$2.1 billion Nghi Son LNG-fired thermal power plant waits for investor

$2.1 billion Nghi Son LNG-fired thermal power plant waits for investor

Nghi Son LNG-fired thermal power plant has yet to seek an investor due to pending issues about investment attraction policies, the technical requirements for this investment kind, and the fluctuating energy market.

The Nghi Son 1&2 thermal power plants are located in Nghi Son Economic Zone

At a meeting on January 5 to review the investment progress of power plants, including the Nghi Son LNG-fired thermal power plant in the central province of Thanh Hoa, Chairman of Thanh Hoa People's Committee Nguyen Hoai Anh required Nghi Son Economic Zone and Industrial Parks Management Board to report on the project's implementation process and proposed plans to select the investor.

"The project is an important to ensuring energy security and creating momentum for the province's investment attraction. Thus, selecting the investor is an urgent requirement, which needs fundamental and feasible solutions," Hoai Anh said.

At the meeting, a representative of the management board reported that the delay was due to barriers in procedures, the technical requirements of LNG-fired power projects, and the fluctuating global energy market.

"These difficulties can't be removed by temporary solutions, but rather through a systematic, scientific approach based on clear legal grounds. Only by addressing the bottlenecks can the selection of investors be effective, avoiding wasted time and resources," he added.

In April 2025, Thanh Hoa authorities announced a decision to reopen bidding for the project after it was cancelled in October 2024 due to updated legal frameworks. However, no investor has been selected so far.

At the time, five bidders expressed an interest in the project, including a joint venture between Japan's JERA Co Inc. and Vietnam's Sovico Group; a consortium of the Korea Southern Power Company (KOSPO), the Korea Gas Corporation (KOGAS), the Daewoo Engineering & Construction Group (Daewoo E&C), and the Anh Phat Construction and Trading Investment JSC (APT); Thailand's Gulf Energy Development Public Co Ltd; South Korea's SK E&s Co Ltd; and a joint venture between the Vietnam Oil and Gas Power Corporation (PV Power) and T&T Group JSC (T&T Group).

Located to the south of Nghi Son port in Thanh Hoa province, the project will cover 68 hectares, featuring the power plant, a warehouse, a regasification system, a wharf, and a ship anchoring zone. The Nghi Son LNG-fired power plant will have a capacity of 1,500 MW, and is scheduled to start commercial operations in 2030.

VIR