The Japanese companies Tokyo Gas and Marubeni have formed a joint venture with the Vietnamese companies PetroVietnam and Colavi to develop and build a 1.5 GW combined cycle gas-fired (CCGT) power plant and an onshore LNG import terminal in Cam Pha, Quang Ninh province (northeastern Vietnam). The capacity of the LNG import terminal has not yet been revealed.
The Quang Ninh LNG Power joint venture aims to start commercial operation of the project in the second half of 2027. The LNG-to-power project will procure electricity to the state-owned Electricité du Vietnam (EVN), the country’s largest power company.
In May 2022, PetroVietnam and AES Corporation secured an Investment Registration Certificate for the 3.6 Mt/year Son My LNG import terminal in the central province of Binh Thuan. The project’s capacity could be expanded to 9.6 Mt/year at a later stage and commissioning is scheduled in 2025 or 2026.
At the end of 2021, Vietnam did not yet import any natural gas but plans to start importing LNG starting from 2023 to reduce its dependency on coal. Indeed, the country’s 1.35 bcm/year Thi Vai LNG import terminal is expected to be commissioned in late 2022 or early 2023.
In 2020, gas represented 11% of Vietnam’s installed capacity, 14% of its power production and 9% of its total consumption, far behind coal with 31%, 50%, and 52% respectively.
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