Vietnam Insider – South Korea’s SK Group, one of Asia’s largest conglomerates, is planning a significant expansion of its energy portfolio in Vietnam, with three major liquefied natural gas (LNG)-fueled power projects under consideration as part of the country’s green growth strategy.
Chairman Tae-Won Chey announced the initiative during a meeting with Vietnam’s Deputy Prime Minister Nguyen Chi Dung, emphasizing SK Group’s long-term commitment to the Vietnamese market. The projects include proposed LNG power plants in the central provinces of Ninh Thuan, Nghe An, and Thanh Hoa.
In Ninh Thuan’s Ca Na commune, SK Group has proposed a large-scale $4 billion investment to develop a 3 GW LNG power plant along with a 270,000 m³ LNG storage facility. Originally, the group had planned a 1.5 GW plant and offshore storage, but now seeks to move the LNG terminal onshore and double the plant’s capacity. The project is expected to be approved by September 2025 and operational by 2030.
In Nghe An, SK has shown interest in the $2.1 billion Quynh Lap LNG power project in Hoang Mai township. Meanwhile, in Thanh Hoa, the group is conducting feasibility studies for another LNG plant as it builds a strategic energy footprint in central Vietnam.
“Vietnam considers SK Group a key strategic partner,” said Deputy PM Dung, adding that the government has already taken steps to address regulatory hurdles, particularly for the projects in Nghe An and Thanh Hoa.
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SK Group, which spans industries from energy and chemicals to semiconductors and IT, has invested around $3.5 billion in Vietnam to date. In 2023, rumors surfaced that SK might withdraw from the country following a divestment move. However, the group firmly reiterated its intention to make Vietnam its “business hub in Southeast Asia.”
Beyond energy, SK is also contributing to Vietnam’s human capital development, particularly in training semiconductor engineers and introducing innovative technology solutions. Deputy PM Dung called on the group to deepen its collaboration in these areas, further aligning with Vietnam’s innovation and sustainability goals.
With a global market capitalization of nearly $200 billion and annual revenues exceeding $150 billion, SK Group’s continued investment signals robust confidence in Vietnam’s long-term growth prospects, especially in clean energy and industrial development.
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Source: Vietnam Insider