Perspective of the undertaking

The criteria for choosing the investor for Quynh Lap LNG-fired power plant, issued with an appendix, serve as the basis for scoring and ranking proposals, and also stipulate the responsibilities of relevant agencies in disclosing information and receiving applications.

The venture will be implemented in Tan Mai ward, covering approximately 153 hectares of land and water surface. The investment scale is a 1,500MW power plant, consisting of two 750MW units, using combined cycle gas turbine technology.

It includes LNG storage facilities, a regasification system, a dedicated port, and integrated technical infrastructure. The projected fuel demand is approximately 1.15 million tonnes of imported LNG per year. The preliminary total investment is approximately $2.23 billion.

Regarding resources for implementation, the investor’s minimum equity capital must account for 15 per cent of the total investment. The project is scheduled for completion and operation between 2025 and 2030, while the stated operating period is 50 years from the date of the decision on land allocation/lease/land use conversion, with adjustments in the calculation method if there is delayed land handover.

The evaluation mechanism is designed using a scoring method, with the principle that the application must achieve at least 60 per cent of the maximum score for the general criteria and each detailed criterion.

The three main groups of criteria include the ability to implement the construction, operation, business, and exploitation plan; the ability to meet requirements regarding progress, quality, investment efficiency, or other specific conditions; and other requirements determined by the competent authority to ensure the selection of an investor with sufficient capacity and experience to bring the project into operation within the 2025-2030 period.

The "other requirements" group focuses on experience in investing in and operating independent power plants using gas and LNG, and experience in the LNG supply chain. The investor with the highest total score will be considered for approval under the special investor selection method.

Nghe An Department of Finance reported that five investors were interested in the project. The first is a consortium of PV Power, a subsidiary of state-owned giant PetroVietnam, Nghe An Sugar LLC, and SK E&S.

Meanwhile, Power Generation Corporation 1, a subsidiary of Vietnam Electricity, wants 260ha to develop the scheme, including 60ha of land and 200ha of water. Another promising investor is Japan’s Sumitomo Corporation, which is expected to be allocated 182ha.

The final potential investor is a consortium comprising Viet Thanh Bamboo Energy Investment and Qatar’s Gulf Petroleum, which has plans to use 176ha.