Two Major LNG Power Projects Worth Billions Relaunched in Central Vietnam

In a pivotal move for Vietnam’s energy sector, two liquefied natural gas (LNG)-fueled power projects in Thanh Hoa province’s Nghi Son Economic Zone have been restarted after a period of suspension. This development is expected to significantly enhance the clean power supply in the north-central region of Vietnam.

Japanese Investor Reaffirms Commitment

The Nghi Son LNG power project received investment approval back in March 2024. As one of the key LNG sources planned for the region, it boasts a total investment of over VND57 trillion (approximately $2.16 billion) and a designed capacity of 1,500 MW. The project will cover almost 68 hectares in Hai Ha commune of the former Nghi Son township, now known as Nghi Son ward.

Important components of the project include a combined-cycle gas turbine plant, an LNG regasification terminal with an annual capacity of 1.2 million tons, storage facilities for LNG, and an import terminal. Despite its ambitious scope, the project faced hurdles; Thanh Hoa province had to cancel the international bidding process after multiple rounds failed to attract submissions from potential investors.

Prior to this cancellation, five consortiums had successfully passed the prequalification stage, including notable names like JERA-Sovico (Japan) and Gulf Energy (Thailand), among others. Recently, Nguyen Van Thi, Vice Chairman of the Thanh Hoa provincial People’s Committee, met with JERA Energy Vietnam Co., Ltd. to discuss the project’s status and challenges.

During the meeting, Masashi Tsujimara, CEO of JERA Energy Vietnam, addressed the difficulties faced around investment procedures, electricity price negotiations, and the lack of clarity regarding power purchase agreements (PPAs). JERA has reiterated its commitment to collaborating with local authorities to overcome these hurdles and push the project forward, with hopes of commencing operations before 2030.

Nguyen Van Thi underscored the strategic significance of the Nghi Son LNG power plant for the province. Besides bolstering the regional power supply, it is anticipated to play a vital role in Vietnam’s energy transition, reducing dependence on coal while supporting national commitments to emission reductions and green energies.

Partnering with Foreign Firms to Restart Power Project

In addition to the Nghi Son project, the Cong Thanh thermal power plant, also located in the Nghi Son Economic Zone, presents an intriguing case. Initially, this project was developed by Cong Thanh Thermal Power JSC, with groundwork beginning as far back as 2011. The original framework envisioned a 600 MW coal-fired power plant, requiring an estimated investment of around $1.2 billion. Although units 1 and 2 were expected to be operational by 2014, the plant remains unfinished after 12 years.

In a bid to revitalize this long-stalled project, plans have shifted toward converting it from coal to LNG, now proposing an upgraded capacity of 1,500 MW, with an expanded land use of 197.3 hectares. The expected annual output now stands at 9 billion kWh, with total investment estimates rising to $2 billion.

Notably, this rejuvenated initiative has attracted several foreign partners, including BP Group and Actis Investment Fund from the UK, alongside GE Group from the U.S. Their involvement is expected to address various challenges related to capital infusion, port facilities, and technological expertise.

In late August 2025, Cong Thanh Thermal Power JSC formalized a framework agreement with a consortium including Doosan Enerbility from South Korea and Power Engineering Consulting JSC 2 (PECC2). This partnership aims to implement the broader Cong Thanh 4,500 MW power plant project, which will be developed in two phases: the initial phase targeting 1,500 MW and the subsequent phase scaling up to 3,000 MW.

Upon completion, this ambitious project is anticipated to not only secure a steady power supply for Thanh Hoa province but also contribute significantly to major load centers across northern Vietnam. With the region’s escalating energy demands, the Cong Thanh LNG power project is viewed as a cornerstone in supporting the country’s socio-economic growth and energy future.