Groundbreaking ceremony for Thai Binh LNG Thermal Power Plant project worth over 2.6 billion USD

(Chinhphu.vn) - Today, October 10, in Hung Yen, Thai Binh LNG Power Joint Stock Company in coordination with relevant parties officially held the groundbreaking ceremony of Thai Binh LNG Thermal Power Plant project.

Delegates perform the project groundbreaking ceremony - Photo: VGP

Attending the groundbreaking ceremony were former Politburo member, former Standing member of the Secretariat Tran Quoc Vuong, Party Central Committee member, Minister of Industry and Trade Nguyen Hong Dien, Hung Yen Provincial Party Secretary Nguyen Huu Nghia, Chairman of Hung Yen Provincial People's Committee Nguyen Khac Than, and leaders of several ministries, branches and Hung Yen province.

The groundbreaking ceremony is an activity to welcome the 1st Congress of Hung Yen Provincial Party Committee, term 2025-2030, and at the same time look forward to the 14th National Party Congress.

The project is identified as a strategic energy focus, contributing to ensuring electricity security for the North and the whole country.

Vietnam's electricity system is currently facing the risk of supply shortage in the North – an area that accounts for about 40% of the country's total electricity demand, with an average growth rate of over 10% per year.

In that context, the Thai Binh LNG Thermal Power Plant Project is considered a timely and sustainable solution to meet load demand, reduce pressure on the national power system, and at the same time implement Resolution No. 55-NQ/TW of the Politburo on the national energy development strategy towards green, clean, safe and efficient.

The project is invested by Thai Binh LNG Electricity Joint Stock Company (established in January 2024), including three shareholders: Tokyo Gas (Japan) 40%; Kyuden International (Japan) 30%; Truong Thanh Vietnam Group - TTVN Group 30%.

Total investment capital is about 2.69 billion USD, capacity 1,500 MW, scale 269 ha (57 ha onshore, 212 ha sea surface). Expected to be completed and put into full commercial operation in the fourth quarter of 2029.

The project consists of two high-efficiency combined-cycle gas turbine units, using liquefied natural gas (LNG) fuel - helping to significantly reduce CO₂, NOx, PM 2.5 emissions, and zero SO₂ emissions, in line with Vietnam's commitment to net zero emissions by 2050 as declared at COP26.

Once operational, the project is expected to provide 6–10 billion kWh of electricity per year, creating about 2,000 jobs during the construction phase and 300 regular jobs during operation, contributing about VND3,000 billion per year to the budget for 25 years.

The Thai Binh LNG project is the result of Vietnam-Japan strategic cooperation in the field of clean energy.

Speaking at the groundbreaking ceremony, Japanese Ambassador Ito Naoki emphasized that the Japanese Government is committed to accompanying and looking forward to receiving close guidance from the leaders of the Ministry of Industry and Trade and Hung Yen province to realize the project - a symbol of cooperation between Japan and Vietnam.

Speaking at the ceremony, Chairman of the People's Committee of Hung Yen province Nguyen Khac Than said that the 1st Provincial Party Congress, term 2025-2030, identified clean energy and renewable energy development as one of the strategic pillars for Hung Yen to develop rapidly and sustainably, towards becoming the energy center of the Red River Delta.

Hung Yen province is aiming to build a multi-industry free economic zone according to international standards, develop a sustainable marine economy, form an industry - energy - service - logistics chain, with the goal of becoming an integrated energy center in the region.

The Thai Binh LNG Thermal Power Plant Project is therefore not only a key energy project, but also a strategic project for socio-economic development, creating a large source of budget revenue, thousands of new jobs, and at the same time creating a driving force to attract investment, spreading the development of high-tech industry and clean energy.

This is not just a power project, but the first step for the green energy vision of Hung Yen and Vietnam in the era of global energy transition, Chairman of the People's Committee of Hung Yen province Nguyen Khac Than emphasized.

Nguyen Duc

Source: https://baochinhphu.vn/khoi-cong-du-an-nha-may-nhiet-dien-lng-thai-binh-tri-gia-hon-26-ty-usd-102251010112715337.htm