Vietnam’s PV Power and Thailand’s B.GRIMM Power on May 28 signed a cooperation agreement to develop the Vung Ang III LNG Power Plant project.
The agreement was signed in Bangkok on the sidelines of the Thailand–Vietnam Business Forum 2026, which was held as part of the official visit to Thailand by General Secretary of the Communist Party of Vietnam Central Committee and President of Vietnam To Lam.
The proposed LNG-fired power plant will be located in Hoanh Son Ward, Ha Tinh Province, with an estimated investment of around VND51.43 trillion (approximately $2 billion).
The project will have a total capacity of 1,500 MW, comprising two generating units scheduled to begin commercial operations between 2030 and 2031.
Under the proposed ownership structure, PV Power will hold a 51% stake, while B.GRIMM Power will own 34%.
Once operational, Vung Ang III is expected to become one of the key LNG-to-power projects in north-central Vietnam, supplying large-scale baseload electricity to support the country’s rapidly rising energy demand driven by industrial expansion and economic growth.
The project also aligns with Vietnam’s strategy to gradually reduce coal-fired power generation, diversify energy sources, and advance its long-term energy transition and sustainability commitments.
Beyond energy security, the project is expected to boost socio-economic development in Ha Tinh and the broader north-central region of the country by attracting major investment flows, accelerating infrastructure and logistics development, and creating thousands of jobs during both construction and operation phases.
Vũ Khuê
