PV Power Officially Joins Mega LNG Vũng Áng III Project Valued at Over VND 51.430 Billion
Can this VND 51.430 billion LNG project become the new "energy heart" of Central Vietnam and completely transform the country's electricity map in the next decade? The selection of a consortium comprising PV Power, Lilama, and B.Grimm Power as the investor for the LNG Vũng Áng III Power Plant project has become one of the most notable events in Vietnam's energy sector in 2026.
More than just a new power plant, this project is considered a strategic link in the transition from coal to LNG power, contributing to national energy security amid continuously rising electricity demand.
Project Overview
| Item | Information |
|---|---|
| Project Name | LNG Vũng Áng III Power Plant |
| Location | Hoành Sơn Ward, Hà Tĩnh Province |
| Investor | PV Power - Lilama - B.Grimm Power Consortium |
| Capacity | 1,500 MW |
| Number of Units | 2 units |
| Capacity per Unit | 750 MW |
| Area | 67.67 ha |
| Total Investment | VND 51,430 billion |
| Unit 1 Operation | Q1/2031 |
| Unit 2 Operation | Q2/2032 |
Investment Scale
| Indicator | Value |
|---|---|
| Total Investment | VND 51,430 billion |
| Equivalent USD | Approximately $2 billion |
| Design Capacity | 1,500 MW |
| Average Investment Rate | Approximately VND 34.3 billion/MW |
Why Vũng Áng III is Particularly Important
For many years, Vũng Áng Economic Zone has become an important heavy industry center of Central Vietnam with a deep-sea port, metallurgy, logistics, and energy sectors. The emergence of Vũng Áng III will add a large-scale base-load power source to the national electricity system, especially in the context that many coal power projects are facing emission pressures and renewable energy sources are weather-dependent.
LNG is evaluated as an important transitional solution between traditional coal power and future green energy.
Comparison with Major LNG Power Projects in Vietnam
| Project | Capacity |
|---|---|
| LNG Vũng Áng III | 1,500 MW |
| LNG Nhơn Trạch 3 and 4 | 1,624 MW |
| LNG Sơn Mỹ I | 2,250 MW |
| LNG Long An I and II | 3,000 MW |
Although not the largest project, Vũng Áng III still ranks among the key national LNG power plant projects.
Expected Economic Impact
Upon completion, the project will not only create a stable power source but also promote the development of many other sectors:
- Marine logistics
- Energy technical services
- Supporting industries
- High-quality job creation
- FDI attraction
- Increased local budget revenue
Many experts believe that Vũng Áng could develop following an energy industry cluster model similar to major energy centers in Southeast Asia.
PV Power Continues to Expand its LNG Power Position
Participation in Vũng Áng III shows that PV Power is strongly promoting its strategy to become a leading enterprise in the LNG power sector in Vietnam. Previously, the company has continuously expanded its LNG power investment portfolio to meet the cleaner energy development orientation of Petrovietnam and the Government.
Notably, PV Power has just recorded the 7th consecutive year of exceeding profit targets, while setting a revenue target of nearly VND 50,000 billion in 2026.
Notable Figures
| Indicator | Value |
|---|---|
| Total Investment | VND 51,430 billion |
| Electric Capacity | 1,500 MW |
| Number of Units | 2 |
| First Operation Time | 2031 |
| Number of Investors | 3 companies |
| Countries Involved | Vietnam and Thailand |
Conclusion: Vũng Áng III and Vietnam's Energy Transition
Vũng Áng III is not just a simple LNG power project but also a symbol for Vietnam's new energy transition phase. As national electricity demand continues to grow strongly alongside the development of AI, data centers, industrial production, and urbanization, mega LNG projects like Vũng Áng III will play an extremely important role in ensuring stable, flexible power sources with lower emissions compared to traditional power sources.