An investment agreement for the LNG (Liquefied Natural Gas)-fired combined-cycle power project in Ca Na, Ninh Thuan province, central Vietnam, has reportedly been signed between Trung Nam Group and the Siderus River consortium. The plant capacity is reported at 1,500MW, with a project cost of approximately VND 5,738.478 billion, or roughly $2.3 billion.
The project is reported to be the first LNG power project procured under Vietnam’s Power Development Plan 8 (PDP8) through international competitive bidding, building a new 1,500MW combined-cycle plant. The winning electricity tariff is reported at VND 3,294.22 per kWh. The specific gas turbine model and EPC contractor have not yet been disclosed.
The plant capacity is 1,500MW, with a project cost of VND 5,738.478 billion (approximately $2.3 billion). The winning electricity tariff is confirmed at VND 3,294.22 per kWh.
The project is reported to be the first LNG power project procured via international competitive bidding under Vietnam’s PDP8 implementation, and is expected to serve as a precedent for how similar LNG power projects are procured going forward.
As the first project procured through international competitive bidding, this deal can be read as a signal that Vietnam’s approach to procuring LNG power projects is shifting from negotiated contracts toward competitive tendering, which could influence how other LNG power projects are procured in the future.
Confirmation of the gas turbine model and EPC contractor, the actual construction start date, and whether this international competitive bidding approach is applied to other LNG power project procurements warrant continued monitoring.