A US$2.56 billion liquefied natural gas (LNG) power plant project in Thai Binh province is scheduled to begin construction in late 2025, The Investor has reported→view source.

The plant, backed by Japanese firms Tokyo Gas and Kyuden Group alongside Truong Thanh Vietnam, is among 11 LNG power projects planned for commissioning between 2028 and 2029 under Vietnam’s updated national power plan (PDP VIII).

Key details:

Project structure: Total investment is US$2.56 billion, with equity contributions of US$298.6 million. Tokyo Gas will hold a 40 percent stake, Kyuden Group and Truong Thanh Vietnam 30 percent each.
Construction timeline: Groundbreaking is expected in September 2025, with the first turbine to come online in Q4 2028 and the second in Q4 2029.
Location and scale: The plant will span 263.5 hectares in Thai Binh Economic Zone, including 209.7 hectares of water surface for LNG regasification and pipeline infrastructure.
Technical capacity: The 1,500 MW plant will operate on combined cycle gas turbine (CCGT) technology, producing an estimated 9 billion kWh annually.
Fuel sources: Around 1.2 million tonnes of imported LNG will be used annually, primarily from Australia, Qatar, the U.S., and Russia, with diesel as a backup.
National context: The project is part of 11 large-scale LNG plants approved under PDP VIII for rollout in 2028–2029. Nhon Trach 3 and 4, Vietnam’s first operational LNG power plants, are set to begin commercial operations this year.

Of note, LNG imports have been positioned as one key cornerstone of Vietnam’s strategic response to potential US tariffs, especially amid tensions over its growing trade surplus with the US.

However, at present Vietnam has very little demand for LNG with no LNG power plants on line, yet.

In this context, the Thai Binh plant, which will import around 1.2 million tonnes of LNG annually, is a promising sign, though this will take some time to realise, with the current US administration likely out of office by the time the first shipment is received.

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