PV Gas Approves Vung Ang LNG Terminal for 2029 Completion
PV Gas has received approval for the North Central LNG Terminal project in Ha Tinh Province, with plans to complete it by the end of 2029. The project, also known as Vung Ang LNG Terminal, aims to supply natural gas for power plants under the Adjusted Power Development Plan VIII (PDP8).
The Vung Ang LNG Terminal, spanning approximately 53 hectares of land and 426 hectares of water surface, will require an investment of over VND26.7 trillion (around $1.01 billion). The project is set to operate under a 35-year license and will be completed in phases. The first phase will have a capacity of 1-3 million tons of LNG per year, with the second phase expanding capacity based on approved planning and market demand.
PV Gas, the investor, has seen significant financial growth. In the first half of 2025, the company posted net revenue of nearly VND55.76 trillion ($2.11 billion) and profit after tax of over VND7.57 trillion ($286.6 million). This project is a key component in PV Gas's North-Central-South LNG infrastructure network, following the success of the Thi Vai LNG Terminal in Ho Chi Minh City. The company is also developing the Son My LNG Terminal in Lam Dong province, expected to launch after 2027.
The Vung Ang LNG Terminal, once operational, is expected to create substantial employment opportunities, boost local tax revenues, and accelerate industrialization in Ha Tinh Province. The project, with its significant investment and potential for growth, aligns with PV Gas's long-term strategic plans and contributes to Vietnam's energy security.
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