The project includes a power plant with a total designed capacity of 3,200 Megawatts (MW) covering an area of 40 hectares in Vinh Hau A Commune in Hoa Binh District. The total investment is expected to be around VND93.6 trillion, or US$4 billion. This is the largest foreign direct investment (FDI) project in the Mekong Delta in history.
According to the plan, the investor has 12 months since the date of the investment registration certificate to finish the preparation of investment and 36 months to build an area to receive and store the LNG. The LNG gasification station, gas pipeline and the first stage of operation of gas turbines with a capacity of 750 MWs are expected to complete by the end of 2023; and the rest of the project will be finished to reach its full capacity of 3,200 MWs by December 2027.
The power selling price of the project will be reckoned in accordance with the Law through negotiations of the power purchase agreement with the Vietnam Electricity, which is expected to be around 7 US cents per kilowatt-hour as the initial commitment of the investor. It requires efforts of the investor, as well as EVN and the Ministry of Industry and Trade.
Mr. Duong Thanh Trung, Chairman of the People’s Committee of Bac Lieu Province, said that the Bac Lieu LNG-fired Power Plant was a key project of the province which played an important role in transforming the provincial economic structure. The project will create more jobs and contribute billions of Vietnamese dong of taxes to the local budget once it comes into operation.