LNG power expansion: Securing energy for double-digit economic growth

This marked the first dedicated workshop on LNG power development, an issue drawing intense interest from local authorities, investors, and the business community.

Resolution 70 , issued by the Politburo on August 20, 2025, regarding national energy security through 2030 with a vision to 2045, states that energy development must take the lead to support continuous annual economic growth exceeding 10%. Within this national security framework, LNG thermal power is identified as the optimal transition solution.

At the workshop, experts clarified policy mechanisms and infrastructure roadmaps. Associate Professor Dr. Ngo Tri Long, a member of the Vietnam Association of Financial Consultants, noted that rapid economic growth requires a sufficient power supply. He stressed that key challenges involve securing capital, operational capability, and market competitiveness, rather than simply increasing project numbers.

He advocated resolving bottlenecks in capital and market access simultaneously, noting that while the state will not subsidize projects, investors should not bear unpredictable risks.

Regarding Da Nang and central Vietnam, Long proposed shifting from single-project development to shared regional energy infrastructure. Rather than deploying fragmented local projects with duplicated port, storage, and pipeline facilities that inflate costs, investment should focus on shared regional hubs to optimize capacity and split expenses. He pointed to Da Nang's advantages in technology services, finance, and regional coordination.

Under Prime Minister Decision 768/2025 approving the adjusted Power Development Plan VIII (PDP8), Phase 1 of the Hoa Ninh LNG power plant, with a capacity of 1,500 MW in Hoa Ninh Industrial Park, was originally scheduled for 2031-2035. As a central economic center, Da Nang considers LNG development vital for balancing the national grid and unlocking new growth opportunities.

Phan Thai Binh, Vice Chairman of the Da Nang City People's Committee, expressed hope that the Hoa Ninh LNG project could be adjusted for immediate implementation in the 2026-2030 period to meet urgent local and national power demand. The city has formally petitioned the Ministry of Industry and Trade and the Institute of Energy to update the plan accordingly.

In line with the 14th National Party Congress’s target of achieving average annual GDP growth of at least 10% for 2026-2030, the government issued Action Program Resolution 328 to implement Politburo Resolution 70.

Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan stated that the ministry is coordinating with relevant agencies to refine the legal framework, focusing on amendments to the Electricity Law and implementing adjusted PDP8 to resolve regulatory bottlenecks for LNG power.

Tan affirmed that under adjusted PDP8, Vietnam plans to build and operationalize 22 LNG thermal power projects between 2025 and 2035. Through 2030, 15 projects with a combined capacity of 22,524 MW will enter commercial operation. Notably, the Nhon Trach 3 and 4 LNG projects have already commenced commercial operation, thereby contributing significantly to national grid capacity and system stability.

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