Five consortiums have shown interest in the Quynh Lap LNG power plant. Photo:tinnhanhchungkhoan.vn

The first promising investor is a consortium comprising PV Power - a subsidiary of state-owned giant PetroVietnam, Nghe An Sugar LLC and SK E&S Co., Ltd. has plans to use over 332 hectares, consisting of 60ha of land and 272ha of water surface.

Meanwhile, Power Generation Corporation 1, a subsidiary of state utility Vietnam Electricity (EVN), wants 260ha to develop the project, including 60ha of land and 200ha of water surface.

South Korea’s Posco International and Trung Nam Construction Investment JSC are looking to use around 345ha, including 95ha of land and 250ha of water surface; while Japan’s Sumitomo Corporation is expected to be allocated 182ha for the project, including 65ha of land and 117ha of water surface.

Another potential investor is a consortium comprising Viet Thanh Bamboo Energy Investment JSC and Qatar’s Gulf Petroleum Limited, which has plans to use 176ha, made up of 58ha of land and 118ha of water surface.

Following Nghe An People's Council approval, the Department of Planning and Investment will carry out the next steps including organising a tender as well as procedures for granting in-principle approval for the project.

According to Nghe An People's Committee, the procedures for approving investors are expected to be completed in the first or second quarter of 2025, followed by a tender to select the investors.

In late October, Nghe An People’s Council approved the planning to allocate 210ha of area in Quynh Lap district to serve the construction of a $2.15 billion LNG-fired factory.

The allocated area of 210ha will combine 60ha of land and 150ha of water surface. LNG Quynh Lap is one of 14 LNG-fired projects, which are important power sources and be a priority for the power sector by 2030, to increase the total capacity of LNG power to 22,400MW across the country.

The Quynh Lap LNG power plant was initially planned as a thermal plant, which was mentioned in Power Development Plan VII. Construction of the project kicked off in October 2015, but the development has been delayed.