Thai Binh to host $2 billion LNG project

The project was announced on January 26 with construction expected to commence in the third quarter of 2025 and operations to begin by 2030. It will employ advanced and environmentally friendly technology that produces no sulphur dioxide.

Once operational, it is estimated the project will provide approximately 10 billion kWh per year to the national grid, supplying electricity to the northern region and contributing to national energy security.

“Thai Binh LNG holds significant importance for the socioeconomic development of the province,” said Ngo Dong Hai, secretary of Thai Binh Party Committee.

The project will also open a new chapter by transforming abundant natural gas resources beneath the sea into a source of energy, and as LNG emits about 45 per cent less carbon than coal and 30 per cent less than oil, it is a much more environmentally friendly option than many other fuels.

Alongside contributing to the economic restructuring, enhancing the province's economic scale, increasing budget revenue, addressing employment issues, and playing a crucial role in the industrialisation and modernisation of Thai Binh province, the project is also expected to make a significant contribution to national energy security and the implementation of a politburo resolution to develop LNG-based power, making it a core source of energy and creating an economic space with reduced net emissions, aiming towards zero carbon.

Thai Binh LNG is a mark of the success of the Vietnam-Japan economic forum and Prime Minister Pham Minh Chinh's first official visit to Japan last November, and further illustrates the comprehensive cooperation between the two countries.

"Thai Binh LNG is the largest foreign-invested project in the province to date. Consequently, the province has actively participated and focused on implementing solutions in accordance with the government's Power Development Plan VIII and the relevant procedures and regulations related to the investment and construction of the project," said Nguyen Khac Than, Chairman of Thai Binh People's Committee at the inauguration ceremony.

Thai Binh LNG has a strong capability of consortium of investors. Tokyo Gas, established in 1885, is renowned as one of Japan's largest gas companies, holding a significant position in the global gas industry. Currently supplying gas to over 11 million customers in Japan, Tokyo Gas is a major liquefied natural gas (LNG) provider for prominent cities such as Tokyo, Kanagawa, and Chiba. To date, Tokyo Gas has participated in over 35 overseas LNG terminal projects and 20 LNG terminal projects in Japan, sharing its expertise and knowledge with numerous countries worldwide.

Kyushu Electric Power Company (Kyuden), established in 1951 with registered capital of $2.2 billion and total assets exceeding $46.6 billion, ranks among the top five power plant developers in Japan.

There is also a domestic investor, TTVN Group, established in 2012 initially as Truong Thanh Vietnam Development Investment Co., Ltd, chaired by Dang Trung Kien. By 2017, the company had increased its capital to $25 million and rebranded as Truong Thanh Vietnam Group JSC (TTVN Group).

From a small enterprise, by the end of 2022, TTVN Group has grown into a diversified conglomerate with capital of $133.33 million, consisting of 20 subsidiaries and affiliated companies operating in 18 provinces across the country, focusing on clean energy projects as its strength and a priority investment direction.

Tokyo Gas makes progress on $2 billion LNG power project in Thai Binh province On January 24, Tokyo Gas Co., Ltd. announced the establishment of Thai Binh LNG Power JSC for the development of a liquefied natural gas (LNG) to power project in Thai Binh province in collaboration with Truong Thanh Vietnam Group and Japan's Kyuden International Corporation.

Taiwanese firm breaks ground on 45 mln USD computer plant in Thai Binh Good Way Cayman Co. Ltd. from Taiwan (China) held a groundbreaking ceremony for a large-scale plant manufacturing computers and their peripheral equipment at the Lien Ha Thai Industrial Park in the northern province of Thai Binh on February 19.

Thai Binh eyes more foreign investors According to the General Statistics Office, Thai Binh currently ranked fifth nationwide in luring foreign investment, with nearly $3 billion seen in 2023.