The $2 billion Thai Binh LNG power plant in Thai Binh province is advancing toward its construction phase, with feasibility studies slated for completion by Q2 2025 and groundbreaking expected in Q4 2025.
The project is spearheaded by Thai Binh LNG Power JSC, a joint venture comprising Japan’s Tokyo Gas Co., Ltd., Kyuden International Corporation, and Vietnam’s Truong Thanh Vietnam Group.
During an online Ministry of Industry and Trade conference addressing Vietnam’s power supply from 2025 to 2030, a representative of Thai Binh LNG Power JSC outlined progress, including ongoing site clearance efforts and plans to negotiate a power purchase agreement (PPA) with Vietnam Electricity (EVN) next year.
The representative also proposed measures to accelerate the project, focusing on long-term LNG procurement contracts, favorable PPA terms, and robust power transmission infrastructure.
The Thai Binh LNG power plant is projected to generate 10 billion kWh annually for Vietnam’s national grid while contributing VND 4 trillion ($162.57 million) in taxes each year.
The joint venture received its investment license at the Vietnam-Japan Economic Forum in Tokyo in December 2023, during Prime Minister Pham Minh Chinh’s visit to Japan. A ceremonial inauguration followed in January 2024, with commercial operations targeted for 2030.
In early 2025, Prime Minister Chinh directed the Ministry of Industry and Trade to collaborate with provincial authorities to expedite LNG-fired power projects, including Thai Binh, encouraging completion ahead of schedule where possible.