Hung Yen province sees groundbreaking for 2.6 billion LNG clean energy project

Officials carry out the ground-breaking ceremony to mark the start of the LNG project. (Photo: VGP)

The Thai Binh LNG Power JSC, in coordination with relevant stakeholders, on October 10 broke ground on the Thai Binh LNG thermal power plant project - a major step in the strategic Vietnam-Japan partnership for clean energy development.

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

With a total investment of about 2.69 billion USD, 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 3 trillion VND (120 million USD) 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 Vietnam and the country as a whole.

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

In this context, the Thai Binh 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.

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