Thailand’s B.Grimm Power and PV Power join forces to develop LNG power plant

Thailand’s B.Grimm Power and PV Power join forces to develop LNG power plant

On May 28, B.Grimm Power and PV Power signed a cooperation agreement to jointly develop the Vung Ang III LNG Power Plant in Ha Tinh province.

The agreement was signed at the Thailand-Vietnam Business Forum 2026 in Bangkok under the witness of Party General Secretary and State President To Lam and Thai Prime Minister Anutin Charnvirakul.

According to the agreement, Vung Ang III LNG Power Plant is to be developed in Hoanh Son ward. The total investment is estimated at VND51.43 trillion ($1.98 billion). The plant features two generating units with a total capacity of 1,500 MW. It is scheduled to put into commercial operation in 2030-2031.

The consortium in charge of the venture includes Petrovietnam Power Corporation (PV Power), Vietnam Machinery Installation Corporation, and B.Grimm Power Public Co., Ltd. PV Power is expected to hold a 51 per cent stake, while B.Grimm Power will take 34 per cent.

Vung Ang III will become one of the key LNG-to-power ventures in the North Central region. The project will supply a large-scale power source for Vietnam's national electricity grid amid rising electricity demand and energy transition efforts.

The venture is expected to gradually reduce the proportion of coal-fired power, diversify fuel supply, and encourage Vietnam’s sustainable development goals.

In addition, the initiative will contribute to the socioeconomic development of Ha Tinh and the North Central region by facilitating investment attraction, developing technical infrastructure and logistics, and supporting industries. It is estimated to contribute around $115.38 million annually to the state budget over its 25 years of operation.

Nguyen Anh Tuan, CEO of B.Grimm Power Vietnam, said, “The partnership to develop Vung Ang III LNG Power Plant marks a step forward in the energy collaboration between Vietnam and Thailand. It also reflects the combination of B.GRIMM Power’s international energy development experience with PV Power’s project execution capabilities and local understanding.”

“This partnership is expected to contribute to the development of a modern energy ecosystem, enhance Vietnam’s long-term stable power supply capacity, and strengthen bilateral economic cooperation between the two countries.”

Founded in 1993, B.Grimm Power – a member of B.Grimm Group, Thailand's oldest industrial conglomerate – has become one of the region's leading energy companies.

B.Grimm Power has been present in Vietnam for more than 30 years. The company invests in multiple solar and wind power ventures, while also expanding research and investment into the data centre and digital infrastructure sectors.

VIR