Thanh Hóa launches international bidding for mega project worth $2.11 billion

Thanh Hóa launches international bidding for mega project worth $2.11 billion

Bidders must have a minimum equity capital of VNĐ8.26 trillion and the ability to mobilise loans of up to nearly VNĐ55.07 trillion.

Expected location for Nghi Sơn LNG Thermal Power Plant project. — Photo congly.vn

The Nghi Sơn Economic Zone and Industrial Parks Authority of Thanh Hóa Province will reopen the bidding process for the Nghi Sơn LNG Power Plant project after more than six months of interruption.

Initially, the project was announced for bidding in July 2024 but was suspended due to changes in legal regulations. After resolving these issues, the Authority has decided to reissue the bidding documents (BD) from April 8, with the deadline extended until June 10.

The adjustment to the project’s total investment has now been reduced from nearly VNĐ58.03 trillion (US$2.23 million) to around VNĐ55.07 trillion.

The value of the bid security has also been lowered from VNĐ580.26 billion to VNĐ275.34 billion. These changes aim to create favourable conditions for investors to participate in the bidding process and to ensure the project’s feasibility in light of the new policy and legal environment.

The new bidding document also revises the financial and experience requirements for investors. 

Bidders must have a minimum equity capital of VNĐ8.26 trillion and the ability to mobilise loans of up to nearly VNĐ55.07 trillion. 

These adjustments ensure that only financially capable investors are selected to implement the project on schedule and with the required quality standards.

A shortlist of five potential investors advancing to the next bidding round has been announced. These include a joint venture between Japan’s JERA Co. Inc. and Việt Nam’s Sovico Group, Gulf Energy Development Public Company Limited (Thailand) and SK Innovation Co., Ltd. (South Korea).

The consortium PetroVietnam Power Corporation and T&T Group Joint Stock Company, and the consortium of Korea Southern Power Co., Ltd (KOSPO), Korea Gas Corporation, Daewoo Engineering & Construction Group and Anh Phát Construction and Trading Investment JSC are also on the list. 

The Nghi Sơn LNG Power Plant project is one of Việt Nam’s significant energy projects and is expected to be completed within the timeframe of the Power Development Plan VIII (2025-2030).

It is designed to have a capacity of 1,500MW and will use liquefied natural gas (LNG) as its primary fuel source. This will help reduce reliance on coal-fired power and improve energy efficiency. 

The project is set to contribute to Việt Nam’s sustainable energy development strategy and help address electricity shortages in the northern and north-central regions. 

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