JERA Corporation wants to develop the $2.2 billion Nghi Son LNG Power Plant

At a meeting with the leadership of Thanh Hoa People's Committee on September 8, a delegation from JERA, led by general director Masashi Tsujimura, expressed ambitions to implement the project despite being aware of challenges related to investment procedures, construction, and electricity price negotiations.

The investor aims to commence project operations before 2030, and simultaneously committed to continued close collaboration with authorities.

Standing Vice Chairman of Thanh Hoa People's Committee Nguyen Van Thi urged relevant departments and Nghi Son Economic Zone Management Board to work with JERA Vietnam to finalise documents and propose solutions for submission to the government for consideration.

In July, Thanh Hoa People's Committee received a letter from JERA Vietnam Energy Co., Ltd., a subsidiary of JERA Corporation (Japan), expressing interest in studying and investing in Nghi Son LNG Power Plant.

Previously, JERA had participated in a consortium with Sovico Group, submitting pre-qualification documents in 2024, but did not proceed to the official bidding stage.

JERA is a leading global energy corporation, established by Tokyo Electric Power Company (TEPCO) and Chubu Electric Power. With over 80 GW of installed capacity worldwide, JERA is the world's largest LNG importer, managing a supply chain from extraction and transportation to power generation. In Vietnam, JERA has established JERA Vietnam and implemented several gas and renewable energy projects.

The Nghi Son plant was approved for investment in March 2024 with a total investment of over VND57 trillion ($2.2 billion) and a designed capacity of 1,500 MW. The project includes a combined-cycle gas turbine complex, a regasification terminal with a capacity of 1.2 million tonnes per year, an LNG storage facility, an LNG import port, and a breakwater approximately 1 km long. The project spans nearly 68 hectares in Nghi Son town, within the national power development plan, and is expected to be operational before 2030.

The investor selection process has faced numerous challenges. The first bidding round in July 2024 was halted to update regulations in accordance with the 2023 Bidding Law and Decree No.115/2024/ND-CP. The second bidding round, launched in April 2025 with a submission deadline of June 10, 2025, received no bids. The deadline was extended twice, to June 19 and July 17, 2025, but still no bids were submitted.

During the extensions, the bidding documents were revised, with the bid security reduced from over VND580 billion ($23.2 million) to VND 275 billion ($10.8 million) and the minimum equity requirement lowered from over VND12 trillion ($480 million) to VND8.26 billion ($330.4 million). Other conditions were updated, including an increase in the maximum electricity price to VND3,303.88 ($132 USD)/kWh and adjustments to experience criteria based on the new total investment level.

The pre-qualification list combines five domestic and international investors, including JERA - Sovico (Japan), PV Power - T&T Group, KOGAS - KOSPO - Daewoo - Anh Phat (South Korea), Gulf Energy (Thailand), and SK E&S (South Korea).