According to a statement posted on the Truong Thanh Viet Nam (TTWN) website, the groundbreaking ceremony was held on October 10.
The statement said that Vietnam’s electricity system is currently facing the risk of a supply shortage in the north of the country. This area accounts for about 40 percent of the country’s total electricity demand and has an average growth rate of over 10 percent per year.
In that context, the Thai Binh LNG thermal power plant project is considered a “timely and sustainable” solution to meet load demand and reduce pressure on the national power system.
The project consists of two high-efficiency combined cycle gas turbine units, using liquefied natural gas (LNG) as fuel, with a capacity of 1,500 MW.
According to the statement, the total investment is approximately $2.69 billion, and the project will cover 269 hectares, including 57 ha onshore and 212 ha offshore.
It is expected to be completed and fully operational in the fourth quarter of 2029.
Once operational, the project is expected to provide 6–10 billion kWh of electricity per year, creating about 2,000 jobs during the construction phase and 300 regular jobs during operation, the statement said.
In January 2024, the three firms formed the Thai Binh LNG Power joint venture (TBLP).
Tokyo Gas holds 40 percent in the JV, while Kyuden and TTVN each have a 30 percent share.
Tokyo Gas said last year that the scope of the project ranges from development, construction, and operation of the power plant and an offshore LNG receiving terminal, LNG procurement, and selling electricity to Vietnam Electricity.
Two LNG terminals
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 received the first commissioning cargo at their Cai Mep LNG import terminal in Vietnam earlier this year.
The terminal has a capacity of 3 mtpa, expandable to 6 mtpa.
On the other hand, PetroVietnam Power’s Nhon Trach 4 LNG power plant was connected to the national grid in June.
In February this year, PV Power’s Nhon Trach 3 LNG power plant was connected to the national grid.
These are the first LNG power plants in Vietnam.
