Work is now underway on a South Korea backed LNG plant in Vietnam. With liquid natural gas potentially playing a key role in the region’s move away from fossil fuels, the VND54 trillion (USD2.37 billion) facility is a sign the country is ready to embrace cleaner energy sources.
The project is being funded by a consortium of investors. Local support is coming from T&T Group while South Korean firms Korea Gas Corporation, Hanwha Energy Corporation and Korea Southern Power Company are committed to the new LNG plant in north-central Vietnam.
It is located in Quang Tri Province and will have a capacity of 1,500MW once online. Reports state the facility is expected to supply 8.25 billion kilowatt-hours to the national grid annually. The LNG plant will begin operations in 2026 or 2027.
According to Tuoi Tre News, Chairman of the Quang Tri People’s Committee, Vo Van Hung, explained during the project’s groundbreaking ceremony that the project moves the province closer to becoming a center of renewable energy in central Vietnam.
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Asia invests heavily in Vietnamese wind farms
The South Korea backed LNG plant in Vietnam isn’t the only renewable energy investment being made. Companies from China, Singapore and Thailand poured more than USD500 million into Vietnam wind farms in recent times.
Thailand’s Gulf Group has three separate wind farms under its watch in Vietnam, including a 95 percent stake in Mekong Wind Power which operates the Mekong Project in Southern Vietnam. Meanwhile, Hung Bac Energy Investment and The North Investment Construction and Development are building three wind farms built at a cost of USD456.5 million with the Singapore arm of China-based Sungrow Power holding a 70 percent stake in the joint venture.
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