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Vingroup said on Wednesday that its board of directors has approved the group’s participation in a joint venture with VinEnergo.
The two firms will jointly invest in the Hai Phong LNG power plant project in Tan Trao Industrial Park.
According to Vingroup, the power plant with a capacity of 4,800 MW will be built in two phases.
The first phase will have a capacity of 1,600 MW, and the second phase will have a capacity of 3,200 MW.
It will operate under a 50-year term starting from the date of approval.
Local media reports suggest that the project is expected to cost about $5.5 billion.
Vietnam currently has two LNG import terminals.
Launched in 2023, the PetroVietnam-gas operated Thi Vai LNG import terminal is Vietnam’s first LNG import facility.
It currently has a capacity of 1 mtpa, and it consists of one 180,000-cbm LNG tank, a jetty, and a regas area.
PV Gas is working on further projects, including tripling the capacity of the Thi Vai LNG import terminal.
In addition, Nebula Energy’s AG&P LNG and Vietnam’s Hai Linh recently received the first commissioning cargo at their Cai Mep LNG import terminal in Vietnam.
The terminal has a capacity of 3 mtpa, expandable to 6 mtpa.
Worth mentioning here, US FSRU player Excelerate Energy is also moving forward with its plans to supply Vietnam with LNG from the US.
In September last year, Excelerate and PetroVietnam Technical Services Corporation (PTSC), a unit of PetroVietnam, signed a strategic partnership agreement to jointly study FSRU-based technical solutions for LNG imports into Vietnam.
Prior to that, Excelerate signed a term sheet with ITECO, a Vietnamese-based private development company, to co-develop a greenfield LNG import terminal in Haiphong.