Prime Minister Urges Billionaire Pham Nhat Vuong’s Conglomerate to Deliver on $75 Billion Project

This project, the Hai Phong LNG Thermal Power Plant, officially broke ground yesterday afternoon (September 26) in Hai Phong. The plant was launched alongside the Tan Trao Industrial Park infrastructure development project (Phase 1).

What Makes the Hai Phong LNG Thermal Power Plant Special?

The Hai Phong LNG Thermal Power Plant is located within the Tan Trao Industrial Park, developed by a joint venture between Vingroup and VinEnergo Energy JSC. The project spans nearly 100 hectares, with a total investment of over 178 trillion VND.

The plant is expected to be completed within 5 years and will commence operations by the end of 2030. It will generate approximately 9.6 billion kWh/year (Phase 1) and 19.2 billion kWh/year (Phase 2), supplying power to the entire Tan Trao Industrial Park and significantly contributing to the national grid. This will help stabilize the power system and reduce reliance on traditional energy sources.

With a designed capacity of 4,800 MW (1,600 MW in Phase 1 and 3,200 MW in Phase 2), the Hai Phong LNG Thermal Power Plant will be Vietnam’s largest thermal power plant upon completion, as outlined in the Government’s Power Master Plan VIII. It will also rank among the world’s leading LNG-based power plants.

Prime Minister’s Expectations for the LNG Power Plant

Speaking at the groundbreaking ceremony, the Prime Minister emphasized the significance of both projects in fostering industrial development, attracting foreign investment, and promoting green energy. He urged relevant ministries and Hai Phong authorities to continue their support, upholding the principles of “saying what you do” and “no to negativity, no to delays, no to unfulfilled promises.” Special attention should be given to land clearance, procedural efficiency, and anti-corruption measures.

The Prime Minister called for expedited development of the Tan Trao Industrial Park, focusing on attracting high-tech investments.

Specifically, for the LNG thermal power plant, he urged accelerated procedures, technology transfer, and an ambitious goal of completing the project one year ahead of schedule (by 2029).

Additionally, the Prime Minister encouraged project developers to embrace the principles of “fast, green, and sustainable” development, ensure timely execution, and maintain high standards in quality, safety, environmental protection, and job creation.

Mr. Nguyen Viet Quang, Vice Chairman and CEO of Vingroup, stated: “The Tan Trao Industrial Park will not only establish modern infrastructure and attract high-tech industries but also integrate seamlessly with the Hai Phong LNG Thermal Power Plant, ensuring a stable energy supply. This synergy creates a closed industrial-energy ecosystem, enhancing investment appeal and driving sustainable development. Vingroup aims to replicate this integrated model nationwide, contributing to Vietnam’s industrialization and modernization goals.”

Experts highlight that LNG-generated electricity offers significant environmental benefits, producing nearly zero SO₂ emissions, no dust, and lower NOx levels compared to coal or oil-based power generation.

The Tan Trao Industrial Park infrastructure development project is led by Vinhomes Hai Phong Industrial Park Investment JSC. Covering nearly 227 hectares in Kien Hung and Nghi Duong communes, the project’s Phase 1 investment exceeds 4 trillion VND.

Scheduled for completion by Q2 2030, the industrial park will emerge as a hub for advanced industries, featuring state-of-the-art infrastructure. It will attract investments across sectors such as electronics, telecommunications, pharmaceuticals, supporting industries, new materials, clean energy, and renewable energy. Notably, it is expected to employ tens of thousands of highly skilled workers from Vietnam and abroad.