Hanoi, April 2025 — (Vietnam Insider) – South Korea’s SK Group is ramping up its interest in Vietnam’s energy and innovation sectors, with plans to invest in liquefied natural gas (LNG)-fueled power projects and integrated industrial hubs across the country.
At a recent meeting with Vietnam’s Minister of Industry and Trade, Nguyen Hong Dien, held in Hanoi, SK representatives reaffirmed the conglomerate’s long-term commitment to sustainable investment in high-tech, renewable energy, and environmentally friendly industries in Vietnam.
Major Energy Projects on the Horizon
In Nghe An province, SK is showing strong interest in bidding for the $2.1 billion Quynh Lap LNG power plant located in Hoang Mai township. Meanwhile, in Thanh Hoa province, the group is closely monitoring the Cong Thanh LNG project, which was previously a coal-fired power development. Under Vietnam’s revised Power Development Plan VIII (PDP VIII), the Ministry of Industry and Trade has proposed converting the project’s fuel source to LNG — a move that could accelerate its launch to the 2026–2030 period.
If approved, the Cong Thanh plant would scale up significantly, increasing capacity from 600 MW to 1,500 MW, and boosting its annual electricity output from 3.9 billion kWh to 9 billion kWh. The estimated LNG requirement would be 1.2 to 1.5 million tons annually, with total investment projected to rise from $1.2 billion to $2 billion.
These projects are expected to play a vital role in addressing electricity shortages in northern Vietnam, while contributing to the nation’s clean energy transition.
Integrated Innovation and Sustainability Hubs
Beyond power generation, SK Group also proposed the development of integrated industrial hubs across Vietnam:
- An AI and innovation center in the north-central region, linked to the Nghi Son–Quynh Lap LNG project.
- A hydrogen, logistics, and innovation hub in the south-central region, aligned with the Ca Na LNG project.
- An eco-friendly agricultural center in the Mekong Delta, connected to the Ca Mau LNG initiative.
These developments underscore SK’s vision of supporting Vietnam’s sustainable industrialization and digital transformation.
A Major Investor Deepening Its Presence
With a market capitalization of nearly $200 billion, SK is South Korea’s second-largest conglomerate and among the top 100 globally. As of mid-February 2025, SK had invested over $3.5 billion in Vietnam, including strategic stakes in Vingroup, Masan, Imexpharm, and a $500-million biodegradable plastics facility.
The group is expanding its footprint in Vietnam’s clean energy space, encompassing LNG, wind, solar, and hydrogen, while also targeting pharmaceuticals, healthcare, logistics, and IT.
A Positive Signal for Vietnam’s Investment Environment
Commenting on SK Group’s latest plans, Sophie Dao, Senior Partner at GBS – Global Business Services LLC, said:
“SK Group’s continued investment in Vietnam highlights the country’s growing appeal as a destination for sustainable and high-tech foreign direct investment. Projects like LNG-fueled power plants and innovation hubs not only align with Vietnam’s green growth strategy but also demonstrate the confidence that global investors have in Vietnam’s stable policy environment, dynamic market, and long-term economic prospects.”
As Vietnam accelerates its transition to clean energy and digital innovation, international investors like SK are seizing the opportunity to shape the country’s next growth chapter — reinforcing Vietnam’s position as a regional FDI hotspot.
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Source: Vietnam Insider