Nghệ An launches Quỳnh Lập LNG power plant project with investment of 59.372 billion dong

At the Vietnam-Korea Economic Forum, the LNG Quỳnh Lập Power Plant project, with a total investment of 59.372 billion dong, was officially awarded an Investment Registration Certificate, marking a new milestone in energy cooperation and investment between the two countries. On the afternoon of April 23, as part of the state visit of South Korean President Lee Jae Myung to Vietnam, the Vietnamese Ministry of Finance, in cooperation with the Ministry of Trade, Industry and Resources of Korea and the Korea Chamber of Commerce and Industry, organized the Vietnam-Korea Economic Forum. Attendees included Prime Minister Lê Minh Hưng and senior leaders as well as numerous entrepreneurs from both countries. The event was regarded as an important platform connecting and promoting cooperation in energy, trade, and investment, while strengthening the Vietnam-Korea Comprehensive Strategic Partnership. At the forum, the Vietnamese Minister of Finance and the Korean Minister of Trade, Industry and Resources witnessed the signing of the Investment Registration Certificate for the LNG Quỳnh Lập Power Plant project for the joint venture consisting of SK Innovation, PetroVietnam Power Corporation and Nghệ An Sugar Company Limited. They also signed a Memorandum of Understanding on developing an AI data center and related infrastructure between the Nghệ An Provincial People’s Committee and SK Innovation and SK Telecom. The LNG Quỳnh Lập Power Plant project has a total investment of 59.372 billion dong, with the objective of producing electricity from liquefied natural gas (LNG), and building LNG storage and regasification systems according to the national energy plan. The project scale includes a 1,500 MW power plant; LNG storage with capacity about 250,000 m3; a dedicated port and synchronized infrastructure. The project will be implemented in Tan Mai Ward, covering a total land and sea area of about 152.88 hectares, with completion and operation expected in the 2025–2030 period. SK Group regards Nghệ An as an important hub in the North-Central region, with advantages in port and logistics infrastructure, suitable for developing energy, manufacturing and high-tech sectors. Based on this, SK Innovation will study energy solutions, while SK Telecom plans to develop and operate an AI data center, aiming to attract global demand. Earlier, at a meeting between General Secretary and State 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, contributing to Vietnam’s long-term growth strategy. Notably, Korea’s full-stack AI development initiative in Vietnam is expected to create a platform connecting data centers, stable energy, and the AI development ecosystem, thus driving innovation and digital transformation. At the forum, the business communities of both countries also focused on priority areas such as clean energy, high technology, digital infrastructure and value-chain linkage, opening up many opportunities for deeper cooperation in the near term.