In addition to the Nhon Trach 3 & 4 LNG Power Project preparing to be put into commercial operation, the fact that there are a series of other liquefied natural gas (LNG) power projects under construction or preparing for investment has increased LNG imports from many markets, including the US.

Gradually increasing the proportion of LNG power

Vietnam's power system has witnessed the moment when electricity from imported LNG fuel was generated to the grid for the first time on April 11, 2024 from Phu My 3 Power Plant (720 MW).

Statistics of Vietnam Customs also show that in 2024, Vietnam will import 3.113 million tons of liquefied petroleum gas with a value of 2.044 billion USD. Most of this imported gas is LNG and is used for power generation.

By 2025, electricity from imported LNG will continue to be increased in the operation of the national power system when Nhon Trach 3&4 LNG Power Plant (1,624 MW) starts commercial operation and Phu My 2.2 Power Plant (720 MW) is transferred to the Electricity of Vietnam (EVN) for management. but there is no source of input gas from the country like when it was a BOT company before.

According to system operators and investors of LNG power projects, a 1,500 MW LNG power plant can run 6,000 hours/year, it needs about 1.5 billion m3 of input gas, equivalent to about 1 million tons/year.

Currently, Decree 56/2025/ND-CP sets out the principle of determining the long-term minimum contractual electricity output (Qc) for imported LNG-fired thermal power projects as not lower than 65% of the average multi-year electricity generation output of gas-fired thermal power projects and applied during the principal and interest repayment period. but not more than 10 years from the date of putting the project into operation for power generation.

Experts also said that this 65% Qc level is equivalent to the factory running about 5,700 hours/year. Thus, investors can calculate the amount of LNG gas to be purchased to operate the plant with a specific plan to optimize business efficiency.

In addition to new power plants such as Nhon Trach 3 & 4 or Phu My 2.2 and Phu My 3 power projects using LNG for power generation, the number of LNG-powered power plants will continue to increase in the coming time, when a series of projects have been granted investment policies such as Hiep Phuoc LNG power projects, Bac Lieu, Long Son, Hai Lang 1, Quang Ninh, Long An...

Opportunity to buy from the US

If LNG power projects are invested on schedule, Vietnam's demand for LNG imports in the coming time will increase sharply.

The markets contributing to the import of 3.13 million tons of liquefied petroleum gas in 2024 with a value of 2.044 billion USD can be named as the United Arab Emirates, Kuwait, South Korea, Indonesia, and Malaysia. However, with demand for LNG continuing to increase in 2025 and beyond, the US – one of the world's top LNG producers – is a destination that is being watched.

As a major focal point for gas sources for electricity, in March 2025, Vietnam Gas Corporation (PV GAS) signed a Memorandum of Understanding (MoU) with ConocoPhillips Group and Excelerate regarding long-term LNG purchase and sale agreements.

The parties agreed on the principle of cooperation to ensure a stable LNG source, serving the increasing demand for electricity production in the context of declining domestic gas resources.

For PV GAS, LNG import agreements from the US will help businesses implement the national LNG import plan, which is expected to reach 9 million tons/year by 2030 and increase to 15 million tons/year by 2035, with a total value of about 7.2 billion USD/year.

The playground for supplying LNG for power projects is not only PV GAS. Another business, AG&P LNG Company - a unit specializing in terminal warehousing and downstream LNG infrastructure under the US Nebula Energy Group has bought a 49% stake in Cai Mep LNG Terminal (Ba Ria - Vung Tau).

It is known that Cai Mep LNG import port is worth 500 million USD with a capacity of 3 million tons/year and can be upgraded to 6 million tons/year. This is one of the two existing LNG terminals in Vietnam so far, along with PV GAS's Thi Vai LNG Terminal.

When put into operation, Cai Mep LNG Terminal will supply LNG to power plants and industries in the Southern region.

Not only buying LNG, importing machinery and equipment from the US for investment in LNG power projects is also another opportunity to buy goods from the US. The Nhon Trach 3&4 LNG Power Project is a concrete demonstration when GE participates in the supply of two blocks of equipment, with a capacity of about 800 MW each, including a 9HA.02 gas turbine with a frequency of 50Hz - GE's highest efficiency technology, STF-D650 steam turbine, W88 generator, etc a straight-line heat recovery boiler (OT HRSG) and an integrated Mark VIe distributed control system (DCS).

GE Vernova currently accounts for nearly 40% of the turbine market share for LNG power projects globally.

From the reality of the Nhon Trach 3 & 4 Project, PetroVietnam Power Corporation (PV Power) and GE Vernova have signed a Memorandum of Understanding (MOU) on the procurement of equipment and services for other gas power plants. Most likely, the Quang Ninh LNG Power Project, which PV Power is participating in developing with foreign partners, will be GE Vernova's next customer.