Nambu Power, Approval for Local Feasibility Study of 3 Trillion KRW 'Vietnam Hai Lang Gas Project'

by Ju Sangdon

Published 05 Feb.2025 10:13(KST)

A bird's-eye view of the Hai Lang Gas to Power (GTP) project in Vietnam. (Photo by Nambu Power)

On the 5th, Korea Southern Power announced that it had finally obtained approval for the local feasibility study (FS), a crucial permit for the 'Hai Lang Gas to Power (GTP)' project, from the Ministry of Industry and Trade (MOIT) of Vietnam on the 24th of last month. This is an important permit stage for a project evaluated by the Vietnamese government, similar to the domestic power development project implementation plan.

This project is a joint investment by Korean investors (Southern Power, Korea Gas Corporation, Hanwha Energy) and Vietnamese investors (T&T Group) to simultaneously construct and operate a 1.5GW gas combined cycle power plant and a 200,000 kl liquefied natural gas (LNG) terminal in the Southeast Economic Zone of Quang Tri Province in central Vietnam. The total project cost amounts to approximately 2.1 billion USD (about 3 trillion KRW).

Kim Jun-dong, President of Southern Power, said, "This project is a large-scale project reflected in Vietnam's power development plan and national core energy projects with great interest and support from the Vietnamese government. Taking this approval as an opportunity, we will make every effort to thoroughly promote follow-up tasks such as power purchase agreement (PPA) negotiations and selection of engineering, procurement, and construction (EPC) companies, so that we can greatly contribute to addressing Vietnam's power supply shortage and the development of key industries after 2030."