The USD2 billion Thai Binh LNG power plant project in northern Vietnam is set to begin construction in late 2025 after completing its feasibility study by mid-year. Led by Thai Binh LNG Power JSC, a joint venture between Japan-based Tokyo Gas, Kyuden International, and Vietnam’s Truong Thanh Vietnam Group, the plant is designed to generate 10 billion kWh annually and contribute USD162.57 million in taxes.
The project is currently advancing site clearance and aims to finalise a power purchase agreement with Vietnam Electricity (EVN) in 2026. It was inaugurated in January 2024 following its investment license approval at the Vietnam-Japan Economic Forum in Tokyo. The power plant is part of a broader government initiative to accelerate LNG power projects, with Prime Minister Pham Minh Chinh urging earlier operational timelines to bolster energy supply by 2030.