Quynh Lap LNG Power JSC was established on September 14 with a charter capital of VND1.57 trillion ($60.29 million), according to its business filing. The company is headquartered in Nghe An, operating in electricity generation, specifically gas-fired thermal power.

PV Power holds a 51% stake after contributing more than VND800.6 billion ($30.77 million). SK Innovation owns 34%, with a contribution of nearly VND533.8 billion ($20.51 million), while NASU holds the remaining 15% after investing nearly VND235.5 billion ($9.05 million).

The company held its first general shareholders' meeting last Friday and elected a six-member board. Nguyen Duy Giang, deputy CEO of PV Power, was appointed as chairman.

Giang said PV Power, SK Innovation and NASU have worked together since February to complete necessary procedures to establish the company.

It will work with authorities and partners to advance preparations for Quynh Lap LNG-fired power project, including regulatory procedures, contractor selection, financing arrangements, negotiations, and power purchase agreements.

The Quynh Lap LNG, with a designed capacity of 1,500 MW, is one of the key power projects included in Vietnam's Power Development Plan VIII (PDP VIII).

The project will occupy about 60 hectares of land and 100 hectares of sea area. It will feature an LNG storage and regasification system with storage tanks of 250,000 cubic meters of LNG, as well as a dedicated port at the Dong Hoi port area within Nghe An seaport. Work on technical infrastructure for the project started on May 18, 2026.

The plant is scheduled to be completed and put into operation during 2026-2030. The project is viewed by the government as a strategic power source to strengthen national energy security and support the implementation of the Politburo's Resolution 70 on national energy security. It is also expected to play a key role in Nghe An's provincial development plan for 2021-2030, with a vision to 2050.