The project, led by Thai Binh LNG Power JSC (established in January 2024), is backed by three key shareholders: Tokyo Gas (Japan) with 40%, Kyuden International (Japan) with 30%, and TTVN Group (Vietnam) with 30%.
With a total investment of approximately $2.69 billion, the plant boasts a capacity of 1,500 MW and spans 269 hectares (57 hectares onshore, 212 hectares offshore). Full commercial operation is slated for Q4 2029.
The facility features two high-efficiency combined-cycle gas turbines powered by liquefied natural gas (LNG), significantly reducing emissions of CO₂, NOx, and PM 2.5, with zero SO₂ emissions. This aligns with Vietnam’s commitment to achieve net-zero emissions by 2050, as pledged at COP26.
Once operational, the project is expected to generate 6–10 billion kWh annually, create 2,000 jobs during construction, and sustain 300 permanent positions. It will contribute approximately VND 3 trillion ($127 million) annually to the state budget over 25 years.
Challenges Highlighted by Thai Binh LNG Power JSC
The Ministry of Industry and Trade is drafting a resolution to address energy development challenges from 2026–2030, with a focus on LNG power projects.
Thai Binh LNG Power JSC notes that meeting deadlines is a significant challenge due to surging demand for gas turbines in the Middle East and the U.S., outpacing manufacturing capacity.
The company aims to achieve commercial operation by 2030 but proposes extending the deadline to 2033 if global demand persists.
Additionally, the company seeks long-term power purchase agreements (PPAs) covering at least 75% of output for 10+ years, with capacity payments from EVN regardless of dispatch.
The Ministry of Industry and Trade responds that while the resolution sets minimum requirements, actual terms will depend on project structure and negotiations between buyers and sellers.
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