VinaCapital and GS Energy Sign MoU with Korea Eximbank for Long An LNG I and II Projects
The Vietnamese Government Office has issued Prime Minister Pham Minh Chinh’s conclusions following a December meeting with Tay Ninh Province. The directives focus on resolving challenges for the $3 billion Long An I and II LNG power projects.
The Prime Minister tasked Deputy Prime Minister Bui Thanh Son with chairing meetings involving relevant agencies to decisively address issues, ensuring compliance, balanced interests, shared risks, and fair competition. Completion is expected by December 2025.
In March 2021, the Long An Provincial People’s Committee (now Tay Ninh) granted an investment decision and certificate for the Long An I & II LNG Power Plants to VinaCapital GS Energy Pte. Ltd., a joint venture between Vietnam’s VinaCapital and South Korea’s GS Energy.
In June 2023, VinaCapital and GS Energy signed an MoU with the Korea Eximbank for financial support for these projects.
In April 2024, the Long An Provincial People’s Committee approved the investment plan for the Long An I and II LNG Thermal Power Plants. The goal is to commence commercial operations for Long An I by June 2028 and Long An II by June 2031.
In March 2025, Deputy Minister of Industry and Trade Nguyen Hoang Long met with GS Energy representatives. The investor has received the F/S appraisal document from the Electricity Regulatory Authority and is finalizing approval steps.
The project has submitted documents and negotiated a Power Purchase Agreement (PPA) with EVNEPTC, prepared a grid connection agreement with NPT, and negotiated pipeline-related agreements with PV Gas.
In October 2025, a group of LNG power investors, including the Long An project, petitioned the National Assembly for special mechanisms to address challenges in PPA negotiations, gas supply agreements (GSA), financing, and investment procedures.
Currently, Vietnam’s only operational LNG power plants are Nhon Trach 3 and Nhon Trach 4 in Dong Nai Province.
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