A single organization emerges as the sole contender for a significant LNG project based in Khanh Hoa
The Ca Na LNG-to-Power project in Khanh Hoa province, Vietnam, is currently in the investor selection phase. The project, which was added to the Power Development Plan VIII in April, has received in-principle approval from the former Ninh Thuan provincial People's Committee in April and launched the investor selection process through bidding [1][5][3].
As of mid-2025, only one consortium—the joint venture between Trungnam Group and Sideros River—has submitted a bid for the project. This indicates some market hesitancy or complexities in large-scale LNG project investment [3].
The timeline for the project is as follows:
- Investor selection is scheduled to run from Q1 to Q4 of 2025.
- Investment preparation is planned for 2026.
- A final investment decision is expected in Q4 2026 [1].
The project capacity is planned at 1,500 MW with an estimated investment cost of around VND 57 trillion (about $2.18 billion). The single bidder consortium offered an electricity selling price of approximately VND3,294 per kWh ($0.13) [1][5].
The Ca Na LNG-to-Power project includes a combined cycle gas turbine LNG power plant with a capacity of 1,500 MW, a port to receive LNG with an annual capacity of 4.8 million tonnes, and a warehouse with a capacity of 4.8 million tonnes a year [1][5]. The project also features one 220,000-cubic-metre LNG storage tank and supporting infrastructure for terminal operations [1].
It's important to note that the Ca Na LNG-to-Power project is not related to the Ca Na seaport complex, which is a separate project by Trung Nam Group [1]. The Ca Na seaport complex, with a total area of over 85.5 hectares, is scheduled to start operation in the second quarter of the year [1].
The construction schedule for phase one of the LNG Ca Na Power Centre is currently at risk of missing its construction schedule [1]. If the timeline stays on track, a final decision could be issued by the end of next year [1]. VPBank's transaction office No.2 issued a guarantee worth nearly VND574 billion ($24.96 million) for the bid, valid for 180 days from the bid closing date [1].
Since the granting of in-principle approval, Ninh Thuan and Khanh Hoa have been merged into the newly established Khanh Hoa province [1]. If selected, the LNG Ca Na Power Centre Project will supply electricity to southern cities and provinces upon completion [1].
[1] Source: Ninh Thuan People's Committee, Khanh Hoa People's Committee, VPBank, and local news outlets.
The Ca Na LNG-to-Power project, currently in the investor selection phase, is a large-scale endeavor with an estimated investment cost of around $2.18 billion, which includes a combined cycle gas turbine LNG power plant, a LNG port, a warehouse, and an LNG storage tank. This project, if selected, could contribute to supplying electricity to southern cities and provinces [1]. However, only one consortium has submitted a bid so far, possibly indicating some hesitancy or complexities in large-scale LNG project finance within the energy industry [3].
