South Korea’s GS Energy Corp along with Vietnamese venture capital fund, VinaCapital, will invest $3bn to develop a gas-based power plant in Vietnam, South Korea’s Yonhap News Agency reported on March 22.  

GS Energy said it would build a 3-GW gas-fired power plant in the southern Vietnamese province of Long An. The Korean company will sign a power purchase agreement with the state-run Vietnam Electricity Group to begin commercial production in 2027, it said, according to Yonhap. VinaCapital told Reuters that the LNG would “most likely” be imported from the US.   

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The southeast Asian country is promoting gas-fired power as it moves away from coal and oil-based generation. Vietnam’s industry and trade ministry last year said that the demand for LNG in the country’s power sector was expected to reach 8.5mn metric tons/year by 2030.