Thai Binh to host $2 billion LNG project.

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.

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.

Source: VIR