Vietnam has begun construction of the Thai Binh LNG thermal power plant in Hung Yen Province, a USD 2.69 billion project that will play a central role in meeting the country’s rising electricity demand. The plant is being developed by Thai Binh LNG Power JSC, a joint venture comprising Tokyo Gas with a 40% stake, Kyuden International with 30 per cent, and Vietnam’s TTVN Group holding the remaining 30%.
The project has a planned capacity of 1,500 MW and will cover 269 hectares, including both onshore and offshore components. Construction started on October 10, 2025, and is expected to be completed by the fourth quarter of 2029. Once operational, the plant is expected to supply between 6 and 10 billion kWh of electricity each year, providing a much-needed boost to national power security at a time when demand continues to grow strongly, particularly in the northern region.
The development is also expected to deliver wider economic benefits. Around 2,000 jobs will be created during the construction phase, and approximately 300 permanent roles will be maintained once the plant is operational. Over its first 25 years of activity, it is projected to contribute around VND 3 trillion (USD 120 million) annually to the state budget.
Recognised as a strategic national energy project, the Thai Binh LNG power plant forms part of Vietnam’s broader efforts to diversify its energy mix, enhance grid stability, and reduce pressure on coal-fired generation. With northern Vietnam facing increasing risk of supply shortages due to consumption growth of more than 10% each year, the plant is positioned to become a key pillar of the country’s long-term energy strategy.
(Source: VNExpress)
