HÀ NỘI — With a total investment of more than VNĐ57 trillion (approximately US$2.2 billion), the Cà Ná liquefied natural gas (LNG) power plant project has attracted only one investor, according to Khánh Hòa Province’s Department of Industry and Trade.

The investor — a joint venture between Trung Nam Group and Sideros River — submitted its bid with an electricity selling price of VNĐ3,294.2 per kWh (equivalent to $0.128), based on an exchange rate of VNĐ25,670 per US dollar.

The bid guarantee was valued at nearly VNĐ574 billion and was issued by VPBank’s Transaction Office 2. It is valid for 180 days from the closing date.

The LNG-fired power plant will be located in Cà Ná Commune and will have a capacity of 1,500MW. Plans include infrastructure for LNG storage and regasification, featuring one 220,000-cubic-metre storage tank. 

It will also involve the construction of an LNG import port, a 2,400-metre breakwater and related support facilities. The project will span approximately 28 hectares of land and 111.7 hectares of sea surface.

The investor selection process is taking place throughout 2025, with investment preparation throughout 2026 and a final decision expected in the fourth quarter of 2026.

In April, the People’s Committee of the former Ninh Thuận Province approved an investment policy and initiated the investor selection process through a bidding process. 

The project was added to the adjusted national Power Development Plan VII in 2021, with planned operation between 2025 and 2026. It has also been included in the national Power Development Plan VIII for 2021–2030 with a vision to 2045.

In 2021, five investors were initially shortlisted for the project, including joint ventures with international energy giants such as Hanwha, Total, Gulf MP, Zarubezhneft and Siemens Energy. However, only Trung Nam’s joint venture ultimately submitted a full bid. — BIZHUB/ VNS