The Quỳnh Lập LNG "mega-project" enters a new phase.

On September 14, 2026, Quynh Lap LNG Power Joint Stock Company was officially established. Subsequently (September 18), the first General Shareholders' Meeting was held in Hanoi, consolidating the management and operational structure and agreeing on key tasks for project implementation in the coming period.

Quynh Lap LNG Power Joint Stock Company has a charter capital of nearly VND 1,570 billion, comprising three shareholders: Vietnam Oil and Gas Power Corporation - JSC (PV Power) holding 51% of the charter capital; SK Innovation holding 34%; and Nghe An Sugar Company Limited (NASU) holding 15%.

In this structure, PV Power is the controlling shareholder, possessing extensive experience in the gas-fired power sector and currently being one of Vietnam's largest power producers. The company is investing in and operating the Nhon Trach 3 and Nhon Trach 4 power plant complex, with a total capacity of 1,624 MW, using imported LNG. Both plants are scheduled to begin commercial operation in early 2026, providing PV Power with further practical experience in implementing large-scale LNG-fired power projects in Nghe An.

SK Innovation, with a 34% stake, is a South Korean energy and petrochemical company with a history dating back to 1962. Meanwhile, NASU is a long-established business in Nghe An, formerly known as Nghe An Tate & Lyle Sugar Joint Venture Company, founded in 1996.

Three shareholders with diverse backgrounds joined forces to form a single legal entity, creating an ownership structure that combines experience in the energy sector, international business resources, and a long-standing presence in the region.

If the announcement and groundbreaking ceremony for the technical infrastructure in May 2026 marked the presence of a nearly $2.2 billion energy project in Nghe An, then the establishment of the project company shows that the Quynh Lap LNG project has taken another step forward in its implementation.

Recently, Vice Chairman of the Provincial People's Committee Phung Thanh Vinh requested Quynh Lap LNG Power Joint Stock Company to complete the detailed construction plan at a scale of 1/500, submit it for appraisal and approval in September 2026; complete the appraisal and approval of the feasibility study report before October 31, 2026. The contract for compensation and land clearance must be signed before September 25, 2026; and the Project contract must be completed before September 30, 2026.

According to the revised Power Development Plan VIII, the goal is to bring the Quynh Lap LNG Thermal Power Plant into operation in 2030. Given the large investment scale and numerous tasks needing to be implemented simultaneously, the milestones in the coming months are crucial to the overall progress of the project.

The official establishment of Quynh Lap LNG Power Joint Stock Company and the restructuring of its management and operational apparatus is a crucial step in moving the project from the preparation phase to the implementation phase.

The Quynh Lap LNG project is the largest-scale investment project ever undertaken in Nghe An province. Once implemented and operational on schedule, the project will provide further impetus for socio-economic development and is expected to become a driving force for the Dong Hoi Industrial Park in Tan Mai ward, covering an area of ​​approximately 600 hectares.

The Dong Hoi Industrial Park is oriented towards developing industries such as electricity, mechanical engineering, cement, shipbuilding, seafood processing, forestry products, along with warehousing, factory and logistics services.

Recently, the Management Board of the Southeast Economic Zone announced the Decision approving the 1/2,000 scale zoning plan for the Dong Hoi Industrial Park, concretizing the General Plan for the Southeast Economic Zone of Nghe An until 2040. This serves as a basis for gradually organizing production space, attracting industrial projects, and developing a system of supporting services.

Within that area, the Quynh Lap LNG terminal plays a crucial role, creating an attraction for the development of industries oriented towards Dong Hoi. With synchronized investments in power plants, industrial parks, seaports, transportation, and logistics, the region's advantages will be further connected, gradually forming a large-scale industrial space in northern Nghe An.