Thai Binh LNG Power JSC has been established to run the project's development, which includes initially conducting a feasibility study at the location in Thai Thuy district.

The project includes an offshore LNG receiving terminal and a 1.5GW natural gas-fired power plant. It will have a robust capacity of 1,500MW and a total investment pegged at around $2 billion.

The scope of the project ranges from the development, construction, and operation of the power plant and LNG receiving terminal to LNG procurement and selling electricity to Vietnam Electricity.

The venture will assess the economic and technical feasibility, select an engineering, procurement, and construction contractor, and develop an LNG procurement strategy during the study phase. It aims to put the project into commercial operation in 2029.

This is Tokyo Gas Group's second LNG to power project in Vietnam, following its onshore LNG receiving terminal and natural gas-fired power plant in Quang Ninh province.

"Tokyo Gas Group is committed to the challenge of transforming the LNG value chain," as stated in its management vision Compass2030.

"We will continue to expand our LNG infrastructure business to contribute to the development of Asian countries and the realisation of low-carbonisation and decarbonisation by utilising our accumulated experience and skill. This will contribute to achieving the profit goal of ¥50 billion ($338.7 million) from our overseas business, as outlined in Compass2030," Tokyo Gas noted.

Tokyo Gas, Japan's biggest city gas supplier, has engaged in LNG and natural gas-related projects in Australia, North America, and Southeast Asia.

Meanwhile, Kyuden International Corporation, a subsidiary of the Japanese Kyushu Electric Power Group, provides electricity-focused energy solutions globally.

Truong Thanh Vietnam is a multidisciplinary enterprise that focuses on two primary business lines, namely renewable energy and real estate.

Vietnam's Power Development Plan VIII states that by 2030, the total domestic capacity of LNG power sources will reach 22,400MW, accounting for almost 15 per cent of the nation’s total generation capacity.