Nghe An Launches Quynh Lap Lng Project With Investment Of Over VND 59 Trillion

At the Vietnam–Korea Economic Forum, the Quynh Lap LNG Power Plant project, with a total investment of more than VND 59.372 trillion, was officially granted an Investment Registration Certificate, marking a new milestone in energy cooperation and investment between the two countries …

On the afternoon of April 23, within the framework of the State visit of South Korean President Lee Jae Myung to Vietnam, Vietnam’s Ministry of Finance, in coordination with the Ministry of Trade, Industry and Energy of Korea and the Korea Chamber of Commerce and Industry, organized the Vietnam–Korea Economic Forum.

Attending the forum were Prime Minister Le Minh Hung, senior leaders, and a large number of businesses from both countries. The event was considered an important platform for connectivity, contributing to the promotion of economic, trade and investment cooperation, while further strengthening the Vietnam–Korea Comprehensive Strategic Partnership.

At the forum, the Minister of Finance of Vietnam and the Minister of Trade, Industry and Energy of Korea witnessed the presentation of the Investment Registration Certificate for the Quynh Lap LNG Power Plant project to a joint venture comprising SK Innovation, Vietnam Oil and Gas Power Corporation (PV Power), and Nghe An Sugar Co., Ltd.

At the same time, the parties also exchanged a Memorandum of Understanding on cooperation in developing an AI Data Center and related infrastructure between the People’s Committee of Nghe An Province, SK Innovation, and SK Telecom.

The Quynh Lap LNG Power Plant project has a total investment capital of VND 59.372 trillion, aiming to generate electricity from liquefied natural gas (LNG), while also developing LNG storage and regasification systems in line with the national energy plan.

The project includes a 1,500MW power plant; an LNG storage facility with a capacity of approximately 250,000 cubic meters; a dedicated port; and synchronized technical infrastructure. The project will be implemented in Tan Mai Ward, covering a total land and sea area of approximately 152.88 hectares, and is expected to be completed and put into operation during the 2025–2030 period.

Once operational, the project is expected not only to contribute a stable power supply to the national grid but also to attract investment into industrial sectors, increasing the share of industry in Nghe An’s economic structure.

In addition to the energy project, cooperation between Nghe An and enterprises under SK Group opens up a new direction in high technology, particularly in AI data centers and digital infrastructure.

Accordingly, the parties will cooperate in studying project feasibility, developing plans for project development and operation, while also collaborating on market development, ensuring stable energy supply, and improving related mechanisms and policies.

SK Group considers Nghe An an important hub in the North Central region, with advantages in seaport and logistics infrastructure, making it well-suited for the development of energy, manufacturing and high-tech industries.

On that basis, SK Innovation will study energy solutions, while SK Telecom is expected to develop and operate an AI data center aimed at attracting global demand.

Previously, during talks between General Secretary and President To Lam and South Korean President Lee Jae Myung, the two countries agreed to expand cooperation in strategic industries such as energy, AI data centers, and semiconductors.

The agreements signed this time are seen as a concrete realization of that cooperation orientation in the private sector, while also contributing to the implementation of Vietnam’s long-term growth strategy.

Notably, South Korea’s initiative to develop a “full-stack” AI model in Vietnam is expected to create a foundational link between data centers, stable energy sources, and the AI development ecosystem, thereby promoting innovation and digital transformation.

At the forum, the business communities of both countries also focused discussions on priority areas such as clean energy, high technology, digital infrastructure, and value chain connectivity, opening up many opportunities for deeper cooperation in the coming period.