PetroVietnam Power, a subsidiary of the state-owned PetroVietnam, has fired-up for the first time its 812 MW Nhon Trach 3 LNG-fired power plant, located near Ho Chi Minh City in southern Vietnam. The unit is part of Vietnam’s first LNG-fired power project, which comprises two 812 MW units (Nhon Trach 3 & 4). Full commercial operations of Nhon Trach 3 is expected during the course of 2025. In October 2024, PetroVietnam secured US$521.5m in financing to develop Units 3 and 4 of the Nhon Trach power plant, which will require a total investment of nearly US$1.4bn.
In addition, Thai Binh LNG Power, a joint venture between Japan’s Tokyo Gas, Kyuden International Corporation, and Vietnam’s Truong Thanh Vietnam Group, has said that its US$2bn LNG Thai Binh power plant project in Vietnam’s Thai Binh province aims to complete its feasibility study in the second quarter of 2025 and to begin construction in the fourth quarter of 2025. Commercial operations are expected to start by 2030.
As of end-2023, gas-fired power plants represented 9% of Vietnam’s installed capacity, against 29% for coal-fired power plants. Vietnam plans to build 15 LNG-fired power plants by 2035 with a combined capacity of more than 22 GW, accounting for nearly 15% of the country’s total power generation mix.
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