Vietnam Electricity (EVN), Power Project Management Board No. 2, and a joint venture contractor formed by China’s PowerChina and Vietnam’s LILAMA reportedly signed an EPC (Engineering, Procurement and Construction) contract for the Quang Trach II LNG (Liquefied Natural Gas) combined-cycle power plant project in Hanoi on February 9. The total contract value reportedly reaches VND 2.5202 trillion (approximately $640 million plus VND 834.1 billion).
The project is being built in the Hon La Economic Zone in central Vietnam (formerly part of Quang Binh Province, now integrated into Quang Tri Province), and reportedly involves building a 1,612.8MW power plant consisting of two 806.4MW-class combined-cycle gas turbine units. The gas turbines are reportedly confirmed to be supplied by U.S.-based GE Vernova.
Total investment is reportedly VND 52.49 trillion (approximately $2.03 billion), financed through 20% equity investment and 80% commercial borrowing. The dollar-denominated portion of the EPC contract shows some discrepancy across outlets — $640 million (per EVN’s official announcement) versus $962 million (per The Investor’s report) — so the exact conversion basis reportedly requires further confirmation. The plant is targeted to begin commercial operation in 2028-2029, with full completion by 2030. Once operational, it is expected to supply approximately 10 billion kilowatt-hours (kWh) of electricity to the national grid annually.