Vietnam’s big LNG bet may not ease power crisis FMTNews FMTBusiness
Vietnam aims to generate 22.4GW of LNG power by 2030, enough to power 20 million households and 15% of the national power supply.
Vietnam’s urgent need to boost its electricity supply, laid bare by recent rolling blackouts, has raised concerns among foreign investors about whether Vietnam can remain a reliable option to diversify manufacturing away from China. Integrating LNG into its fuel mix, Vietnam would join neighbours Thailand and Singapore as well as the Philippines, a recent adopter.Troubled plants
Complicating LNG efforts, much of Vietnam’s planned gas power investment is directed to the south of the country despite the under-served north’s greater vulnerability to blackouts. The first northern plant that would be fuelled by imported gas is not scheduled to begin operation until the second half of 2027, said its Japanese developer, Tokyo Gas.
PV Power wants to sell at least 80% to 90% of its imported gas-fuelled power to EVN at a set price for two decades, while EVN wants to commit to a lower portion, four sources said. Plant developers are seeking state guarantees on their power contracts with EVN, warning that lenders would not fund their projects otherwise, an industry insider said.
Takafumi Akino of Tokyo Gas, which is building an LNG terminal and a gas plant in northern Quang Ninh province, predicted “hard negotiations”. PV Power and EVN did not reply to requests for comment.
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