Vietnam breaks ground on a $6.74 billion LNG power plant and industrial park, aiming to boost energy and economic growth.

Vietnam’s Power Development Plan VIII placed strong emphasis on liquefied natural gas (LNG) as a transitional energy source to gradually replace coal-fired power and ensure energy security amid the shift to renewables.

Two LNG plants and a massive offshore wind portfolio aim to push Lam Dong past 11,000 MW in power capacity by 2030.

At over 50MW, Nhon Trach 4’s first power output signals near-completion of Vietnam’s flagship LNG energy project.

Prime Minister Pham Minh Chinh agreed with Excelerate Energy's proposal to position Vietnam as a regional LNG distribution hub, while encouraging the firm to further explore opportunities to expand and deepen cooperation with Vietnamese partners.

The Vietnamese Government has reduced the preferential import tariff on liquefied natural gas (LNG) from 5% to 2% under Decree No. 73/2025/ND-CP, issued on March 31.

Experts stressed that a comprehensive, synchronised policy framework is needed to cover all LNG activities — from investment and infrastructure to pricing and regulation.

The Ministry of Industry and Trade warns of slow LNG project rollout and holds back on major renewable proposals.