Proposal for integrated development of two LNG projects
On July 9, 2025, Mr. Lee Kye-In, Chairman and General Director of POSCO International Company sent a document to the Ministry of Industry and Trade Nguyen Hong Dien regarding the proposal to directly appoint an investor to develop the integrated Quynh Lap and Nghi Son LNG Power Project.
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| Minister of Industry and Trade works with Mr. Lee Kye-In, Chairman and General Director of POSCO International Company during his working trip to Korea. Source: Ministry of Industry and Trade. |
In a document sent to the Ministry of Industry and Trade, Mr. Lee Kye-In recalled the meeting with Minister of Industry and Trade Nguyen Hong Dien in Korea in February 2025 and introduced the capacity of POSCO International.
According to the General Director of POSCO International, since 2015, POSCO has devoted much effort to the Quynh Lap 2 Coal-fired Thermal Power Plant Project in Nghe An province and was granted an investment policy decision in 2020.
“Based on this experience, we are looking forward to promoting Vietnam’s energy sector through the LNG power project. To realize this goal, we submitted the Pre-Feasibility Study (Pre-FS) for the Quynh Lap Project in October 2023 and the investment proposal in October 2024, demonstrating our commitment to supporting energy development in Vietnam,” the document said.
With rich experience in developing and operating LNG business in Korea, Vietnam and many other countries, POSCO International “is confident in its capacity to deploy integrated development solutions for the Quynh Lap Project in Nghe An province and the Nghi Son Project in Thanh Hoa province, in line with the orientation of the Power Plan VIII”.
Accordingly, POSCO International proposed to the Minister of Industry and Trade to be directly appointed as the investor for the integrated development of the Quynh Lap and Nghi Son LNG Power Projects.
Regarding the reason for the proposal, the Chairman and General Director of POSCO International said, “sharing LNG infrastructure between Quynh Lap and Nghi Son not only aims to solve the power shortage in the northern region of Vietnam, but also optimizes resource allocation, reduces development costs and ensures project completion progress. This method will make a practical contribution to the national economic development and ensure Vietnam’s energy security”.
At the same time, given the fact that the Nghi Son Project has no investors and the progress is being delayed, POSCO International proposes to implement an integrated development plan. If necessary, POSCO International is willing to cooperate with international investors interested in the Nghi Son Project to speed up the implementation progress.
According to the Ministry of Industry and Trade's Electronic Information Portal, within the framework of a working trip to Korea, on the afternoon of February 24, 2025, Minister of Industry and Trade Nguyen Hong Dien had a meeting with Mr. Lee Kye-In, Chairman and CEO of POSCO International Company.
At the meeting, Mr. Lee Kye-In said that the company will further increase investment in Vietnam and proposed to Minister Nguyen Hong Dien a number of contents that the company is interested in, including providing infrastructure, technology, and materials for nuclear power plants; investing and implementing the Quynh Lap LNG Project in Nghe An province...
Regarding the energy sector, Minister Nguyen Hong Dien expressed his belief that not only with coal power, POSCO can achieve success when investing in gas power and nuclear power in Vietnam.
The consortium of POSO International Company (Korea) and Trung Nam Construction Investment Joint Stock Company is one of the five investors that have submitted documents to implement the Quynh Lap LNG Project (as of early October 2024 as previously announced by the Department of Planning and Investment of Nghe An province).
Investors not yet finalized
Regarding the Quynh Lap LNG Thermal Power Plant Project, according to the People's Committee of Nghe An province, the Quynh Lap LNG Gas Thermal Power Plant is one of 14 gas thermal power projects in the list of important power source projects, prioritized for investment until 2030.
According to the plan, the Quynh Lap LNG Power Plant Project is implemented with a total investment of about 2.15 billion USD with a capacity of 1,500 MW, including LNG power plant items, gas storage, receiving port, breakwater and auxiliary works.
The project is implemented on a total area of about 210 - 360 hectares, with LNG fuel demand of about 1.15 million tons/year and the port receiving ships with a capacity of about 100,000 DWT.
At the meeting on June 20, 2025, the People's Committee of Nghe An province mentioned the progress that the province is currently focusing all work to speed up the project implementation progress, especially the implementation of procedures to approve the project investment policy.
Mr. Phung Thanh Vinh, Vice Chairman of Nghe An Provincial People's Committee, assigned the Department of Industry and Trade to prepare contents related to bidding to select project investors; advise the Provincial People's Committee on the procedure for selecting investors according to regulations (clearly stating the contents of each step and expected completion time).
The Management Board of the Southeast Economic Zone presides over the review, update, and completion of land use planning and construction zoning planning of Dong Hoi Industrial Park (adjusting the boundary of the land area implementing the Quynh Lap LNG Power Plant Project with the boundary of Dong Hoi Industrial Park)...
Meanwhile, for the Nghi Son LNG Project, after extending the bidding closing date to June 19, 2025 (instead of June 10, 2025), the Management Board of Nghi Son Economic Zone and industrial parks of Thanh Hoa province continued to extend the closing/opening date for bidding to select investors for the Nghi Son LNG Thermal Power Plant Project to July 17.
The reason for the extension is that at the closing date of bidding on June 19, 2025, no investors submitted bidding documents.
The Nghi Son LNG project has a total adjusted investment of VND57,524 billion, equivalent to about USD2.241 billion. The project has a capacity of 1,500 MW, with a land use area of 68.2 hectares.
Nghi Son LNG project had 5 investors participating in the bidding. Including, the consortium of SOVICO Group Joint Stock Company - JERA Co., Inc. (Japan); the consortium of PetroVietnam Power Corporation - T&T Group Joint Stock Company; the consortium of South Korea Electric Power Corporation - Korea Gas Corporation - Daewoo Engineering and Construction Group - Anh Phat Construction Investment and Trading Corporation; Gulf Energy Development Public Company Limited (Thailand); SK Innovation Co., Ltd. (Korea).
Specifically, according to Mr. Youngwook Yoo, Vice President of SK Innovation E&S Group (Korea), SK Group is currently studying to invest in the Nghi Son LNG Thermal Power Plant Project (Thanh Hoa province) and the Quynh Lap LNG Thermal Power Plant Project (Joint venture of Nghe An Sugarcane Company Limited and SK E&S CO., LTD is one of the 5 investors that submitted documents in 2024 - PV).
This was demonstrated by the fact that on the afternoon of July 2, the SK Group (Korea) delegation had a working session with the leaders of Nghe An Provincial People's Committee on the Quynh Lap LNG Thermal Power Plant Project.
Immediately after that, on the morning of July 3, the SK Group delegation also had a working session with the People's Committee of Thanh Hoa province on the Nghi Son LNG Thermal Power Plant Project (shown in the working schedule of the People's Committee of Thanh Hoa province).
Source: https://baodautu.vn/posco-de-xuat-chi-dinh-truc-tiep-nha-dau-tu-du-an-lng-quynh-lap-va-nghi-son-d327523.html
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