Construction has begun on the Thai Binh LNG thermal power plant in northern Hung Yen Province, a US$2.69 billion project aimed at helping Vietnam meet its growing energy demand.
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Officials attend the groundbreaking ceremony for the Thai Binh LNG thermal power plant project on Oct. 10, 2025. Photo by VGP |
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%.
The 1,500 MW plant will cover 269 hectares, including 57 ha onshore and 212 ha offshore. Construction, which began on Oct. 10, 2025, 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 VND3 trillion ($120 million) 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.
