Hưng Yên starts work on $2.6 billion LNG power plant

Hưng Yên starts work on $2.6 billion LNG power plant

The project is a result of the strategic Việt Nam – Japan partnership in clean energy development.

Officials carried out the groundbreaking ceremony to mark the start of the project. — Photo VGP

The Thái Bình LNG Power JSC, in co-ordination with relevant stakeholders, on Friday broke ground on the Thái Bình LNG thermal power plant project — a major step in the strategic Việt Nam–Japan partnership for clean energy development.

The project is backed by Thái Bình LNG Power JSC, whose three shareholders are Tokyo Gas of Japan with a 40 per cent stake, Kyuden International of Japan with 30 per cent, and TTVN Group with the remaining 30 per cent.

With a total investment of about US$2.69 billion, the 1,500 MW plant will cover 269 hectares, including 57 ha onshore and 212 ha offshore. Construction is scheduled for completion by the fourth quarter of 2029.

Once in operation, the plant is expected to generate between 6 and 10 billion kWh of electricity annually, create some 2,000 jobs during construction, and maintain around 300 permanent positions. It is projected to contribute roughly VNĐ3 trillion ($120 million) to the state budget each year over the next 25 years.

Recognised as a strategic national energy initiative, the project will help strengthen power security for northern Việt Nam and the country as a whole.

Việt Nam’s northern region, which accounts for around 40 per cent of total electricity demand, faces the risk of power shortages as consumption grows by more than 10 per cent annually.

In this context, the Thái Bình LNG project is seen as a timely and sustainable solution to meet rising energy needs, ease pressure on the national grid, and advance the Politburo’s Resolution No 55-NQ/TW on developing a green, clean, safe and efficient national energy strategy. 

Bizhub