Consortia involving TotalEnergies, AG&P vie for $1.5 bln southern Vietnam LNG power plant
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.
Source: Hai Yen