Deputy Minister Nguyen Hoang Long works with Hanwha Energy on LNG power project

Attending the meeting, on the Vietnamese side, there were Deputy Minister of Industry and Trade Nguyen Hoang Long and representatives of units under the Ministry of Industry and Trade: Electricity Department, Department of Oil, Gas and Coal, Department of Foreign Market Development.

On the side of Hanwha Energy Group, there were Executive Vice President of Hanwha Energy Kim Young-Wook, Vice President of Hanwha Energy Choi Young-sun and representatives of Hanwha Energy in Vietnam.

Deputy Minister of Industry and Trade Nguyen Hoang Long works with Hanwha Energy Corporation.

Energy cooperation highlight

Deputy Minister Nguyen Hoang Long affirmed that trade, industrial and energy cooperation between Vietnam and Korea is gradually developing positively, especially in the energy sector.

The two countries have been promoting development in the fields of electricity, oil and gas, clean energy, etc., as well as taking initial steps in expanding investment by Korean companies in liquefied natural gas (LNG) projects.

Deputy Minister of Industry and Trade Nguyen Hoang Long.

At the meeting, Mr. Kim Young-Wook - Executive Vice President of Hanwha Energy said that Hanwha Energy is a subsidiary of Hanwha Group (Korea), providing comprehensive energy solutions including LNG, energy storage systems (ESS), renewable energy and combined heat and power, focusing on and having experience in LNG project development solutions.

Hanwha Energy representatives also shared some information about the supply-demand outlook and price trends of the global LNG market, the possibility of importing LNG from the US and the electricity market in Korea.

Hanwha Energy representatives expressed their desire to invest more in LNG power plant projects in Vietnam and pledged to always be a good partner in the energy sector.

Representatives of Hanwha Energy Corporation exchanged at the working session

Strategic flexibility when entering the electricity market

Answering questions from representatives of Hanwha Energy Vietnam, Deputy Minister Nguyen Hoang Long informed that the Ministry of Industry and Trade has signed and issued Decision No. 1313/QD-BCT (dated May 13, 2025) approving the price framework for power generation of combined cycle gas turbine plants using liquefied natural gas in 2025.

Accordingly, the maximum price (excluding VAT) of the 2025 electricity generation price framework applies to combined cycle gas turbine plants using LNG in 2025; Parameters used to calculate the maximum price of the electricity generation price framework apply to combined cycle gas turbine plants using LNG in 2025; Transportation price (transporting LNG to the port for regasification, storage, regasification, distribution after provisional regasification)...

Deputy Minister Nguyen Hoang Long suggested that Hanwha Energy focus on studying Vietnam's new regulations to make reasonable adjustments in developing implementation plans, ensuring the effectiveness of projects.

The Deputy Minister requested Hanwha Energy to carefully study the provisions stated in the above Decision as well as Decree 56/ND-CP detailing a number of articles of the Electricity Law (amended) on electricity development planning, power grid development plans, investment in power project construction and bidding to select investors for electricity business projects to make reasonable adjustments in the implementation plan, ensuring that the proposed project is effective, practical and in accordance with current regulations.

In addition to new power sources, Deputy Minister Nguyen Hoang Long suggested that businesses, including Hanwha Energy, study investment in power transmission lines and connection projects.

Also at the meeting, the Deputy Minister of Industry and Trade noted that investment units need to periodically report on project progress to the Ministry. This is to serve the review of the process of managing the Power Development Plan, and at the same time help the Ministry of Industry and Trade synthesize reports to the Prime Minister on the development of power sources.

Updated information from businesses will be an important basis for the Ministry to propose and promptly adjust the contents of the Power Development Plan and Program, ensuring that they are close to the implementation reality and the country's energy development needs.

Deputy Minister Nguyen Hoang Long affirmed: The Ministry of Industry and Trade supports and creates opportunities for international units in general and Hanwha Energy in particular to promote cooperation with domestic corporations and join hands to ensure national energy security, in the spirit of sharing for mutual development.

As one of the leading economic powers of Korea, Hanwha Group is expanding its business operations worldwide, including Vietnam.

Hanwha Energy, established in 2007, is a comprehensive energy solutions company under the Hanwha Group. Hanwha Energy operates cogeneration plants (combined heat and power), providing high-quality electricity and high-pressure steam to companies in national industrial parks in Korea.

In addition, Hanwha Energy is diversifying its energy business by promoting overseas solar power generation, O&M business, system solution business, smart energy, etc.

Nguyen Thao

Source: https://congthuong.vn/thu-truong-nguyen-hoang-long-lam-viec-voi-hanwha-energy-ve-du-an-dien-khi-lng-387650.html