emphasized the feasibility of developing the Quynh Lap – Nghi Son LNG complex as an integrated project rather than separate plants. This approach enhances competitiveness by sharing LNG storage, port facilities, and breakwaters with the Quynh Lap LNG Thermal Power Plant (Nghe An), reducing investment costs by approximately USD 700 million.
In addition to this project, the investor expressed interest in developing an AI data center, distributed energy resource (DER) models, and DPPA solutions integrating renewable energy with LNG. They are also exploring a second 1,500 MW power plant in Thanh Hoa.
Vice Chairman Mai Xuan Liem urged the investor to finalize detailed plans and submit necessary documents promptly for the province’s approval.
Currently, five parties are interested in the Nghi Son LNG project:
1. Consortium of Sovico Group and JERA Co., Inc. (Japan).
2. Consortium of Petrovietnam Power Corporation and T&T Group.
3. Consortium of Korea Southern Power Co., Korea Gas Corporation, Daewoo E&C, and Anh Phat Construction and Investment Corporation.
4. Gulf Energy Development Public Company Limited (Thailand).
5. SK Innovation Co., Ltd. (South Korea).
SK Shifts Focus to Energy Investment in Vietnam Amid Stock Market Exit
SK Group is known for its investments in Vingroup, Masan, and Imexpharm on Vietnam’s stock market.
Recently, SK Group announced that its subsidiary SK Investment Vina II Pte. Ltd. sold all Vingroup shares on August 5, 2025. Despite the divestment, SK Group will maintain a strategic partnership with Vingroup and seek new collaboration opportunities. On September 26, Vingroup began construction of the Hai Phong LNG Gas Power Plant in the Southern Coastal Economic Zone, with a capacity of 4,800 MW, including 1,600 MW in Phase 1 (2025-2030) and 3,200 MW in Phase 2 (2031-2035).
Regarding Masan, SK Group’s 2025 mid-year report stated it holds 8.6% of VCM Trading and Service Development JSC and 4.9% of The CrownX as of June 2025.
For Imexpharm, SK Group has decided to sell its stake, classified as “held for sale.” In May 2025, Livzon Pharmaceutical Group Inc. (China) announced the acquisition of 99,839,990 IMP shares (64.81% of Imexpharm’s issued shares), including SK Group’s portion.
In August 2025, PV Oil (HoSE: OIL) announced that SK Energy Co., Ltd. is no longer a major shareholder after selling 10.8 million shares. SK Energy, a leading South Korean energy company, is a subsidiary of SK Innovation.
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