Thai Binh unveils $2 billion LNG power plant project in Japanese deal

December 15, 2023 | 14:00
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Thai Binh province announced a $2 billion LNG thermal power plant project, in collaboration with Tokyo Gas Co., Kyuden Corporation, and Truong Thanh Group, marking a major stride in Vietnamese-Japanese economic cooperation.
Thai Binh unveils $2 billion LNG power plant project in Japanese deal

"Thai Binh is stepping up its game in the global investment arena," said Ngo Dong Hai, Secretary of Thai Binh Party Committee in an interview with local media on December 14.

A focal point of this initiative is the Thai Binh LNG thermal power plant project, a collaboration with an investment consortium comprising Tokyo Gas Co., Japan's Kyuden Corporation, and Vietnam's own Truong Thanh Group.

The project, with a robust capacity of 1,500 MW and a total investment pegged at around $2 billion, is set for Thai Do commune in Thai Thuy district.

Hai also detailed Thai Binh's ongoing partnership with Japan's Marubeni Corporation.

"Our collaboration with Marubeni is a strategic step in our journey towards a more sustainable energy future," he said.

Thai Binh's investment outreach is not limited to the energy sector.

During the prime minister's upcoming visit to Japan, the province is slated to host a series of meetings and investment promotion activities with various Japanese entities, aiming to ink deals for numerous significant projects.

Hai's strategy includes wooing Japanese investors to the province's high-tech agriculture sector, tapping into Japan's renowned expertise in this field and Thai Binh's untapped potential. The province currently hosts five Japanese projects, worth approximately $150 million, and Japan has consistently been a major export market for Thai Binh, contributing 13 to 17 per cent of the province's total export value annually.

The foreign direct investment (FDI) figures for Thai Binh paint a picture of rapid growth.

As per data from the Ministry of Planning and Investment, the province attracted an impressive $615 million in FDI in just the first 11 months, dwarfing the figures for the entire years of 2022 and 2021.

"This marks a significant upturn in our FDI attraction efforts," Hai said.

Before 2020, the province's annual FDI rarely breached the $100 million mark.

Highlighting the province's competitive edge, Hai mentioned its extensive land reserves earmarked for industrial development.

"Thai Binh boasts 10 industrial zones, including four within the Thai Binh Economic Zone, and 49 industrial clusters spread across its terrain, totalling nearly 3,000 hectares of development-ready land," he said.

The strategically positioned Thai Binh Economic Zone, a brainchild of the Prime Minister, encompasses over 30,583 ha. This includes 22 industrial parks spanning 8,020 ha of industrial land.

The zone's proximity to key infrastructure like the Cat Bi International Airport and Lach Huyen International Port further enhances its attractiveness to investors.

"With the establishment of new industrial zones such as Lien Ha Thai, Hai Long, and VSIP Thai Binh since 2021, we are witnessing a burgeoning industrial ecosystem in our province," Hai added.

EVN and EVNNPT to upgrade power transmission lines in Thai Binh EVN and EVNNPT to upgrade power transmission lines in Thai Binh

Vietnam Electricity (EVN) will co-operate with National Power Transmission Corporation (EVNNPT) and Thai Binh People’s Committee to resolve the issues relating to the power transmission lines in the northern province.

By Tri Lam

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