The US gas company Excelerate Energy has unveiled plans to develop a 1.2 Mt/year LNG import terminal in Haiphong, in northern Vietnam. The Northern Vietnam LNG Terminal will be constructed in two phases, with phase one expected to have a capacity of 0.7 Mt/year and scheduled to commence operations in 2027. Excelerate Energy signed a term sheet with ITECO, a Vietnamese-based private development company, to co-develop the LNG import terminal in June 2024. The development of the project will be subject to execution of definitive agreements and regulatory approvals.
Vietnam currently has two LNG import terminals: the 1 Mt/year Thi Vai terminal developed by Petrovietnam Gas (put into operation in October 2023), and the 3 Mt/year Cai Mep LNG terminal developed by AG&P LNG (commissioned in May 2024). 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.