Thai Binh LNG Power Joint Stock Company

Thai Binh LNG Power Joint Stock Company is a special purpose vehicle established in January 2024 to develop, construct, own and operate an integrated LNG-to-power project in northern Vietnam. The company focuses on the full LNG value chain, including LNG procurement, floating storage and regasification, subsea pipelines, and power generation.

It is a joint venture owned 40% by Japan’s Tokyo Gas, 30% by Kyuden International (a Kyushu Electric Power subsidiary), and 30% by Vietnam’s Truong Thanh Viet Nam Group (TTVN Group). The project comprises a 1.5 GW combined-cycle gas turbine power plant and associated floating LNG receiving infrastructure, with a total investment of approximately USD 2.69 billion.

The facilities are located in Hung Yen Province (project site adjusted from original Thai Binh plans), covering roughly 269 hectares including significant offshore areas. Construction began in October 2025, with commercial operations scheduled for the fourth quarter of 2029. Once operational, the plant is expected to generate 6–10 billion kWh of electricity per year for sale to state utility Vietnam Electricity (EVN), while creating around 2,000 construction jobs and 300 permanent positions.

Recognized as a strategic national energy project under Vietnam’s Power Development Plan VIII, it supports the shift from coal-fired generation toward cleaner natural gas, bolstering energy security in the northern region where demand is growing rapidly. The company positions itself as a key contributor to Vietnam’s LNG infrastructure expansion and long-term decarbonization goals aligned with the 2050 net-zero target.