South Korea-based SK Innovation has begun construction of a 1.5GW liquefied natural gas (LNG)-fired combined-cycle power plant, a central component of the $2.3bn Quynh Lap LNG Project in Vietnam.
The project, which also includes an LNG terminal, is being developed by SK Innovation in partnership with state-owned PetroVietnam Power (PV Power) and Vietnamese agriculture company NASU.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Located in Nghe An Province, around 220km south of Hanoi, the Quynh Lap LNG Project is expected to enter into commercial operations by the end of 2030.
In addition to generating electricity, the project marks a significant step in implementing SK Group’s Specialised Energy-Industry Cluster model, which has been proposed to the Vietnamese Government.
The groundbreaking ceremony of the project in Quynh Lap District attracted more than 300 attendees from government and industry sectors.
Key figures included SK Innovation president and CEO Choo Hyeong-Wook, Vietnam Deputy Prime Minister Le Tien Chau, and other significant representatives from involved consortium partners.
This initiative seeks to form an advanced industrial ecosystem, providing reliable power to nearby high-tech industrial areas. It will also aid in the development of AI data centres and related infrastructure, utilising a Korea-style AI full-stack value chain.
Hyeong-wook said: “This groundbreaking marks a historic first step toward the successful completion of the Quynh Lap Project, while also laying the foundation for strengthening Vietnam’s power infrastructure and fostering an advanced industrial ecosystem.
“We will continue working closely with our partners, including PV Power and NASU, to ensure the project achieves its goal of commencing commercial operations in 2030 and serves as a key pillar of Vietnam’s energy security.”
Upon completion, the power plant is expected to enhance energy stability via the national grid and act as a catalyst for regional industrial development.
In March 2026, GE Vernova said it had been contracted by PV Power to deliver 9HA.02 gas turbines and H78 generators for the combined-cycle power project.
SK Innovation aims to strengthen its role as a future energy solutions provider in Vietnam, integrating various energy technologies alongside government and local partnerships.
