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Vietnam announces shift from coal to gas with $7.8 billion LNG project

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As global reliance on coal has diminished, Vietnam has been one of the few places still mostly reliant on the fuel. However, that may soon change thanks to the country’s plans to spend $7.8 billion in gas-fired power projects.

Vietnam's LNG plant will require the country to enter the LNG import market and reduce its reliance on coal
(Image via LNG World News)

The announcement came from the Ninh Thuan provincial government who met with Thailand’s Gulf Energy Development to develop plans for four gas-fired plants with a total capacity of 6,000 megawatts, as well as LNG import facilities.

“This LNG project will help replace some of the existing coal-fire power,” said Hoang Quoc Vuong, Vietnam’s deputy minister of industry and trade. "We will definitely need to import LNG for these new plants.”

The news follows a separate 3,200 megawatt project that has been proposed for the Bac Lieu province.

Analysts from Sanford C. Bernstein & Co. have said that with Vietnam’s limited domestic gas reserves, the country is likely to join the LNG import market by 2027.

With Vietnam’s electricity demand increasing by around 10% annually, this step towards LNG power is being seen as essential. Coal is still expected to make up 50% of the country’s power generation by 2028, but gas is expected to account for 22.5%.

The government is said to be targeting LNG imports of 4 million mt/year by 2025.

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Vietnam announces shift from coal to gas with $7.8 billion LNG project - Time to read 2 min
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