Vietnamese VinaCapital company announced that it plans to invest $3 billion in establishing liquefied natural gas (LNG) power complex with its partners GS Energy, Reuters reported.
The company added that the first phase of the project will be operational by the end of 2025 at a capacity of 3,000 megawatt.
It will be established in the southern province of Long An.
VinaCapital noted that the complex is subject to regulatory approvals without mentioning when to start the establishment.
For his part, Prime Minister of Vietnam, Nguyen Xuan Phuc, expressed his pleasure for GS Energy investment in the province while he was visiting the site in which the complex will be established.
It is worth noting that Vietnam plans to raise the contribution of gas-fired electricity to its power mix to 21% by 2030 and to 24% by 2045 from 13% currently.