Contrasting developments at two LNG thermal power projects.

The Ca Na LNG project is part of a comprehensive industrial complex, comprising an industrial park, an LNG thermal power plant, and an international port. (Photo: Trung Nam)

Ca Na LNG officially signs project contract.

Less than three months after the Khanh Hoa Provincial People's Committee approved the investor selection results at the end of January 2026, on April 10, 2026, the Trung Nam - Sideros River Joint Venture and the Khanh Hoa Provincial People's Committee held a signing ceremony for the investment and business contract for the Ca Na LNG Thermal Power Plant Project (LNG Ca Na).

This is the first LNG thermal power project to be awarded through an international bidding process under the Power Development Plan VIII, contributing to the development of energy supply and infrastructure, ensuring energy security, and meeting the growth requirements as stipulated in Resolution No. 70-NQ/TW dated August 20, 2025, of the Politburo .

For Khanh Hoa province, the project is not only a large-scale power source, but also contributes to forming the foundation for the development of industry, services, and infrastructure associated with the energy sector.

At the end of March 2026, the People's Committee of Thanh Hoa province established a Task Force to support and resolve difficulties for LNG thermal power projects in the area, with a focus on the Nghi Son LNG Thermal Power Plant. Mr. Mai Xuan Liem, Standing Vice Chairman of the People's Committee of the province, served as the Task Force leader.

On April 17, 2026, the People's Committee of Thanh Hoa province held a meeting with Novatek Public Joint Stock Company (Russia). At the meeting, Mr. Nguyen Hoai Anh, Chairman of the People's Committee of Thanh Hoa province, stated that according to the revised Power Development Plan VIII, Thanh Hoa province has three LNG power plants: Nghi Son LNG, Thanh Hoa LNG, and Cong Thanh LNG, with a total capacity of approximately 4,500 MW.

The province is calling for investment in LNG projects – a field considered a strength of Novatek Public Joint Stock Company. Based on practical needs, provincial leaders hope Novatek will take the time to survey and research investment opportunities that are suitable for the company's capabilities.

The Ca Na LNG project facilitates the expansion of the energy value chain, enhances competitiveness, and gradually establishes the advantage of an LNG hub for the central and southern regions, thanks to its deep-water port and stable geological foundation.

Mr. Trinh Minh Hoang, Vice Chairman of the People's Committee of Khanh Hoa province, emphasized that the project will contribute to providing a stable base power source for the South Central and Central Highlands regions, minimizing the risk of power shortages and ensuring national energy security.

At the same time, the project is an important step towards realizing Vietnam's commitment at COP26 to gradually reduce coal-fired power and switch to cleaner energy sources.

The leaders of Khanh Hoa province also stated that the project is expected to create momentum for the industrial-port-energy complex in the southern part of the province. Once operational, the project will not only make a significant contribution to the budget but also create thousands of jobs, promoting economic restructuring towards a modern and sustainable direction.

Prior to this milestone, Mr. Nguyen Tam Thinh, Chairman of Trung Nam Group, stated that this is an important step in realizing the commitment of domestic enterprises to key projects in the region and the country.

With nearly 1.6 GW of renewable energy already connected to the national grid, Trung Nam Group continues to leverage its capabilities in the energy sector, especially in LNG power generation.

Accordingly, Trung Nam aims to gradually reduce the proportion of coal-fired power, prioritizing the development of domestic gas-fired power and imported LNG power sources; while simultaneously developing projects using imported LNG and synchronously imported infrastructure, with a view to producing hydrogen and ammonia (NH3) in the future.

The company also aims to develop a comprehensive industrial cluster comprising an industrial park, an LNG thermal power plant, and the Trung Nam Ca Na international port.

The challenging journey of Nghi Son LNG

While the signing of the Ca Na LNG Project contract in Khanh Hoa province marked a significant step forward, the Nghi Son LNG Thermal Power Plant Project in Thanh Hoa province continued to receive less than expected results.

On February 9, 2026, the Management Board of Nghi Son Economic Zone and industrial parks in Thanh Hoa province announced the third tender for the project, with a deadline of April 10, 2026. However, on March 23, 2026, the deadline for submitting bids was extended to 2 PM on April 20, 2026, due to the need to adjust the tender documents to update the power purchase agreement template as requested by Vietnam Electricity Group (EVN).

As a result, at the time of the bidding deadline on April 20, 2026, the system did not record any investors registering.

According to the tender notice, the Project will be subject to a one-stage, one-envelope international tender process, with a bid security amount of up to VND 287.62 billion.

The project has a total investment of VND 57,524 billion and is expected to be commercially operational before 2030. The scope includes the construction of an LNG power plant using combined-cycle gas turbine technology, with a capacity of 1,500 MW.

The main components include an LNG import terminal; a breakwater approximately 1 km long; auxiliary infrastructure serving the LNG import terminal; an onshore LNG storage facility and regasification plant with a capacity of approximately 230,000 m3 per tank; a regasification plant with a capacity of approximately 1.2 million tons/year, along with related technical infrastructure.

It is known that during the first bidding round in July 2024, the project had to be temporarily suspended to update the new regulations of the 2023 Bidding Law and Decree 115/2024/ND-CP.

In the second bidding round in April 2025, the project attracted interest from five international energy companies such as JERA (Japan), Gulf Energy (Thailand), SK Innovation (Korea), and domestic consortia such as PV Power, T&T, and Anh Phat. However, by July 2025, due to the lack of official bids from investors, Thanh Hoa province had to issue a decision to cancel the tender.

Regarding this project, at a press conference before the Thanh Hoa Provincial Investment Promotion Conference, Mr. Tran Chi Thanh, Deputy Head of the Management Board of Nghi Son Economic Zone and Industrial Parks of Thanh Hoa Province, said that the project had attracted interest from 5 investors, but had undergone several cancellations and extensions of the bidding process, and to date, no official investor has been selected.

From an investor's perspective, a representative of a company that previously participated in an LNG thermal power project stated that, because this is a new technology in Vietnam, it requires large capital investments, amounting to billions of USD, while output risks remain high due to the power purchase agreement (PPA) mechanism.

Furthermore, although the construction time for the plant is not excessively long, the legal procedures are often lengthy, making project implementation difficult. Therefore, even though the locality expects the LNG thermal power project to become a "trump card" for ensuring energy security and increasing budget revenue, businesses are still hesitant and waiting for further policy signals.

Compared to the Ca Na LNG project, businesses believe that the Ca Na LNG project has an advantage due to its existing infrastructure such as the port and related systems like transportation and adjacent industrial zones.

Meanwhile, for projects in the North Central region such as Nghi Son LNG and Quynh Lap LNG (Nghe An), the challenges of infrastructure and large investment costs have led many investors to propose integrated development options to share resources.

Specifically, on July 9, 2025, Mr. Lee Kye-In, Chairman and CEO of POSCO International, sent a letter to the Ministry of Industry and Trade proposing the direct designation of an investor to develop the integrated LNG projects at Quynh Lap and Nghi Son.

According to POSCO International's leadership, sharing LNG infrastructure between the two projects will not only help address the power shortage in the northern region but also optimize resources, reduce costs, and ensure project progress.

At the same time, given the fact that the Nghi Son LNG Project has not yet attracted an investor and its progress is delayed, the company proposed implementing an integrated development plan.

Also in 2025, representatives from SK Innovation E&S Group (South Korea) worked with the People's Committees of Nghe An and Thanh Hoa provinces, expressing their desire to implement these two LNG projects. SK Group proposed integrating the two LNG plants in Quynh Lap and Nghi Son to share LNG storage facilities, dedicated ports, and power distribution yards.

The South Korean businesses also proposed applying a special investor selection method in exceptional cases.

Subsequently, in February 2026, SK Innovation, as part of a consortium, was approved as the investor for the Quynh Lap LNG Project.

Mr. Tran Chi Thanh stated that, unlike Nghe An province which chose to award the contract for the Quynh Lap LNG project through a direct negotiation process, Thanh Hoa province opted for open bidding due to the long-standing interest from numerous investors. The bidding process aims to ensure transparency, openness, and the selection of a capable investor.

Furthermore, Thanh Hoa province maintains the policy of having its own dedicated port for each LNG plant, as guided by the Ministry of Industry and Trade, in order to ensure energy security and proactive operation.

Therefore, with no common ground on interests between investors and local authorities, finding an investor for the Nghi Son LNG Project will likely require another bidding process, and it's uncertain whether a suitable investor will be secured.

Source: https://baodautu.vn/dien-bien-trai-chieu-tai-2-du-an-nhiet-dien-lng-d577731.html