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Three investor groups have registered to develop the VND39.87 trillion ($1.55 billion) Long Son LNG-fired power plant in Ho Chi Minh City, highlighting growing competition for opportunities in Vietnam’s gas-fired power sector.

The project will cover 42.56 hectares outside the Long Son Petrochemical Industrial Park in Long Son commune.

According to the bid-opening record, the three applicants are a consortium of T&T Group and France’s TotalEnergies Gaz & Electricite Holdings (T&T-TEGEH); a partnership between EVNGENCO3 and Singapore-based AG&P Terminals & Logistics (EVNGENCO3-AG&P LNG); and Ngoc Long Hai Son Group JSC.

The project is included in the revised eighth national power development plan (PDP VIII). It is designed to use combined-cycle gas turbine technology, with imported liquefied natural gas as its primary fuel.

LNG will be supplied through pipelines connecting the Cai Mep LNG terminal to the Long Son area and the planned Southeast Vietnam LNG terminal system. The plant is expected to connect to the 500-kV grid through a transmission line to the Bac Chau Duc 500-kV substation, with commercial operation targeted for June 2031.

It will be one of Vietnam's largest LNG power projects, playing a crucial role in ensuring energy security for the southern region and nationwide while supporting the energy transition through 2050.

Among the three applicants, the T&T-TEGEH consortium stands out for combining a Vietnamese private-sector investor with experience in energy development and an international partner with LNG expertise.

T&T Group is a Vietnamese conglomerate expanding its investments in the energy sector. Through its core energy unit, T&T Energy Group, it is developing power projects with a total capacity of around 2,900 MW, of which nearly 1,200 MW is already commercially operational.

In gas-fired power, T&T is working with South Korean partners to develop the first phase of the Hai Lang LNG power project in the central province of Quang Tri, with a capacity of 1,500 MW.

On September 10, 2026, T&T Energy Group and TotalEnergies Gas & Power Activities signed a memorandum of understanding in Paris to cooperate on the Long Son project.

Under the agreement, TotalEnergies will lead project financing and act as the primary LNG supplier at a competitive price. Meanwhile, T&T Energy will manage domestic regulatory approvals, government relations, and local administrative procedures.

TotalEnergies Gas & Power Activities is part of France-based TotalEnergies SE, a global integrated energy group. In Vietnam, TotalEnergies has supplied LNG to the Thi Vai terminal, which serves as a fuel source for the Nhon Trach 3 and 4 power plants, Vietnam’s first LNG power facility.

Meanwhile, the EVNGENCO3-AG&P LNG consortium combines domestic power generation experience with expertise in gas infrastructure, logistics, and LNG supply chains.

EVNGENCO3, under state utility EVN, operates in power generation and has experience managing and operating large-scale power plants in Vietnam. It recently partnered with Thuan Hai Transport Services JSC to become the sole applicant for the VND7.1 trillion ($276.9 million) Ninh Binh flexible power plant project.

Its partner, AG&P Terminals & Logistics, operates in gas infrastructure and logistics, with a focus on LNG supply chains.

The competition among three applicants underscores investor interest in Vietnam’s LNG-fired power market. However, registration is only the initial stage of the investor selection process. The candidates’ financial and technical capabilities, as well as their ability to meet the project’s implementation requirements, will be assessed in subsequent stages.

Vietnam and the United States continue to strengthen balanced two-way trade, technology transfer, and investment in supply chain development.

Within the framework of trade commitments established for the 2025-2027 period, Vietnam has encouraged businesses to diligently implement purchasing agreements with US partners totaling approximately $3 billion.

The information was announced during a bilateral meeting between Vietnamese Deputy Minister of Agriculture and Environment Dang Ngoc Diep and Deputy Secretary of the US Department of Agriculture (USDA) Stephen Vaden on November 10, coinciding with the largest US agricultural trade promotion delegation's visit to Vietnam.

Breakthroughs in agricultural trade

According to Mr. Diep, all agreements have been executed, significantly exceeding the committed value. In the latter half of 2025 alone, the total import turnover of products under signed memoranda of understanding reached approximately $2.1 billion. For the first nine months of 2026, the value of purchases amounted to approximately $2.8 billion, of which about $2.5 billion comprised committed items including milk and dairy products, livestock products, fruits and vegetables, corn, soybeans, animal feed, and raw timber.

In addition to promoting imports, Deputy Minister Diep requested the US to address certain market access issues for passion fruit and to promptly approve hot vapor treatment measures for fresh fruit exports to the US.

Acknowledging the significant growth aimed at balancing bilateral trade, USDA Deputy Secretary Stephen Vaden noted that amidst negotiations for a reciprocal trade agreement, the US had proposed Vietnam increase its annual import turnover of goods by an additional $1 billion. In reality, after only 10 months of 2026, Vietnam had already imported approximately $3.6 billion, not including about $1.4 billion in cotton imports.

Mr. Vaden also praised the agricultural trade relationship between the two countries, stating that agricultural products from both Vietnam and the US are favored by consumers in each nation.

The delegation includes a large number of producers of specialty agricultural products, fruits, and vegetables, with many businesses from California, he said, adding that the presence of these businesses demonstrates the US's desire to expand market access opportunities in Vietnam and to foster a more substantive trade relationship.

Promoting cooperation in biotechnology and food safety

During the meeting, both sides also discussed enhancing scientific and technological cooperation.

"This could become a new pillar," Mr. Diep said. "Vietnam wishes to promote cooperation with the US in areas such as crop varieties, biotechnology, artificial intelligence, big data, precision agriculture, and digital transformation."

Specifically, the Deputy Minister proposed that both sides research and implement cooperation programs and technology transfer for disease-resistant, drought-tolerant, and salt-tolerant crop varieties, suitable for climate change adaptation.

In response to this proposal, Deputy Secretary Vaden affirmed the US's readiness to cooperate in providing Vietnam access to biotechnology. He commended Vietnam's interest in applying scientific principles in agricultural management and production, and welcomed the initiative to facilitate US companies in bringing research and development (R&D) activities to Vietnam.

He also expressed hope that Vietnam would continue to collaborate with the US in promoting a science-based approach to biotechnology, thereby expanding the application of modern agricultural technologies.

Regarding food safety, Mr. Vaden highlighted similarities in the work programs of both ministries, particularly concerning Salmonella control and DNA residue testing requirements for imported products. The US expressed its desire to continue discussions with Vietnam on regulations related to Salmonella and DNA residue testing, aiming to reduce instances of rejected shipments while ensuring state management responsibilities for food safety.

Currently, the USDA is developing a new framework for Salmonella risk assessment thresholds, aiming to balance consumer health protection requirements with trade facilitation.

The US wishes to coordinate with Vietnamese specialized agencies to discuss and review technical requirements, avoiding unnecessary disruptions in the flow of goods, said Mr. Vaden, stressing that ensuring that Vietnamese and US consumers have access to safe food, while management regulations do not become unnecessary barriers to trade.

Japan remains a top-three investor in Vietnam with more than US$81.2 billion in cumulative registered capital, and many Japanese companies keep announcing investment and expansion plans, a signal that they still see growth upside in the Southeast Asian country.

A strategic investor with deep roots

Political and diplomatic ties are deepening, but economic, trade and investment cooperation remain the load-bearing pillars of the Vietnam–Japan Comprehensive Strategic Partnership. Trade keeps scaling and Japanese capital retains a remarkable position.

Bilateral trade has grown steadily and in balance, hitting about US$52 billion in 2025, double 2014’s US$27.4 billion and up 11% from 2024. Over the past decade, the trade volume has expanded 1.8 times.

In the first nine months of 2026, trade between the two countries reached US$43.71 billion, up about 15.34% annually. Vietnam earned US$3.18 billion from exports to Japan and spent US$20.53 billion on imports. At the current pace, full-year trade is expected at about US$58 billion.

Spokeswoman of the Ministry of Foreign Affairs Pham Thu Hang said on November 4 that the growth trajectory could bring the 2030 trade target of US$60 billion forward. Electrical equipment, electronic components and auto parts are expected to remain the standout categories.

Investment is also a highlight of bilateral cooperation. As of September 30, Japan had about 5,872 valid projects worth over US$81.2 billion in Vietnam, ranking third among 154 countries and territories. Registered Japanese FDI in the first nine months stood at US$2.65 billion, up 15.5%, reported the Ministry of Finance’s Foreign Investment Agency.

Opening more room to lure quality Japanese capital

About 2,000 Japanese firms are operating in Vietnam. They concentrate in processing and manufacturing (61%), power production and distribution (15%) and real estate (12%), with a presence in 33 of the 34 cities and provinces. Ho Chi Minh City is the biggest destination, followed by Thanh Hoa, Hanoi, Hai Phong and Dong Nai.

A new survey by the Japan External Trade Organisation (JETRO) found that 56.9% of Japanese companies in Vietnam plan to expand in the next one to two years, citing higher exports, stronger domestic demand and a push to beef up sales functions.

Chief Representative of JETRO Hanoi Ozasa Haruhiko said expansion plans edge up only slightly, but Vietnam lead ASEAN for a second straight year and tops Asia and Oceania on the metric. It shows that Japanese firms still view Vietnam as a highly promising market and retain positive expectations for its investment climate and growth outlook.

Japanese registered capital during January–September rose just 4.7% year on year, below the 76.4% rise for Vietnam overall.

With US$2.65 billion in registered FDI during the nine-month period, Japan ranked seventh among 101 countries and territories investing in Vietnam, down three places year-on-year. That puts pressure on Vietnam to convert more of the relationship into high-tech projects, stronger business-to-business links and better use of potential in high technology, innovation and green transition.

Tsuchibashi Akito, Chairman of the Japan Chamber of Commerce and Industry in Vietnam, said Japanese companies invest with a long-term, decades-long partnership view. They want Vietnam to keep improving its legal framework, make policy more predictable and simplify administrative procedures.

A stable and transparent business environment, he said, will help pull in new capital, accelerate technology transfer and develop talent, bringing benefits to both sides.